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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Schedule of Changes in Aggregate Actuarial Benefit Obligation

The following table presents the changes in the aggregate actuarial benefit obligation during the periods indicated:

 

     December 31,  
(Amounts in thousands)    2016      2015  

Beginning balance

   $ 8,390      $ 7,631  

Plan change

     69        —    

Service cost

     184        180  

Interest cost

     382        334  

Actuarial loss

     367        363  

Benefits paid

     (211      (118
  

 

 

    

 

 

 

Ending balance

   $ 9,181      $ 8,390  
  

 

 

    

 

 

 
Components of net periodic pension cost and assumed discount rate

The following table presents the components of net periodic pension cost and the assumed discount rate for the periods indicated:

 

     Year Ended December 31,  
(Amounts in thousands, except discount rate)    2016     2015     2014  

Service cost

   $ 184     $ 180     $ 128  

Interest cost

     382       334       336  

Amortization of prior service cost

     226       260       260  

Amortization of losses

     47       66       —    
  

 

 

   

 

 

   

 

 

 

Net periodic cost

   $ 839     $ 840     $ 724  
  

 

 

   

 

 

   

 

 

 

Assumed discount rate

     4.22     4.62     4.41
Projected Benefit Payments

The following schedule presents the projected benefit payments to be paid under the Benefit Plans, by year, as of December 31, 2016:

 

(Amounts in thousands)       

2017

   $ 465  

2018

     462  

2019

     458  

2020

     529  

2021

     587  

2022 through 2026

     2,937  
Pre-tax Compensation Expense and Excess Tax Benefit Recognized in Earnings

The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans for the periods indicated:

 

     Year Ended December 31,  
(Amounts in thousands)    2016      2015      2014  

Pre-tax compensation expense

   $ 209      $ 110      $ 332  

Excess tax benefit

     174        8        5  
Stock Option Activity

The following table presents stock option activity and related information for the year ended December 31, 2016:

 

(Amounts in thousands,

except share and per share data)

   Option      Weighted Average
Exercise Price
     Weighted Average
Remaining Contractual
     Aggregate
Intrinsic
 
   Shares      Per Share      Term (Years)      Value  

Outstanding, January 1, 2016

     236,404      $ 20.17        

Granted

     32,768        20.15        

Exercised

     (43,463      17.26        

Canceled

     (25,313      28.56        
  

 

 

    

 

 

       

Outstanding, December 31, 2016

     200,396      $ 19.73        6.1      $ 2,123  
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable, December 31, 2016

     167,628      $ 19.65        5.5      $ 1,790  
  

 

 

    

 

 

    

 

 

    

 

 

 
Total Options Granted and Weighted Average Assumptions Used to Estimate Fair Value

The following table presents the total options granted and the weighted average assumptions used to estimate the fair value of those options during the periods indicated:

 

     Year Ended December 31,  
     2016     2015      2014  

Stock options granted

   $ 32,768     $ —        $ —    

Grant-date fair value per share

     10.16       —          —    

Volatility

     25.04     —          —    

Risk-free rate

     1.56     —          —    

Expected dividend yield

     3.09     —          —    

Expected term (in years)

     6.50       —          —    

 

Restricted Stock Activity

The following table presents restricted stock activity and related information for the year ended December 31, 2016:

 

            Weighted Average  
     Shares      Grant-Date
Fair Value
 

Nonvested, January 1, 2016

     5,327      $ 16.85  

Granted

     46,033        19.97  

Vested

     (21,533      17.90  

Canceled

     (2,024      19.27  
  

 

 

    

 

 

 

Nonvested, December 31, 2016

     27,803      $ 20.59  
  

 

 

    

 

 

 
Performance Stock Activity

The following table presents performance stock activity and related information for the year ended December 31, 2016:

 

     Shares      Weighted Average
Grant-Date
Fair  Value
 

Nonvested, January 1, 2016

     9,848      $ 15.83  

Granted

     —          —    

Vested

     (9,848      15.83  

Canceled

     —          —    
  

 

 

    

 

 

 

Nonvested, December 31, 2016

     —        $ —