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PENSION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2015
Pension Plan |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan | The following tables set forth information pertaining to the defined benefit retirement plan:
| Year Ended December 31,
| 2015 |  | 2014
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 36,330 |  |  | $ | 32,183 |
Interest cost | 1,383 |  |  | 1,485 |
Actuarial (gains) losses | (2,228 | ) |  | 5,709 |
Benefits paid | (2,418 | ) |  | (3,047 | )
Benefit obligation at end of the year | 33,067 |  |  | 36,330 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | 27,891 |  |  | 27,782 |
Actual return on plan assets | (152 | ) |  | 1,813 |
Employer contributions | 1,000 |  |  | 1,343 |
Benefits paid | (2,418 | ) |  | (3,047 | )
Fair value of plan assets at end of year | 26,321 |  |  | 27,891 |
Funded status at end of year | $ | (6,746 | ) |  | $ | (8,439 | )
Amounts recognized in AOCI |  |  |  |  |
Net actuarial losses | $ | (13,887 | ) |  | $ | (15,647 | )
Benefit obligation actuarial assumptions |  |  |  |  |
Weighted average discount rate | 4.3 | % |  | 4.0 | %
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (Dollars in thousands)
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost | $ | 1,383 |  |  | $ | 1,485 |  |  | $ | 1,370 |
Expected return on plan assets | (1,893 | ) |  | (1,924 | ) |  | (1,762 | )
Amortization of net actuarial losses | 1,577 |  |  | 1,068 |  |  | 2,390 |
Net periodic benefit cost | $ | 1,067 |  |  | $ | 629 |  |  | $ | 1,998 |
Net periodic cost actuarial assumptions |  |  |  |  |  |  |  |
Weighted average discount rate | 4.0 | % |  | 4.7 | % |  | 4.0 | %
Expected long-term rate of return on plan assets | 7.0 | % |  | 7.0 | % |  | 7.5 | %
Schedule of asset allocations by asset category | The defined benefit retirement plan assets consist primarily of equity and debt securities. Our asset allocations by asset category were as follows:
| December 31,
| 2015 |  | 2014
Equity securities | 40.6 | % |  | 56.1 | %
Debt securities | 41.6 |  |  | 41.8 |
Other | 17.8 |  |  | 2.1 |
Total | 100.0 | % |  | 100.0 | %
Schedule of fair values of the defined benefit retirement plan by asset category | The fair values of the defined benefit retirement plan as of December 31, 2015 and 2014 by asset category were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in thousands)
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Money market accounts | $ | 4,672 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,672 |
Mutual funds | 9,140 |  |  | — |  |  | — |  |  | 9,140 |
Government obligations | — |  |  | 4,117 |  |  | — |  |  | 4,117 |
Common stocks | 5,552 |  |  | — |  |  | — |  |  | 5,552 |
Preferred stocks | 187 |  |  | — |  |  | — |  |  | 187 |
Corporate bonds and debentures | — |  |  | 2,653 |  |  | — |  |  | 2,653 |
| $ | 19,551 |  |  | $ | 6,770 |  |  | $ | — |  |  | $ | 26,321 |
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 |
Schedule of estimated future benefit payments | Estimated future benefit payments are as follows (in thousands):
Year Ending December 31: |
2016 | $ | 2,531 |
2017 | 2,494 |
2018 | 2,479 |
2019 | 2,435 |
2020 | 2,390 |
2021-2025 | 11,131 |
Total | $ | 23,460 |
SERPs |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan | The following tables set forth information pertaining to the SERP:
| Year Ended December 31,
| 2015 |  | 2014
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 10,930 |  |  | $ | 9,107 |
Interest cost | 440 |  |  | 450 |
Actuarial (gains) losses | (504 | ) |  | 1,588 |
Benefits paid | (215 | ) |  | (215 | )
Benefit obligation at end of year | 10,651 |  |  | 10,930 |
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 | $ | 10,651 |  |  | $ | 10,930 |
Amounts recognized in AOCI |  |  |  |
Net transition obligation | $ | (129 | ) |  | $ | (147 | )
Prior service cost | (84 | ) |  | (101 | )
Net actuarial losses | (1,353 | ) |  | (1,965 | )
Total amounts recognized in AOCI | $ | (1,566 | ) |  | $ | (2,213 | )
Benefit obligation actuarial assumptions |  |  |  |  |
Weighted average discount rate | 4.4 | % |  | 4.1 | %
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (Dollars in thousands)
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost | $ | 440 |  |  | $ | 450 |  |  | $ | 411 |
Amortization of net transition obligation | 16 |  |  | 17 |  |  | 17 |
Amortization of prior service cost | 18 |  |  | 18 |  |  | 18 |
Amortization of net actuarial (gains) losses | 111 |  |  | 2 |  |  | 71 |
Net periodic benefit cost | $ | 585 |  |  | $ | 487 |  |  | $ | 517 |
Net periodic cost actuarial assumptions |  |  |  |  |  |  |  |
Weighted average discount rate | 4.1 | % |  | 5.0 | % |  | 4.2 | %
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 2016 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: |
2016 | $ | 232 |
2017 | 423 |
2018 | 419 |
2019 | 415 |
2020 | 407 |
2021-2025 | 3,116 |
Total | $ | 5,012 |

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