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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Employee Benefit Plans [Abstract] |
Schedule of Net Funded Status | The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP:
|  | Pension |  | SERP
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Change in Benefit Obligation |  |  |  |  |  |  |  |
Obligation at the beginning of the year | $ | 28,329 | $ | 30,340 | $ | 5,084 | $ | 4,990
Service cost |  | 258 |  | 227 |  | 115 |  | 113
Interest cost |  | 1,478 |  | 1,243 |  | 220 |  | 250
Change in discount rate and mortality assumptions |  | 7,216 |  | (3,564) |  | 0 |  | 0
Actuarial losses/(gains) |  | 3,401 |  | 1,286 |  | 499 |  | (167)
Benefits paid |  | (1,334) |  | (1,203) |  | (91) |  | (102)
Obligation at the end of the year |  | 39,348 |  | 28,329 |  | 5,827 |  | 5,084
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value at the beginning of the year |  | 34,848 |  | 31,154 |  | 0 |  | 0
Actual return on plan assets |  | 2,453 |  | 4,897 |  | 0 |  | 0
Employer contribution |  | 3,000 |  | 0 |  | 91 |  | 102
Benefits paid |  | (1,334) |  | (1,203) |  | (91) |  | (102)
Fair value at the end of the year |  | 38,967 |  | 34,848 |  | 0 |  | 0
(Unfunded)/Funded Status | $ | (381) | $ | 6,519 | $ | (5,827) | $ | (5,084)
Components of Net Periodic Pension Plan Cost |
|  | Pension |  | SERP
(in thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Components of Net Pension Cost |  |  |  |  |  |  |  |
Service cost | $ | 258 | $ | 227 | $ | 115 | $ | 113
Interest cost |  | 1,478 |  | 1,243 |  | 220 |  | 250
Expected return on assets |  | (2,653) |  | (2,373) |  | 0 |  | 0
Amortization of transition asset |  | (39) |  | (39) |  | 0 |  | 0
Amortization of recognized loss |  | 374 |  | 532 |  | (17) |  | 3
Amortization of prior service cost |  | 12 |  | 12 |  | 20 |  | 20
Net pension (income)/expense in employee benefits | $ | (570) | $ | (398) | $ | 338 | $ | 386
Weighted Average Assumptions used to |  |  |  |  |  |  |  |
determine benefit obligations: |  |  |  |  |  |  |  |
Discount rate for benefit obligations |  | 4.00% |  | 4.75% |  | 4.00% |  | 5.25%
Discount rate for net pension cost |  | 4.75% |  | 4.00% |  | 0 |  | 0
Expected long-term return on assets |  | 7.75% |  | 7.75% |  | 0 |  | 0
Rate of compensation increase |  | 3.00% |  | 3.00% |  | 3.00% |  | 3.00%
Mortality tables |  | RP-2014 |  | RP-2000 |  | N/A |  | N/A
Schedule of Target Asset Allocations |
Asset Class | Normalized Target | Range
Cash | 5% | 0% - 20%
Fixed Income | 40% | 30% - 50%
Equities | 55% | 45% - 65%
Actual Plan Asset Allocations | As of December 31, 2014 and 2013, the value of Pension Plan investments was as follows:
December 31, 2014 |  |  |  |  | Fair Value Hierarchy
(Dollars in thousands) |  | Assets at Fair Value | % of Portfolio |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 1,043 | 2.7% | $ | 1,043 | $ | 0
Fixed income securities: |  |  |  |  |  |  |
U.S. Government and Agencies |  | 613 | 1.6% |  | 0 |  | 613
Taxable municipal bonds and notes |  | 2,525 | 6.5% |  | 0 |  | 2,525
Corporate bonds and notes |  | 8,393 | 21.5% |  | 0 |  | 8,393
Preferred stock |  | 478 | 1.2% |  | 0 |  | 478
Fixed income mutual funds |  | 5,049 | 13.0% |  | 5,049 |  | 0
Total fixed income |  | 17,058 | 43.8% |  | 5,049 |  | 12,009
Equities: |  |  |  |  |  |  |
Large Cap |  | 15,646 | 40.1% |  | 15,646 |  | 0
Mid Cap |  | 2,743 | 7.0% |  | 2,743 |  | 0
Small Cap |  | 1,305 | 3.4% |  | 1,305 |  | 0
International |  | 1,172 | 3.0% |  | 1,172 |  | 0
Total equities |  | 20,866 | 53.5% |  | 20,866 |  | 0
Total market value | $ | 38,967 | 100.0% | $ | 26,958 | $ | 12,009
December 31, 2013 |  |  |  |  | Fair Value Hierarchy
(Dollars in thousands) |  | Assets at Fair Value | % of Portfolio |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 464 | 1.3% | $ | 464 | $ | 0
Fixed income securities: |  |  |  |  |  |  |
U.S. Government and Agencies |  | 143 | 0.4% |  | 0 |  | 143
Taxable municipal bonds and notes |  | 1,792 | 5.2% |  | 0 |  | 1,792
Corporate bonds and notes |  | 7,664 | 22.0% |  | 0 |  | 7,664
Preferred stock |  | 562 | 1.6% |  | 0 |  | 562
Fixed income mutual funds |  | 3,171 | 9.1% |  | 3,171 |  | 0
Total fixed income |  | 13,332 | 38.3% |  | 3,171 |  | 10,161
Equities: |  |  |  |  |  |  |
Large Cap |  | 15,634 | 44.9% |  | 15,634 |  | 0
Mid Cap |  | 2,489 | 7.1% |  | 2,489 |  | 0
Small Cap |  | 1,373 | 3.9% |  | 1,373 |  | 0
International |  | 1,556 | 4.5% |  | 1,556 |  | 0
Total equities |  | 21,052 | 60.4% |  | 21,052 |  | 0
Total market value | $ | 34,848 | 100.0% | $ | 24,687 | $ | 10,161
Expected Future Benefit Payments | Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows:
(In thousands) |  | Pension Plan |  | SERP
2015 | $ | 1,337 | $ | 94
2016 |  | 1,429 |  | 164
2017 |  | 1,473 |  | 223
2018 |  | 1,552 |  | 261
2019 |  | 1,660 |  | 322
2020-2024 |  | 10,077 |  | 1,785
Schedule of Amounts in Accumulated Other Comprehensive Income | Amounts included in accumulated other comprehensive loss as of December 31, 2014 and 2013, net of tax, are as follows:
|  | 2014 |  | 2013
(In thousands) |  | Pension |  | SERP |  | Pension |  | SERP
Unrecognized net actuarial loss/(gain) | $ | 11,375 | $ | 217 | $ | 5,088 | $ | (86)
Unrecognized prior service costs |  | 28 |  | 16 |  | 35 |  | 22
Net transition asset |  | (11) |  | 0 |  | (35) |  | 0
| $ | 11,392 | $ | 233 | $ | 5,088 | $ | (64)
Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss | The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:
(In thousands) |  | Pension |  | SERP
Prior service costs | $ | 12 | $ | 20
Net transition asset |  | (39) |  | 0
Net actuarial loss |  | 743 |  | 49
| $ | 716 | $ | 69

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- Definition 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) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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