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Employee Benefit Plans (Tables)

12 Months Ended

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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