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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
 
Pension
 
Post-retirement
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
29,533

 
28,274

 
28,921

 
20,805

 
25,694

 
28,333

Service cost
—

 
—

 
—

 
105

 
150

 
168

Interest cost
1,227

 
1,247

 
1,137

 
871

 
1,138

 
1,122

Actuarial loss
—

 
70

 
78

 
—

 
—

 
122

Benefits paid
(1,590
)
 
(1,247
)
 
(1,179
)
 
(560
)
 
(682
)
 
(644
)
Change in actuarial assumptions
2,800

 
1,189

 
(683
)
 
1,536

 
(5,495
)
 
(3,407
)
Benefit obligation at end of year
$
31,970

 
29,533

 
28,274

 
22,757

 
20,805

 
25,694

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
43,153

 
41,448

 
42,744

 
—

 
—

 
—

Actual return on plan assets
5,307

 
2,952

 
(117
)
 
—

 
—

 
—

Employer contributions
—

 
—

 
—

 
560

 
682

 
644

Benefits paid
(1,590
)
 
(1,247
)
 
(1,179
)
 
(560
)
 
(682
)
 
(644
)
Fair value of plan assets at end of year
$
46,870

 
43,153

 
41,448

 
—

 
—

 
—

Funded status at end of year
$
14,900

 
13,620

 
13,174

 
(22,757
)
 
(20,805
)
 
(25,694
)
Components of Accumulated Other Comprehensive Loss (Gain)
The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2017 and 2016 are summarized in the following table (in thousands):
 
Pension
 
Post-retirement
 
2017
 
2016
 
2017
 
2016
Unrecognized prior service cost
$
—

 
—

 
—

 
—

Unrecognized net actuarial loss (gain)
11,091

 
11,968

 
(4,781
)
 
(6,993
)
Total accumulated other comprehensive loss (gain)
$
11,091

 
11,968

 
(4,781
)
 
(6,993
)
The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2017 and 2016, including the reclassification of income tax effects due to the adoption of ASU No. 2018-02 for the year ended December 31, 2017 (in thousands):
 
 
Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax
For the Years Ended December 31,
 
 
2017
 
2016
 
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post-Retirement
Obligations
 
Unrealized gains (losses) on Derivatives (cash flow hedges)
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post-Retirement
Obligations
 
Unrealized gains (losses) on Derivatives (cash flow hedges)
 
Accumulated
Other
Comprehensive
(Loss) Income
Balance at the beginning of the period
 
$
(510
)
 
(3,056
)
 
169

 
(3,397
)
 
3,951

 
(6,424
)
 
(73
)
 
(2,546
)
Current period change in other comprehensive income (loss)
 
(2,163
)
 
(889
)
 
379

 
(2,673
)
 
(4,461
)
 
3,368

 
242

 
(851
)
Reclassification of tax effects due to the adoption of ASU No. 2018-02
 
(619
)
 
(901
)
 
125

 
(1,395
)
 
—

 
—

 
—

 
—

Balance at the end of the period
 
$
(3,292
)
 
(4,846
)
 
673

 
(7,465
)
 
(510
)
 
(3,056
)
 
169

 
(3,397
)
Net Periodic Benefit Cost (Increase)
Net periodic benefit (increase) cost for the years ending December 31, 2017, 2016 and 2015, included the following components (in thousands):
 
Pension
 
Post-retirement
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
$
—

 
—

 
—

 
105

 
150

 
168

Interest cost
1,227

 
1,247

 
1,137

 
871

 
1,138

 
1,122

Return on plan assets
(2,550
)
 
(2,449
)
 
(2,530
)
 
—

 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Net gain (loss)
920

 
943

 
774

 
(677
)
 
—

 
1

Unrecognized prior service cost
—

 
—

 
—

 
—

 
—

 
(1
)
Net periodic benefit (increase) cost
$
(403
)
 
(259
)
 
(619
)
 
299

 
1,288

 
1,290
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in the plan determinations at December 31, 2017, 2016 and 2015 were as follows:
 
Pension
 
Post-retirement
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
3.50
%
 
4.25
%
 
4.50
%
 
3.50
%
 
4.25
%
 
4.50
%
Rate of compensation increase
—

 
—

 
—

 
—

 
—

 
—

Expected return on plan assets
6.00

 
6.00

 
6.00

 
—

 
—

 
—

Medical and life insurance benefits cost rate of increase
—

 
—

 
—

 
6.00

 
6.00

 
6.00
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2017 (in thousands):
 
1% increase
 
1% decrease
Effect on total service cost and interest cost
$
170

 
140

Effect on post-retirement benefits obligation
$
4,000

 
3,170
Estimated Future Benefit Payments
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
 
Pension
 
Post-retirement
2018
$
1,443

 
$
645

2019
1,496

 
684

2020
1,538

 
705

2021
1,593

 
771

2022
1,635

 
828
Weighted-Average Asset Allocation of Pension Plan Assets
The weighted-average asset allocation of pension plan assets at December 31, 2017 and 2016 were as follows:
Asset Category
 
2017
 
2016
Domestic equities
 
38
%
 
37
%
Foreign equities
 
11
%
 
11
%
Fixed income
 
49
%
 
50
%
Real estate
 
2
%
 
2
%
Cash
 
0
%
 
0
%
Total
 
100
%
 
100
%
Target Allocation of Assets and Acceptable Ranges
The target allocation of assets and acceptable ranges around the targets are as follows:
Asset Category
 
Target
 
Allowable Range
Domestic equities
 
37
%
 
30-41%

Foreign equities
 
11
%
 
5-13%

Fixed income
 
50
%
 
40-65%

Real estate
 
2
%
 
0-4%

Cash
 
0
%
 
0
%
Total
 
100
%
 
 
Assets Measured at Fair Value on Recurring Basis
The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2017 and 2016, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
Fair value measurements at December 31, 2017
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
120

 
—

 
120

 
—

Mutual funds:
 
 
 
 
 
 
 
Fixed income
13,725

 
13,725

 
—

 
—

International equity
5,110

 
5,110

 
—

 
—

Large U.S. equity
1,431

 
1,431

 
—

 
—

Small/Mid U.S. equity
950

 
950

 
—

 
—

Total mutual funds
21,216

 
21,216

 
—

 
—

Pooled separate accounts
25,534

 
—

 
25,534

 
—

Total investments
$
46,870

 
21,216

 
25,654

 
—


 
Fair value measurements at December 31, 2016
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
127

 
—

 
127

 
—

Mutual funds:
 
 
 
 
 
 
 
Fixed income
12,740

 
12,740

 
—

 
—

International equity
4,659

 
4,659

 
—

 
—

Large U.S. equity
1,296

 
1,296

 
—

 
—

Small/Mid U.S. equity
840

 
840

 
—

 
—

Total mutual funds
19,535

 
19,535

 
—

 
—

Pooled separate accounts
23,491

 
—

 
23,491

 
—

Total investments
$
43,153

 
19,535

 
23,618

 
—
Status of Unvested Stock Awards
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
 
Restricted Stock Awards
 
2017
 
2016
 
2015
Outstanding at beginning of year
547,698

 
591,746

 
846,462

Granted
288,519

 
351,836

 
339,936

Forfeited
(62,677
)
 
(178,632
)
 
(240,191
)
Vested
(112,757
)
 
(217,252
)
 
(354,461
)
Outstanding at the end of year
660,783

 
547,698

 
591,746
Status of Unexercised Stock Options
A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below:
 
2017
 
2016
 
2015
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
Outstanding at beginning of year
703,669

 
$
14.70

 
1,084,686

 
$
15.32

 
1,284,321

 
$
15.32

Granted
42,857

 
26.31

 
76,327

 
18.70

 
65,972

 
16.38

Exercised
(238,370
)
 
12.22

 
(368,838
)
 
16.92

 
(201,320
)
 
15.72

Forfeited
—

 
—

 
(82,006
)
 
16.42

 
(62,287
)
 
14.93

Expired
(500
)
 
17.94

 
(6,500
)
 
18.55

 
(2,000
)
 
17.94

Outstanding at the end of year
507,656

 
$
16.84

 
703,669

 
$
14.70

 
1,084,686

 
$
15.32
Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2017:
 
Options Outstanding
 
Options Exercisable
Range of exercise prices
Number
of
options
outstanding
 
Average
remaining
contractual
life
 
Weighted
average
exercise
price
 
Number
of
options
exercisable
 
Weighted
average
exercise
price
$10.34-15.23
241,740

 
3.4 years
 
$
14.00

 
234,738

 
$
13.84

$16.38-26.31
265,916

 
7.4 years
 
$
19.13

 
136,183

 
$
17.45
Weighted Average Assumptions of Fair Value Option Grants
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
 
For the year ended December 31,
 
2017
 
2016
 
2015
Expected dividend yield
2.89
%
 
3.64
%
 
3.49
%
Expected volatility
20.34
%
 
20.71
%
 
21.29
%
Risk-free interest rate
2.05
%
 
1.21
%
 
1.58
%
Expected option life
8 years

 
8 years

 
8 years