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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of assumptions used in determining actuarial information

The following assumptions were used in determining the actuarial information for the Pension Plan and the SERP for the years ended December 31, 2014, 2013, and 2012: 

		2014								2013								2012
		Pension Plan				SERP				Pension Plan				SERP				Pension Plan				SERP
Discount rate used to determine net periodic pension cost			4.78	%			4.78	%			3.97	%			3.97	%			4.39	%			4.39	%
Discount rate used to calculate end of year liability disclosures			3.82	%			3.82	%			4.78	%			4.78	%			3.97	%			3.97	%
Expected long-term rate of return on assets			7.75	%			n/a				7.75	%			n/a				7.75	%			n/a
Rate of compensation increase			n/a				n/a				n/a				n/a				3.50	%			3.50	%

Pension Plan [Member]

Schedule of reconciliation of benefit obligation

The following table reconciles the beginning and ending balances of the Pension Plan's benefit obligation, as computed by the Company's independent actuarial consultants, and its plan assets, with the difference between the two amounts representing the funded status of the Pension Plan as of the end of the respective year.

($ in thousands)		2014				2013				2012
Change in benefit obligation
Benefit obligation at beginning of year		$	30,548				32,272				40,084
Service cost			−				−				1,835
Interest cost			1,461				1,284				1,451
Actuarial (gain) loss			5,320				(2,343	)			(4,006	)
Benefits paid			(1,714	)			(665	)			(503	)
Curtailment gain			−				−				(6,589	)
Benefit obligation at end of year			35,615				30,548				32,272
Change in plan assets
Plan assets at beginning of year			36,333				30,124				24,466
Actual return on plan assets			2,663				6,874				3,661
Employer contributions			−				−				2,500
Benefits paid			(1,714	)			(665	)			(503	)
Plan assets at end of year			37,282				36,333				30,124
Funded status at end of year		$	1,667				5,785				(2,148	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2014 and 2013 as it relates to the Pension Plan, excluding the related deferred tax assets.

($ in thousands)		2014				2013
Other assets		$	1,667				5,785
Other liabilities			−				−
		$	1,667				5,785

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in accumulated other comprehensive income (AOCI) at December 31, 2014 and 2013, as it relates to the Pension Plan.

($ in thousands)		2014				2013
Net gain (loss)		$	(1,857	)			3,579
Prior service cost			−				−
Amount recognized in AOCI before tax effect			(1,857	)			3,579
Tax (expense) benefit			724				(1,396	)
Net amount recognized as increase (decrease) to AOCI		$	(1,133	)			2,183

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of accumulated other comprehensive income (AOCI) at December 31, 2014 and 2013, as it relates to the Pension Plan:

($ in thousands)		2014			2013
Accumulated other comprehensive loss at beginning of fiscal year		$	2,183			(2,063	)
Net gain (loss) arising during period			(5,436)			6,910
Prior service cost			-			-
Transition Obligation			-			-
Amortization of unrecognized actuarial loss			-			49
Amortization of prior service cost and transition obligation			-			-
Tax (expense) benefit of changes during the year, net			2,120			(2,713	)
Accumulated other comprehensive gain (loss) at end of fiscal year		$	(1,133)			2,183

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the Pension Plan:

($ in thousands)		2014				2013
Prepaid pension cost as of beginning of fiscal year		$	2,206				1,232
Net periodic pension income (cost) for fiscal year			1,318				974
Actual employer contributions			-				-
Prepaid pension asset as of end of fiscal year		$	3,524				2,206

Schedule of net pension costs

Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2014, 2013, and 2012:

($ in thousands)		2014				2013				2012
Service cost – benefits earned during the period		$	-				-				1,835
Interest cost on projected benefit obligation			1,461				1,284				1,451
Expected return on plan assets			(2,779	)			(2,307	)			(1,969	)
Net amortization and deferral			-				49				559
Net periodic pension (income) cost		$	(1,318				(974	)			1,876

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan during the indicated time periods:

($ in thousands)		Estimated benefit payments
Year ending December 31, 2015		$	1,035
Year ending December 31, 2016			1,198
Year ending December 31, 2017			1,285
Year ending December 31, 2018			1,428
Year ending December 31, 2019			1,524
Years ending December 31, 2020-2024			8,925

Schedule of targeted mix of the pension plan's assets

The following table presents the targeted mix of the Pension Plan's assets as of December 31, 2014, as set out by the Plan's investment policy:

Investment type		Targeted % of Total Assets				Acceptable Range % of Total Assets
Fixed income investments
Cash/money market account			2	%			1%-5%
US government bond fund			10	%			10%-20%
US corporate bond fund			10	%			5%-15%
US corporate high yield bond fund			5	%			0%-10%
Equity investments
Large cap value fund			20	%			20%-30%
Large cap growth fund			20	%			20%-30%
Mid cap equity fund			10	%			5%-15%
Small cap growth fund			8	%			5%-15%
Foreign equity fund			10	%			5%-15%
Company stock			5	%			0%-10%

Schedule of investment category benchmarks

The investment category benchmarks as of December 31, 2014 are as follows:

Investment Category	Investment Category Benchmark	Range of Acceptable Deviation from Investment Category Benchmark
Fixed income investments
Cash/money market account	Citigroup Treasury Bill Index – 3 month	0-50 basis points
US government bond fund	Barclays Intermediate Government Bond Index	0-200 basis points
US corporate bond fund	Barclays Aggregate Index	0-200 basis points
US corporate high yield bond fund	Barclays High Yield Index	0-200 basis points
Equity investments
Large cap value fund	Russell 1000 Value Index	0-300 basis points
Large cap growth fund	Russell 1000 Growth Index	0-300 basis points
Mid cap equity fund	Russell Mid Cap Index	0-300 basis points
Small cap growth fund	Russell 2000 Growth Index	0-300 basis points
Foreign equity fund	MSCI EAFE Index	0-300 basis points
Company stock	Russell 2000 Index	0-300 basis points

Schedule of fair value of plan assets

The fair values of the Company's pension plan assets at December 31, 2014, by asset category, are as follows:

($ in thousands)

Total Fair Value at December 31, 2014

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fixed income investments

Money market funds

$

447

−

447

−

US government bond fund

3,385

3,385

−

−

US corporate bond fund

3,377

3,377

−

−

US corporate high yield bond fund

1,741

1,741

−

−

Equity investments

Large cap value fund

7,669

7,669

−

−

Large cap growth fund

7,694

7,694

−

−

Small cap growth fund

3,162

3,162

−

−

Mid cap growth fund

3,983

3,983

−

−

Foreign equity fund

3,611

3,611

−

−

Company stock

2,213

2,213

−

−

Total

$

37,282

36,835

447

−

The fair values of the Company's pension plan assets at December 31, 2013, by asset category, are as follows:

($ in thousands)

Total Fair Value at December 31, 2013

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fixed income investments

Money market funds

$

292

−

292

−

US government bond fund

3,257

3,257

−

−

US corporate bond fund

3,231

3,231

−

−

US corporate high yield bond fund

1,688

1,688

−

−

Equity investments

Large cap value fund

7,512

7,512

−

−

Large cap growth fund

7,740

7,740

−

−

Small cap growth fund

3,142

3,142

−

−

Mid cap growth fund

3,783

3,783

−

−

Foreign equity fund

3,696

3,696

−

−

Company stock

1,992

1,992

−

−

Total

$

36,333

36,041

292

−

SERP [Member]

Schedule of reconciliation of benefit obligation

The following table reconciles the beginning and ending balances of the SERP's benefit obligation, as computed by the Company's independent actuarial consultants:

($ in thousands)		2014					2013					2012
Change in benefit obligation
Projected benefit obligation at beginning of year		$	5,292					6,813					8,064
Service cost			272					304					303
Interest cost			212					203					280
Actuarial (gain) loss			(265	)				(1,856	)				(1,201	)
Benefits paid			(295	)				(172	)				(146	)
Curtailment gain			-					-					(487	)
Projected benefit obligation at end of year			5,216					5,292					6,813
Plan assets			-					-					-
Funded status at end of year		$	(5,216	)				(5,292	)				(6,813	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2014 and 2013 as it relates to the SERP, excluding the related deferred tax assets.

($ in thousands)		2014					2013
Other assets – prepaid pension asset (liability)		$	(6,816	)				(6,848	)
Other assets (liabilities)			1,600					1,556
		$	(5,216	)				(5,292	)

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in AOCI at December 31, 2014 and 2013.

($ in thousands)		2014					2013
Net gain (loss)		$	1,600					1,556
Prior service cost			−					−
Amount recognized in AOCI before tax effect			1,600					1,556
Tax (expense) benefit			(624	)				(607	)
Net amount recognized as increase (decrease) to AOCI		$	976					949

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of accumulated other comprehensive income (AOCI) at December 31, 2014 and 2013, as it relates to the SERP:

($ in thousands)		2014					2013
Accumulated other comprehensive loss at beginning of fiscal year		$	949					(120	)
Net gain (loss) arising during period			265					1,856
Prior service cost			−					−
Amortization of unrecognized actuarial loss			(221	)				(101	)
Amortization of prior service cost and transition obligation			−					−
Tax expense related to changes during the year, net			(17	)				(686	)
Accumulated other comprehensive income (loss) at end of fiscal year		$	976					949

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:

($ in thousands)		2014					2013
Prepaid pension cost (liability) as of beginning of fiscal year		$	(6,848	)				(6,614	)
Net periodic pension cost for fiscal year			(263	)				(406	)
Benefits paid			295					172
Prepaid pension cost (liability) as of end of fiscal year		$	(6,816	)				(6,848	)

Schedule of net pension costs

Net pension cost for the SERP included the following components for the years ended December 31, 2014, 2013, and 2012:

($ in thousands)		2014					2013					2012
Service cost – benefits earned during the period		$	272					304					303
Interest cost on projected benefit obligation			212					203					280
Net amortization and deferral			(221	)				(101	)				19
Net periodic pension cost		$	263					406					602

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the SERP during the indicated time periods:

($ in thousands)		Estimated benefit payments
Year ending December 31, 2015		$	241
Year ending December 31, 2016			301
Year ending December 31, 2017			314
Year ending December 31, 2018			389
Year ending December 31, 2019			385
Years ending December 31, 2020-2024			2,044

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