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PENSION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
Pension Plan |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan |
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |
|  | (Dollars in thousands) |
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 32,183 |  | $ | 36,139 |
Interest cost |  | 1,485 |  | 1,370 |
Actuarial (gains) losses |  | 5,709 |  | (2,969 | )
Benefits paid |  | (3,047 | ) | (2,357 | )
Benefit obligation at end of the year |  | 36,330 |  | 32,183 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year |  | 27,782 |  | 23,780 |
Actual return on plan assets |  | 1,813 |  | 4,712 |
Employer contributions |  | 1,343 |  | 1,647 |
Benefits paid |  | (3,047 | ) | (2,357 | )
Fair value of plan assets at end of year |  | 27,891 |  | 27,782 |
Funded status at end of year |  | $ | (8,439 | ) | $ | (4,401 | )
Amounts recognized in AOCI |  |  |  |  |
Net actuarial losses |  | $ | (15,647 | ) | $ | (10,895 | )
Benefit obligation actuarial assumptions |  |  |  |  |
Weighted average discount rate |  | 4.0 | % | 4.7 | %
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Components of net periodic benefit cost |  |  |  |  |  |  |
Interest cost |  | $ | 1,485 |  | $ | 1,370 |  | $ | 1,585 |
Expected return on plan assets |  | (1,924 | ) | (1,762 | ) | (1,791 | )
Amortization of net actuarial losses |  | 1,068 |  | 2,390 |  | 2,385 |
Net periodic benefit cost |  | $ | 629 |  | $ | 1,998 |  | $ | 2,179 |
Net periodic cost actuarial assumptions |  |  |  |  |  |  |
Weighted average discount rate |  | 4.7 | % | 4.0 | % | 4.8 | %
Expected long-term rate of return on plan assets |  | 7.0 | % | 7.5 | % | 8.0 | %
Schedule of asset allocations by asset category |
|  | December 31, |
|  | 2014 |  | 2013 |
Equity securities |  | 56.1 | % | 59.9 | %
Debt securities |  | 41.8 |  | 34.6 |
Other |  | 2.1 |  | 5.5 |
Total |  | 100.0 | % | 100.0 | %
Schedule of fair values of the defined benefit retirement plan by asset category |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (Dollars in thousands) |
December 31, 2014 |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 958 |  | $ | — |  | $ | — |  | $ | 958 |
Mutual funds |  | 9,946 |  | — |  | — |  | 9,946 |
Government obligations |  | — |  | 3,900 |  | — |  | 3,900 |
Common stocks |  | 9,765 |  | — |  | — |  | 9,765 |
Preferred stocks |  | 250 |  | — |  | — |  | 250 |
Corporate bonds and debentures |  | — |  | 3,072 |  | — |  | 3,072 |
|  | $ | 20,919 |  | $ | 6,972 |  | $ | — |  | $ | 27,891 |
December 31, 2013 |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 1,841 |  | $ | — |  | $ | — |  | $ | 1,841 |
Mutual funds |  | 9,795 |  | — |  | — |  | 9,795 |
Government obligations |  | — |  | 3,450 |  | — |  | 3,450 |
Common stocks |  | 8,744 |  | — |  | — |  | 8,744 |
Preferred stocks |  | 255 |  | — |  | — |  | 255 |
Corporate bonds and debentures |  | — |  | 3,697 |  | — |  | 3,697 |
|  | $ | 20,635 |  | $ | 7,147 |  | $ | — |  | $ | 27,782 |
Schedule of estimated future benefit payments | Estimated future benefit payments are as follows (in thousands):
Year ending December 31: |  |  |
2015 |  | $ | 2,498 |
2016 |  | 2,525 |
2017 |  | 2,508 |
2018 |  | 2,495 |
2019 |  | 2,467 |
2020-2024 |  | 11,663 |
Total |  | $ | 24,156 |
SERPs |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan |
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |
|  | (Dollars in thousands) |
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 9,107 |  | $ | 9,944 |
Interest cost |  | 450 |  | 411 |
Actuarial (gains) losses |  | 1,588 |  | (1,033 | )
Benefits paid |  | (215 | ) | (215 | )
Benefit obligation at end of year |  | 10,930 |  | 9,107 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year |  | — |  | — |
Employer contributions |  | 215 |  | 215 |
Benefits paid |  | (215 | ) | (215 | )
Fair value of plan assets at end of year |  | — |  | — |
Funded status at end of year |  | $ | (10,930 | ) | $ | (9,107 | )
Amounts recognized in AOCI |  |  |  |  |
Net transition obligation |  | $ | (147 | ) | $ | (164 | )
Prior service cost |  | (101 | ) | (119 | )
Net actuarial losses |  | (1,965 | ) | (379 | )
Total amounts recognized in AOCI |  | $ | (2,213 | ) | $ | (662 | )
Benefit obligation actuarial assumptions |  |  |  |  |
Weighted average discount rate |  | 4.1 | % | 5.0 | %
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
|  | (Dollars in thousands)
Components of net periodic benefit cost |  |  |  |  |  |  |
Interest cost |  | $ | 450 |  | $ | 411 |  | $ | 426 |
Amortization of net transition obligation |  | 17 |  | 17 |  | 17 |
Amortization of prior service cost |  | 18 |  | 18 |  | 18 |
Amortization of net actuarial (gains) losses |  | 2 |  | 71 |  | (4 | )
Net periodic benefit cost |  | $ | 487 |  | $ | 517 |  | $ | 457 |
Net periodic cost actuarial assumptions |  |  |  |  |  |  |
Weighted average discount rate |  | 5.0 | % | 4.2 | % | 5.0 | %
Schedule of estimated amortization of components included in AOCI that will be recognized into net periodic cost in the next fiscal year | The estimated amortization of components included in AOCI that will be recognized into net periodic cost for 2015 is as follows (in thousands):
Amortization of net transition obligation |  | $ | 17 |
Amortization of prior service cost |  | 18 |
Amortization of net actuarial losses |  | 111 |
Schedule of estimated future benefit payments | Estimated future benefit payments reflecting expected future service for the SERP are as follows (in thousands):
Year ending December 31: |  |  |
2015 |  | $ | 215 |
2016 |  | 231 |
2017 |  | 422 |
2018 |  | 418 |
2019 |  | 415 |
2020-2024 |  | 2,801 |
Total |  | $ | 4,502 |

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