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12. Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2016
Employee Benefits |
Reconciliation of the change in the plan's benefit obligations |
|  | December 31, |
|  | 2016 |  |  | 2015 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 21,385 |  |  | $ | 22,559 |
Service cost |  |  | – |  |  |  | – |
Interest cost |  |  | 882 |  |  |  | 843 |
Assumption changes |  |  | 95 |  |  |  | (485 | )
Actuarial (gain) loss |  |  | 89 |  |  |  | (14 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (936 | ) |  |  | (1,518 | )
Projected benefit obligation, end of year |  | $ | 21,515 |  |  | $ | 21,385 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 16,374 |  |  | $ | 19,848 |
Return on assets |  |  | 1,031 |  |  |  | (1,818 | )
Employer contribution |  |  | – |  |  |  | – |
Expenses |  |  | (226 | ) |  |  | (138 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (936 | ) |  |  | (1,518 | )
Fair value of plan assets, end of year |  | $ | 16,243 |  |  | $ | 16,374 |
Funded Status at end of year |  | $ | (5,272 | ) |  | $ | (5,011 | )
Weighted average assumptions used to determine pension benefit obligations |
|  |  | December, 31 |
|  |  | 2016 |  |  | 2015 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 4.05% |  |  |  | 4.20% |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 4.20% |  |  |  | 3.80% |
Expected return on plan assets |  |  |  | 7.50% |  |  |  | 7.75% |
Components of net periodic benefit cost |
|  | December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | – |  |  | $ | – |  |  | $ | – |
Other liabilities |  |  | (5,272 | ) |  |  | (5,011 | ) |  |  | (2,711 | )
Net amount recognized |  | $ | (5,272 | ) |  | $ | (5,011 | ) |  | $ | (2,711 | )
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | 10,618 |  |  | $ | 10,592 |  |  | $ | 7,977 |
Unrecognized transition asset |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 10,618 |  |  | $ | 10,592 |  |  | $ | 7,977 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 882 |  |  | $ | 843 |  |  | $ | 888 |
Expected return on assets |  |  | (1,199 | ) |  |  | (1,508 | ) |  |  | (1,727 | )
Amortization of transition asset |  |  | – |  |  |  | – |  |  |  | – |
Amortization of net loss |  |  | 553 |  |  |  | 349 |  |  |  | – |
Net periodic benefit cost |  |  | 236 |  |  |  | (316 | ) |  |  | (839 | )
Settlement (gain)/loss |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 236 |  |  | $ | (316 | ) |  | $ | (839 | )
Benefit Obligation Recognized in Other Comprehensive Loss (Income) |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 25 |  |  | $ | 2,615 |  |  | $ | 6,610 |
Prior service cost (credit) |  |  | – |  |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive loss (income) |  | $ | 25 |  |  | $ | 2,615 |  |  | $ | 6,610 |
Weighted average asset allocation of our pension benefits |
|  | December 31, |
|  | 2016 |  |  | 2015 |
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 85% |  |  |  | 84% |
Debt securities |  |  | 15% |  |  |  | 16% |
Cash and cash equivalents |  |  | 0% |  |  |  | 0% |
Total |  |  | 100% |  |  |  | 100% |
Estimated Future Benefit Payments |
| Cash Flows |  |  |  |
| Estimated Future Benefit Payments (In thousands) |  |  |  |
| 2017 |  | $ | 785 |
| 2018 |  |  | 804 |
| 2019 |  |  | 845 |
| 2020 |  |  | 890 |
| 2021 |  |  | 930 |
| Years 2022 - 2026 |  |  | 5,330 |
| Anticipated Contributions in 2017 |  | $ | – |
Fair value of plan assets |
|  | December 31, 2016 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 4,581 |  |  | $ | – |  |  | $ | – |  |  | $ | 4,581 |
Large Cap Value |  |  | – |  |  |  | 2,238 |  |  |  | – |  |  |  | 2,238 |
Mid Cap Index |  |  | – |  |  |  | 625 |  |  |  | – |  |  |  | 625 |
Small Cap Growth |  |  | – |  |  |  | 621 |  |  |  | – |  |  |  | 621 |
Small Cap Value |  |  | – |  |  |  | 687 |  |  |  | – |  |  |  | 687 |
Focus Value |  |  | – |  |  |  | 676 |  |  |  | – |  |  |  | 676 |
Growth |  |  | – |  |  |  | 1,980 |  |  |  | – |  |  |  | 1,980 |
International Growth |  |  | – |  |  |  | 2,392 |  |  |  | – |  |  |  | 2,392 |
Core Bond |  |  | – |  |  |  | 1,644 |  |  |  | – |  |  |  | 1,644 |
High Yield |  |  | – |  |  |  | 356 |  |  |  | – |  |  |  | 356 |
Inflation Protected Bond |  |  | – |  |  |  | 433 |  |  |  | – |  |  |  | 433 |
Money Market |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | 10 |
Total |  | $ | 4,581 |  |  | $ | 11,662 |  |  | $ | – |  |  | $ | 16,243 |
|  | December 31, 2015 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 4,643 |  |  | $ | – |  |  | $ | – |  |  | $ | 4,643 |
Large Cap Value |  |  | – |  |  |  | 2,061 |  |  |  | – |  |  |  | 2,061 |
Mid Cap Index |  |  | – |  |  |  | 578 |  |  |  | – |  |  |  | 578 |
Small Cap Growth |  |  | – |  |  |  | 552 |  |  |  | – |  |  |  | 552 |
Small Cap Value |  |  | – |  |  |  | 573 |  |  |  | – |  |  |  | 573 |
Focus Value |  |  | – |  |  |  | 571 |  |  |  | – |  |  |  | 571 |
Growth |  |  | – |  |  |  | 2,215 |  |  |  | – |  |  |  | 2,215 |
International Growth |  |  | – |  |  |  | 2,475 |  |  |  | – |  |  |  | 2,475 |
Core Bond |  |  | – |  |  |  | 1,833 |  |  |  | – |  |  |  | 1,833 |
High Yield |  |  | – |  |  |  | 354 |  |  |  | – |  |  |  | 354 |
Inflation Protected Bond |  |  | – |  |  |  | 482 |  |  |  | – |  |  |  | 482 |
Money Market |  |  | – |  |  |  | 37 |  |  |  | – |  |  |  | 37 |
Total |  | $ | 4,643 |  |  | $ | 11,731 |  |  | $ | – |  |  | $ | 16,374 |
________________________
| (1) | Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
| (2) | All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
| (3) | There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

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