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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Plan Benefit Obligation and Fair Value of Assets

The following tables provide a reconciliation of the changes in the plan benefit obligation and the fair value of assets for the periods ended December 31, 2015 and 2014 (in thousands).

 


     2015     2014  

Change in Benefit Obligation

  

Benefit obligation, beginning of year

   $ 7,729      $ 5,501   

Service cost

     446        347   

Interest cost

     302        269   

Actuarial (gain) loss

     (271     1,769   

Benefits paid

     (99     (157
  

 

 

   

 

 

 

Benefit obligation, end of year

   $ 8,107      $ 7,729   
  

 

 

   

 

 

 

Changes in Plan Assets

    

Fair value of plan assets, beginning of year

   $ 4,368      $ 4,329   

Actual return on plan assets

     (5     196   

Benefits paid

     (99     (157
  

 

 

   

 

 

 

Fair value of assets, end of year

   $ 4,264      $ 4,368   
  

 

 

   

 

 

 

Funded Status, end of year

   $ (3,843   $ (3,361
  

 

 

   

 

 

 

Amount Recognized in Other Liabilities

   $ (3,843   $ (3,361
  

 

 

   

 

 

Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax

Amounts Recognized in Accumulated Other Comprehensive Loss, net of tax

    

Net loss

   $ 2,115      $ 2,153   

Deferred income tax benefit

     (719     (732
  

 

 

   

 

 

 

Amount recognized

   $ 1,396      $ 1,421   
Weighted Average Assumptions Used to Determine Benefit Obligation

Weighted Average Assumptions Used to Determine Benefit Obligation

    

Discount rate used for disclosure

     4.25     4.00

Expected return on plan assets

     7.50     7.50

Rate of compensation increase

     3.00     3.00 %
Components of Net Periodic Benefit Cost
     2015     2014  

Components of Net Periodic Benefit Cost

    

Service cost

   $ 446      $ 347   

Interest cost

     302        269   

Expected return on plan assets

     (314     (315

Recognized net actuarial loss

     86        —     
  

 

 

   

 

 

 

Net periodic benefit cost

   $ 520      $ 301   
  

 

 

   

 

 

 
Other Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive (Income) Loss

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss

    

Net (gain) loss

   $ (38   $ 1,888   
  

 

 

   

 

 

 

Total recognized in other comprehensive loss

   $ (38   $ 1,888   
  

 

 

   

 

 

 

Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Loss

   $ 482      $ 2,189   
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

    

Discount rate

     4.00     5.00

Expected return on plan assets

     7.50     7.50

Rate of compensation increase

     3.00     3.00
Schedule of Pension Plan's Weighted-Average Asset Allocations

The pension plan’s weighted-average asset allocations at the end of the plan year for 2015 and 2014, by asset category were as follows:

 

     2015     2014  

Asset Category

    

Mutual funds - fixed income

     40     39

Mutual funds - equity

     60     61
  

 

 

   

 

 

 

Total

     100     100
  

 

 

   

 

 

 
Schedule of Fair Value Hierarchy, the Company's Pension Plan Assets

The following tables set forth by level, within the fair value hierarchy, the Company’s pension plan assets at fair value as of December 31, 2015 and 2014 (in thousands):

 

     Fair Value Measurements at December 31, 2015  
     Total      Level 1      Level 2      Level 3  

Fixed income funds

   $ 1,720       $ 1,720       $ —         $ —     

Equity funds

     2,544         2,544         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,264       $ 4,264       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurements at December 31, 2014  
     Total      Level 1      Level 2      Level 3  

Fixed income funds

   $ 1,711       $ 1,711       $ —         $ —     

Equity funds

     2,657         2,657         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,368       $ 4,368       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Estimated Future Benefit Payments, Which Reflect Expected Future Service

Estimated future benefit payments, which reflect expected future service, as appropriate, were as follows at December 31, 2015 (in thousands):

 

2016

   $ 620   

2017

     188   

2018

     30   

2019

     31   

2020

     463   

Years 2021-2025

     2,544