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12. Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Employee Benefits

Schedule of reconciliation of the change in the plan's benefit obligations

The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2017 and 2016:

		December 31,
		2017				2016
		(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year		$	21,515			$	21,385
Service cost			–				–
Interest cost			855				882
Assumption changes			1,535				95
Actuarial (gain) loss			(298	)			89
Settlements			–				–
Benefits paid			(1,045	)			(936	)
Projected benefit obligation, end of year		$	22,562			$	21,515
Change in Plan Assets
Fair value of plan assets, beginning of year		$	16,243			$	16,374
Return on assets			1,508				1,031
Employer contribution			–				–
Expenses			(260	)			(226	)
Settlements			–				–
Benefits paid			(1,045	)			(936	)
Fair value of plan assets, end of year		$	16,446			$	16,243
Funded Status at end of year		$	(6,116	)		$	(5,272	)

Schedule of weighted average assumptions used to determine pension benefit obligations

Weighted average assumptions used to determine benefit obligations and cost at December 31, 2017 and 2016 were as follows:

		December, 31
		2017				2016
Weighted average assumptions used to determine benefit obligations
Discount rate			3.50%				4.05%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate			4.05%				4.20%
Expected return on plan assets			7.25%				7.50%

Schedule of components of net periodic benefit cost

		December 31,
		2017				2016				2015
		(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets		$	–			$	–			$	–
Other liabilities			(6,116	)			(5,272	)			(5,011	)
Net amount recognized		$	(6,116	)		$	(5,272	)		$	(5,011	)
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss		$	11,350			$	10,618			$	10,592
Unrecognized transition asset			–				–				–
Net amount recognized		$	11,350			$	10,618			$	10,592
Components of net periodic benefit cost
Interest cost		$	855			$	882			$	843
Expected return on assets			(1,149	)			(1,199	)			(1,508	)
Amortization of transition asset			–				–				–
Amortization of net loss			405				553				349
Net periodic benefit cost			111				236				(316	)
Settlement (gain)/loss			–				–				–
Total		$	111			$	236			$	(316	)
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)		$	732			$	25			$	2,615
Prior service cost (credit)			–				–				–
Amortization of prior service cost			–				–				–
Net amount recognized in other comprehensive loss (income)		$	732			$	25			$	2,615

Schedule of weighted average asset allocation of our pension benefits

The weighted average asset allocation of our pension benefits at December 31, 2017 and 2016 were as follows:

		December 31,
		2017				2016
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities			83%				85%
Debt securities			17%				15%
Cash and cash equivalents			0%				0%
Total			100%				100%

Schedule of estimated Future Benefit Payments

Estimated Future Benefit Payments (In thousands)
2018		$	822
2019			854
2020			895
2021			936
2022			981
Years 2023 - 2027			5,449
Anticipated Contributions in 2018		$	–

Schedule of fair value of plan assets

The fair value of plan assets at December 31, 2017 and 2016, by asset category, is as follows:

		December 31, 2017
		Level 1 (1)				Level 2 (2)				Level 3 (3)				Total
Investment Name:		(in thousands)
Company Common Stock		$	3,633			$	–			$	–			$	3,633
Large Cap Value			–				2,324				–				2,324
Mid Cap Index			–				654				–				654
Small Cap Growth			–				657				–				657
Small Cap Value			–				647				–				647
Large Cap Blend			–				661				–				661
Growth			–				2,313				–				2,313
International Growth			–				2,683				–				2,683
Core Bond			–				1,870				–				1,870
High Yield			–				373				–				373
Inflation Protected Bond			–				505				–				505
Money Market			–				126				–				126
Total		$	3,633			$	12,813			$	–			$	16,446

		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

______________________

(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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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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