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13. Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2014
Employee Benefits |
Reconciliation of the change in the plan's benefit obligations |
|  | December 31, |
|  | 2014 |  |  | 2013 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 18,841 |  |  | $ | 21,792 |
Service cost |  |  | – |  |  |  | – |
Interest cost |  |  | 888 |  |  |  | 823 |
Assumption changes |  |  | 3,570 |  |  |  | (2,420 | )
Actuarial (gain) loss |  |  | 211 |  |  |  | (113 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (951 | ) |  |  | (1,241 | )
Projected benefit obligation, end of year |  | $ | 22,559 |  |  | $ | 18,841 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 21,664 |  |  | $ | 16,612 |
Return on assets |  |  | (1,009 | ) |  |  | 6,009 |
Employer contribution |  |  | 237 |  |  |  | 389 |
Expenses |  |  | (93 | ) |  |  | (105 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (951 | ) |  |  | (1,241 | )
Fair value of plan assets, end of year |  | $ | 19,848 |  |  | $ | 21,664 |
Funded Status at end of year |  | $ | (2,711 | ) |  | $ | 2,823 |
Weighted average assumptions used to determine pension benefit obligations |
|  | December, 31 |
|  | 2014 |  |  | 2013 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |
Discount rate |  |  | 3.80 | % |  |  | 4.75 | %
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 4.75 | % |  |  | 3.91 | %
Expected return on plan assets |  |  | 8.00 | % |  |  | 8.25 | %
Schedule of accumulated pension benefit obligation |
|  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | – |  |  | $ | 2,823 |  |  | $ | – |
Other liabilities |  |  | (2,711 | ) |  |  | – |  |  |  | (5,180 | )
Net amount recognized |  | $ | (2,711 | ) |  | $ | 2,823 |  |  | $ | (5,180 | )
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |  |  |
Net loss |  | $ | 7,977 |  |  | $ | 1,367 |  |  | $ | 8,953 |
Unrecognized transition asset |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 7,977 |  |  | $ | 1,367 |  |  | $ | 8,953 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 888 |  |  | $ | 823 |  |  | $ | 875 |
Expected return on assets |  |  | (1,727 | ) |  |  | (1,335 | ) |  |  | (928 | )
Amortization of transition asset |  |  | – |  |  |  | – |  |  |  | – |
Amortization of net loss |  |  | – |  |  |  | 484 |  |  |  | 680 |
Net periodic benefit cost |  |  | (839 | ) |  |  | (28 | ) |  |  | 627 |
Settlement (gain)/loss |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | (839 | ) |  | $ | (28 | ) |  | $ | 627 |
Benefit Obligation Recognized in Other Comprehensive Loss (Income) |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 6,610 |  |  | $ | (7,586 | ) |  | $ | (2,748 | )
Prior service cost (credit) |  |  | – |  |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive loss (income) |  | $ | 6,610 |  |  | $ | (7,586 | ) |  | $ | (2,748 | )
Weighted average asset allocation of our pension benefits |
|  | December 31,
|  | 2014 |  | 2013
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 84 | % |  |  | 87 | %
Debt securities |  |  | 15 | % |  |  | 13 | %
Cash and cash equivalents |  |  | 1 | % |  |  | 0 | %
Total |  |  | 100 | % |  |  | 100 | %
Estimated Future Benefit Payments |
Cash Flows |  |  |
Estimated Future Benefit Payments (In thousands) |  |  |
2015 |  | $ | 771 |
2016 |  |  | 785 |
2017 |  |  | 822 |
2018 |  |  | 856 |
2019 |  |  | 902 |
Years 2020 - 2023 |  |  | 5,128 |
Anticipated Contributions in 2015 |  | $ | – |
Fair value of plan assets |
|  | December 31, 2014 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 6,542 |  |  | $ | – |  |  | $ | – |  |  | $ | 6,542 |
Large Cap Value |  |  | – |  |  |  | 2,378 |  |  |  | – |  |  |  | 2,378 |
Mid Cap Index |  |  | – |  |  |  | 682 |  |  |  | – |  |  |  | 682 |
Small Cap Growth |  |  | – |  |  |  | 691 |  |  |  | – |  |  |  | 691 |
Small Cap Value |  |  | – |  |  |  | 673 |  |  |  | – |  |  |  | 673 |
Focus Value |  |  | – |  |  |  | 700 |  |  |  |  |  |  |  | 700 |
Growth |  |  | – |  |  |  | 2,383 |  |  |  | – |  |  |  | 2,383 |
International Growth |  |  | – |  |  |  | 2,649 |  |  |  | – |  |  |  | 2,649 |
Core Bond |  |  | – |  |  |  | 1,969 |  |  |  | – |  |  |  | 1,969 |
High Yield |  |  | – |  |  |  | 382 |  |  |  | – |  |  |  | 382 |
Inflation Protected Bond |  |  | – |  |  |  | 518 |  |  |  | – |  |  |  | 518 |
Money Market |  |  | – |  |  |  | 281 |  |  |  | – |  |  |  | 281 |
Total |  | $ | 6,542 |  |  | $ | 13,306 |  |  | $ | – |  |  | $ | 19,848 |
|  | December 31, 2013 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 8,319 |  |  | $ | – |  |  | $ | – |  |  | $ | 8,319 |
Fundamental Value |  |  | – |  |  |  | 2,384 |  |  |  | – |  |  |  | 2,384 |
Mid Cap Growth |  |  | – |  |  |  | 709 |  |  |  | – |  |  |  | 709 |
Focus Value |  |  | – |  |  |  | 692 |  |  |  | – |  |  |  | 692 |
Small Co. Value |  |  | – |  |  |  | 693 |  |  |  | – |  |  |  | 693 |
Growth |  |  | – |  |  |  | 3,237 |  |  |  | – |  |  |  | 3,237 |
International Growth |  |  | – |  |  |  | 2,855 |  |  |  | – |  |  |  | 2,855 |
Core Bond |  |  | – |  |  |  | 1,870 |  |  |  | – |  |  |  | 1,870 |
High Yield |  |  | – |  |  |  | 387 |  |  |  | – |  |  |  | 387 |
Inflation Protected Bond |  |  | – |  |  |  | 487 |  |  |  | – |  |  |  | 487 |
Money Market |  |  | – |  |  |  | 31 |  |  |  | – |  |  |  | 31 |
Total |  | $ | 8,319 |  |  | $ | 13,345 |  |  | $ | – |  |  | $ | 21,664 |

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