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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

Net periodic pension cost for the Plan consists of the following components for the year ended December 31:

				2016				2015				2014
Service cost				$	203			$	189			$	118
Interest cost					1,465				1,436				1,362
Expected return on plan assets					(1,824	)			(1,849	)			(1,792	)
Recognized net actuarial loss					522				583				16
Net periodic pension cost (income)				$	366			$	359			$	(296	)

Projected Benefit Obligation and Fair Value of Plan Assets

The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31:

				2016				2015
Projected benefit obligation at beginning of the year				$	34,763			$	36,193
Service cost					203				189
Interest cost					1,465				1,436
Actuarial (gain) loss					(516	)			(2,105	)
Benefits paid					(1,057	)			(950	)
Projected benefit obligation at end of year				$	34,858			$	34,763
Fair value of plan assets at beginning of the year				$	23,136			$	23,690
Actual return on plan assets					1,365				396
Employer contributions					991			0
Benefits paid					(1,057	)			(950	)
Fair value of plan assets at end of the year				$	24,435			$	23,136
Unfunded pension obligation				$	10,423			$	11,627

Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan

In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability.  The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following:

				2016				2015
Balance at January 1				$	(6,216	)		$	(6,988	)
Reclassification adjustments:
Pre-tax amortized net actuarial loss					522				583
Tax provision					(196	)			(219	)
					326				364
Adjustment to recognize gain (loss) on unfunded    pension obligations:
Pretax gain					56				653
Tax provision					(21	)			(245	)
					35				408
Balance at December 31				$	(5,855	)		$	(6,216	)

Accumulated Benefit Obligations in Excess of Plan Assets

The Plan had accumulated benefit obligations in excess of Plan assets as follows:

				2016				2015
Accumulated benefit obligation				$	34,858			$	34,763
Fair market value of assets					24,435				23,136

Weighted-Average Assumptions Used to Determine Benefit Obligations

				2016				2015
Discount rate					4.25%				4.25%
Rate of compensation increase				n/a				n/a

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

				2016				2015				2014
Discount rate					4.25%				4.00%				5.00%
Rate of compensation increase				n/a				n/a				n/a
Expected long-term return on plan assets					8.00				8.00				8.00

Fair Value of the Plan Assets

The fair value of the Plan assets as of December 31, 2016 and 2015, by category, are as follows:

		At December 31, 2016
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	1,042			$	1,042			$	0			$	0
Equity Securities			14,814				14,814				0				0
U.S. Treasury Bonds			3,893				3,893				0				0
Corporate Bonds			4,686			0					4,686				0
Total		$	24,435			$	19,749			$	4,686			$	0

		At December 31, 2015
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	545			$	545			$	0			$	0
Equity Securities			14,086				14,086				0				0
U.S. Treasury Bonds			3,729				3,729				0				0
Corporate Bonds			4,776			0					4,776				0
Total		$	23,136			$	18,360			$	4,776			$	0

Weighted-Average Asset Allocations of Plan Assets

The Plan weighted-average asset allocations at December 31, 2016 and 2015, by asset category, are as follows:

				Plan assets
				at December 31
				2016				2015
Asset category
Equity securities					61		%		61		%
Debt securities					35				37
Cash and equivalents					4				2
					100		%		100		%

Weighted-Average Target Allocations of Plan Assets

In recognition of the expected returns and volatility from financial assets, Plan assets are invested in the following ranges with the target allocation noted:

		Range		Target
Equities		30-80%			60%
Fixed Income		20-70%			40%
Cash Equivalents		0-10%

Aggregate Benefits Expected to be Paid Out of Plan Assets

The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:

Year		Pension Benefits
2017		$	956
2018			1,028
2019			1,114
2020			1,201
2021			1,290
2022-2026			8,099

X

- Definition

Disclosures of the pension accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
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-Section 50
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