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PENSION PLANS (Tables)

12 Months Ended

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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-Publisher FASB
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