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PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2017

Pension Plan

PENSION PLANS

Schedule of information pertaining to the defined benefit retirement plan

	Year Ended December 31,
	2017				2016				2015
	(Dollars in thousands)
Components of net periodic benefit cost:
Interest cost	$	926			$	1,374			$	1,383
Expected return on plan assets	(1,036		)		(1,542		)		(1,893		)
Amortization of net actuarial losses	1,191				1,548				1,577
Settlement	—				3,847				—
Net periodic benefit cost	$	1,081			$	5,227			$	1,067
Net periodic cost actuarial assumptions:
Weighted average discount rate	4.1		%		4.3		%		4.0		%
Expected long-term rate of return on plan assets	5.5		%		6.0		%		7.0		%

The following tables set forth information pertaining to the defined benefit retirement plan:

	Year Ended December 31,
	2017				2016
	(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	23,677			$	33,067
Interest cost	926				1,374
Actuarial (gains) losses	752				1,039
Benefits paid	(1,884		)		(2,413		)
Annuity purchase	—				(9,390		)
Benefit obligation at end of the year	23,471				23,677
Change in plan assets, at fair value:
Fair value of plan assets at beginning of year	18,539				26,321
Actual return on plan assets	2,177				1,021
Employer contributions	4,000				3,000
Benefits paid	(1,884		)		(2,413		)
Annuity purchase	—				(9,390		)
Fair value of plan assets at end of year	22,832				18,539
Funded status at end of year	$	(639	)		$	(5,138	)
Amounts recognized in AOCI:
Net actuarial losses	$	(8,472	)		$	(10,052	)
Benefit obligation actuarial assumptions:
Weighted average discount rate	3.6		%		4.1		%

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,
	2017			2016
Equity securities	53.9	%		50.6	%
Debt securities	42.3			34.0
Other	3.8			15.4
Total	100.0	%		100.0	%

Schedule of fair values of the defined benefit retirement plan by asset category

	Quoted Prices in Active  Markets for  Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (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
Total	$	14,706			$	3,833			$	—			$	18,539

The fair values of the defined benefit retirement plan as of December 31, 2017 and 2016 by asset category were as follows:

	Quoted Prices in Active  Markets for  Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	(Dollars in thousands)
December 31, 2017
Money market accounts	$	858			$	—			$	—			$	858
Mutual funds	12,258				—				—				12,258
Government obligations	—				1,942				—				1,942
Common stocks	5,509				—				—				5,509
Preferred stocks	176				—				—				176
Corporate bonds and debentures	—				2,089				—				2,089
Total	$	18,801			$	4,031			$	—			$	22,832

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:
2018	$	1,852
2019	1,819
2020	1,777
2021	1,737
2022	1,672
2023-2027	7,460
Total	$	16,317

SERPs

PENSION PLANS

Schedule of information pertaining to the defined benefit retirement plan

	Year Ended December 31,
	2017				2016				2015
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	429			$	465			$	440
Amortization of net actuarial (gains) losses	102				51				111
Amortization of net transition obligation	18				17				16
Amortization of prior service cost	18				18				18
Settlement	138				—				—
Net periodic benefit cost	$	705			$	551			$	585
Net periodic cost actuarial assumptions
Weighted average discount rate	4.1		%		4.4		%		4.1		%

The following tables set forth information pertaining to the SERP:

	Year Ended December 31,
	2017				2016
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	10,292			$	10,651
Interest cost	429				465
Actuarial (gains) losses	1,708				(598		)
Benefits paid	(1,210		)		(226		)
Benefit obligation at end of year	11,219				10,292
Change in plan assets
Fair value of plan assets at beginning of year	—				—
Employer contributions	1,209				226
Benefits paid	(1,209		)		(226		)
Fair value of plan assets at end of year	—				—
Funded status at end of year	$	(11,219	)		$	(10,292	)
Amounts recognized in AOCI
Net transition obligation	$	(100	)		$	(112	)
Prior service cost	(49		)		(66		)
Net actuarial losses	(2,163		)		(701		)
Total amounts recognized in AOCI	$	(2,312	)		$	(879	)
Benefit obligation actuarial assumptions
Weighted average discount rate	3.5		%		4.1		%

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 benefit cost for 2018 is as follows (in thousands):

Amortization of net actuarial losses	$	102
Amortization of net transition obligation	18
Amortization of prior service cost	18

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:
2018	$	351
2019	347
2020	340
2021	325
2022	316
2023-2027	3,212
Total	$	4,891

X

- Definition

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ 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
-Subparagraph (s)
-URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ 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 (f)
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