PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2014

	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		%

	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

Estimated future benefit payments are as follows (in thousands):

	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		%

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

Estimated future benefit payments reflecting expected future service for the SERP are as follows (in thousands):