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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
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) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Change in Benefit Obligation |  |  |  |  |  |  |  |
Obligation at the beginning of the year | $ | 39,348 | $ | 28,329 | $ | 5,827 | $ | 5,084
Service cost |  | 316 |  | 258 |  | 121 |  | 115
Interest cost |  | 1,579 |  | 1,478 |  | 239 |  | 220
Change in discount rate and mortality assumptions |  | (1,207) |  | 7,216 |  | 0 |  | 0
Actuarial losses |  | 841 |  | 3,401 |  | 190 |  | 499
Benefits paid |  | (1,461) |  | (1,334) |  | (88) |  | (91)
Obligation at the end of the year |  | 39,416 |  | 39,348 |  | 6,289 |  | 5,827
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value at the beginning of the year |  | 38,967 |  | 34,848 |  | 0 |  | 0
Actual return on plan assets |  | (306) |  | 2,453 |  | 0 |  | 0
Employer contribution |  | 2,000 |  | 3,000 |  | 88 |  | 91
Benefits paid |  | (1,461) |  | (1,334) |  | (88) |  | (91)
Fair value at the end of the year |  | 39,200 |  | 38,967 |  | 0 |  | 0
Unfunded Status | $ | (216) | $ | (381) | $ | (6,289) | $ | (5,827)
Components of Net Periodic Pension Plan Cost |
|  | Pension |  | SERP
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Components of Net Pension Cost |  |  |  |  |  |  |  |
Service cost | $ | 316 | $ | 258 | $ | 121 | $ | 115
Interest cost |  | 1,579 |  | 1,478 |  | 239 |  | 220
Expected return on assets |  | (2,965) |  | (2,653) |  | 0 |  | 0
Amortization of transition asset |  | (19) |  | (39) |  | 0 |  | 0
Amortization of recognized loss/(gain) |  | 781 |  | 374 |  | 49 |  | (17)
Amortization of prior service cost |  | 12 |  | 12 |  | 20 |  | 20
Net pension (income)/expense in employee benefits | $ | (296) | $ | (570) | $ | 429 | $ | 338
Weighted Average Assumptions used to |  |  |  |  |  |  |  |
determine benefit obligations: |  |  |  |  |  |  |  |
Discount rate for benefit obligations |  | 4.50% |  | 4.00% |  | 4.00% |  | 4.00%
Discount rate for net pension cost |  | 4.00% |  | 4.75% |  | 0 |  | 0
Expected long-term return on assets |  | 7.00% |  | 7.75% |  | 0 |  | 0
Rate of compensation increase |  | 3.00% |  | 3.00% |  | 3.00% |  | 3.00%
Mortality tables |  | RP-2014 |  | RP-2014 |  | 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, 2015 and 2014, the value of Pension Plan investments was as follows:
December 31, 2015 |  |  |  |  | Fair Value Hierarchy
(Dollars in thousands) |  | Assets at Fair Value | % of Portfolio |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 2,260 | 5.8% | $ | 2,260 | $ | 0
Fixed income securities: |  |  |  |  |  |  |
U.S. Government and Agencies |  | 131 | 0.3% |  | 0 |  | 131
Taxable municipal bonds and notes |  | 2,869 | 7.3% |  | 0 |  | 2,869
Corporate bonds and notes |  | 8,774 | 22.4% |  | 0 |  | 8,774
Preferred stock |  | 542 | 1.4% |  | 0 |  | 542
Fixed income mutual funds |  | 2,736 | 7.0% |  | 2,736 |  | 0
Total fixed income |  | 15,052 | 38.5% |  | 2,736 |  | 12,316
Equities: |  |  |  |  |  |  |
Large Cap |  | 16,364 | 41.7% |  | 16,364 |  | 0
Mid Cap |  | 2,775 | 7.0% |  | 2,775 |  | 0
Small Cap |  | 1,061 | 2.7% |  | 1,061 |  | 0
International |  | 1,688 | 4.3% |  | 1,688 |  | 0
Total equities |  | 21,888 | 55.7% |  | 21,888 |  | 0
Total market value | $ | 39,200 | 100.0% | $ | 26,884 | $ | 12,316
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% | 0 | 20,866 | 0 | 0
Total market value | $ | 38,967 | 100.0% | $ | 26,958 | $ | 12,009
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
2016 | $ | 1,337 | $ | 141
2017 |  | 1,429 |  | 204
2018 |  | 1,473 |  | 242
2019 |  | 1,552 |  | 303
2020 |  | 1,660 |  | 301
2021-2025 |  | 10,077 |  | 1,769
Schedule of Amounts in Accumulated Other Comprehensive Income | Amounts included in accumulated other comprehensive loss as of December 31, 2015 and 2014, net of tax, are as follows:
|  | 2015 |  | 2014
(In thousands) |  | Pension |  | SERP |  | Pension |  | SERP
Unrecognized net actuarial loss | $ | 12,641 | $ | 306 | $ | 11,375 | $ | 217
Unrecognized prior service costs |  | 20 |  | 4 |  | 28 |  | 16
Net transition asset |  | 0 |  | 0 |  | (11) |  | 0
| $ | 12,661 | $ | 310 | $ | 11,392 | $ | 233
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 |  | 0 |  | 0
Net actuarial loss |  | 848 |  | 78
| $ | 860 | $ | 98

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