Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities

The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status, which is recorded in other liabilities in the Consolidated Balance Sheets:



(dollars in thousands)	2016			2015
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	109,747		$	113,124
Service cost	463			2,601
Interest cost	4,296			4,425
Actuarial loss (gain)	3,575			(4,257		)
Curtailments	(6,997		)	—
Benefits paid	(5,250		)	(6,146		)
Projected Benefit Obligation at End of Year	$	105,834		$	109,747
Change in Plan Assets
Fair value of plan assets at beginning of year	$	84,585		$	93,486
Actual return on plan assets	8,376			(2,755		)
Benefits paid	(5,250		)	(6,146		)
Fair Value of Plan Assets at End of Year	$	87,711		$	84,585
Funded Status	$	(18,123	)	$	(25,162	)

Accumulated Other Comprehensive Income (Loss)

The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) at December 31:



(dollars in thousands)	2016		2015
Prior service credit	$	—	$	(1,029	)
Net actuarial loss	26,013		34,376
Total (Before Tax Effects)	$	26,013	$	33,347

Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation

Below are the actuarial weighted average assumptions used in determining the benefit obligation:



	2016		2015
Discount rate	4.00	%	4.25	%
Rate of compensation increase⁽¹⁾	—	%	3.00	%

⁽¹⁾Rate of compensation increase is not applicable for 2016 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016

Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)

The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31:



(dollars in thousands)	2016			2015			2014
Components of Net Periodic Pension Cost
Service cost—benefits earned during the period	$	463		$	2,601		$	2,369
Interest cost on projected benefit obligation	4,296			4,425			4,470
Expected return on plan assets	(5,780		)	(7,180		)	(6,907		)
Amortization of prior service credit	(11		)	(138		)	(137		)
Recognized net actuarial loss	2,345			2,028			941
Curtailment (gain)	(1,017		)	—			—
Net Periodic Pension Expense	$	296		$	1,736		$	736
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
Net actuarial (gain) loss	$	(6,018	)	$	5,678		$	13,294
Recognized net actuarial loss	(2,345		)	(2,028		)	(941		)
Recognized prior service credit	1,029			138			137
Total (Before Tax Effects)	$	(7,334	)	$	3,788		$	12,490
Total Recognized in Net Benefit Cost and Other Comprehensive (Loss)/Income (Before Tax Effects)	$	(7,038	)	$	5,524		$	13,226

Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost

The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:



	2016		2015		2014
Discount rate	4.25	%	4.00	%	4.75	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected return on assets	7.50	%	8.00	%	8.00	%

Estimated Future Benefit Payments

The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:



(dollars in thousands)	Amount

2017	$	6,788
2018	6,855
2019	6,833
2020	6,748
2021	6,847
2022 - 2026	32,361

Pension Plan Assets Measured at Fair Value on Recurring Basis

The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2016 and 2015. There were no transfers between Level 1 and Level 2 for items of a recurring basis during the periods presented. There were no purchases or transfers of Level 3 plan assets in 2016.



	December 31, 2016
	Fair Value Asset Classes⁽¹⁾
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents⁽²⁾	$	—	$	3,336	$	—	$	3,336
Fixed income⁽³⁾	27,279		—		—		27,279
Equities:
Equity index mutual funds—international⁽⁴⁾	3,362		—		—		3,362
Domestic individual equities⁽⁵⁾	53,636		—		—		53,636
Total Assets at Fair Value	$	84,277	$	3,336	$	—	$	87,613

⁽¹⁾Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.

⁽²⁾This asset class includes FDIC insured money market instruments.

⁽³⁾This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar.

⁽⁴⁾The sole investment within this asset class is the Harbor International Institutional Fund.

⁽⁵⁾This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.



	December 31, 2015
	Fair Value Asset Classes⁽¹⁾
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents⁽²⁾	$	—	$	3,371	$	—	$	3,371
Fixed income⁽³⁾	27,054		—		—		27,054
Equities:
Equity index mutual funds—international⁽⁴⁾	3,421		—		—		3,421
Domestic individual equities⁽⁵⁾	50,739		—		—		50,739
Total Assets at Fair Value	$	81,214	$	3,371	$	—	$	84,585

⁽¹⁾Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.

⁽²⁾This asset class includes FDIC insured money market instruments.

⁽⁴⁾The sole investment within this asset class is MSCI EAFE Index iShares.

⁽⁵⁾This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.