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PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016				2015
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	33,067			$	36,330
Interest cost	1,374				1,383
Actuarial (gains) losses	1,039				(2,228		)
Benefits paid	(2,413		)		(2,418		)
Annuity purchase	(9,390		)		—
Benefit obligation at end of the year	23,677				33,067
Change in plan assets
Fair value of plan assets at beginning of year	26,321				27,891
Actual return on plan assets	1,021				(152		)
Employer contributions	3,000				1,000
Benefits paid	(2,413		)		(2,418		)
Annuity purchase	(9,390		)		—
Fair value of plan assets at end of year	18,539				26,321
Funded status at end of year	$	(5,138	)		$	(6,746	)
Amounts recognized in AOCI
Net actuarial losses	$	(10,052	)		$	(13,887	)
Benefit obligation actuarial assumptions
Weighted average discount rate	4.1		%		4.3		%

	Year Ended December 31,
	2016				2015				2014
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	1,374			$	1,383			$	1,485
Expected return on plan assets	(1,542		)		(1,893		)		(1,924		)
Amortization of net actuarial losses	1,548				1,577				1,068
Settlement	3,847				—				—
Net periodic benefit cost	$	5,227			$	1,067			$	629
Net periodic cost actuarial assumptions
Weighted average discount rate	4.3		%		4.0		%		4.7		%
Expected long-term rate of return on plan assets	6.0		%		7.0		%		7.0		%

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,
	2016			2015
Equity securities	50.6	%		40.6	%
Debt securities	34.0			41.6
Other	15.4			17.8
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, 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

The fair values of the defined benefit retirement plan as of December 31, 2016 and 2015 by asset category were as follows:

	Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
December 31, 2016
Money market accounts	$	2,852			$	—			$	—			$	2,852
Mutual funds	7,250				—				—				7,250
Government obligations	—				2,134				—				2,134
Common stocks	4,474												4,474
Preferred stocks	130				—				—				130
Corporate bonds and debentures	—				1,699				—				1,699
	$	14,706			$	3,833			$	—			$	18,539

Schedule of estimated future benefit payments

Estimated future benefit payments in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands):

Year Ending December 31:
2017	$	1,921
2018	1,856
2019	1,816
2020	1,775
2021	1,733
2022-2026	7,797
Total	$	16,898

SERPs

PENSION PLANS

Schedule of information pertaining to the defined benefit retirement plan

	Year Ended December 31,
	2016				2015				2014
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	465			$	440			$	450
Amortization of net transition obligation	17				16				17
Amortization of prior service cost	18				18				18
Amortization of net actuarial (gains) losses	51				111				2
Net periodic benefit cost	$	551			$	585			$	487
Net periodic cost actuarial assumptions
Weighted average discount rate	4.4		%		4.1		%		5.0		%

The following tables set forth information pertaining to the SERP:

	Year Ended December 31,
	2016				2015
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	10,651			$	10,930
Interest cost	465				440
Actuarial (gains) losses	(598		)		(504		)
Benefits paid	(226		)		(215		)
Benefit obligation at end of year	10,292				10,651
Change in plan assets
Fair value of plan assets at beginning of year	—				—
Employer contributions	226				215
Benefits paid	(226		)		(215		)
Fair value of plan assets at end of year	—				—
Funded status at end of year	$	(10,292	)		$	(10,651	)
Amounts recognized in AOCI
Net transition obligation	$	(112	)		$	(129	)
Prior service cost	(66		)		(84		)
Net actuarial losses	(701		)		(1,353		)
Total amounts recognized in AOCI	$	(879	)		$	(1,566	)
Benefit obligation actuarial assumptions
Weighted average discount rate	4.1		%		4.4		%

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 2017 is as follows (in thousands):

Amortization of net transition obligation	$	17
Amortization of prior service cost	18
Amortization of net actuarial losses	51

Schedule of estimated future benefit payments

Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands):

Year Ending December 31:
2017	$	352
2018	348
2019	344
2020	335
2021	320
2022-2026	3,067
Total	$	4,766

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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