Rendering
Component: (Network and Table) |
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Network | 2317301 - Disclosure - Employee Benefit Plans (Tables) (http://www.camdennational.com/role/EmployeeBenefitPlansTables) |
Table | (Implied) |
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis] | 0000750686 (http://www.sec.gov/CIK) |
Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Benefit Obligation and Plan Assets | The following table summarizes changes in the benefit obligation and plan assets for (i) SERP and (ii) the other postretirement benefit plan as of December 31, 2016 and 2015: | | | | | | | | | | | | | | | | | | SERP | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | Benefit obligations: | |
| | |
| | |
| | | Beginning of year | $ | 11,052 |
| | $ | 10,834 |
| | $ | 3,447 |
| | $ | 2,997 |
| Service cost | 308 |
| | 307 |
| | 59 |
| | 62 |
| Interest cost | 432 |
| | 424 |
| | 151 |
| | 117 |
| Actuarial (gain) loss | 219 |
| | (32 | ) | | 143 |
| | 92 |
| Business combinations(1) | — |
| | — |
| | — |
| | 312 |
| Benefits paid | (488 | ) | | (481 | ) | | (165 | ) | | (133 | ) | End of year | 11,523 |
| | 11,052 |
| | 3,635 |
| | 3,447 |
| Fair value of plan assets: | | | | | | | | Beginning of year | — |
| | — |
| | — |
| | — |
| Employer contributions | 488 |
| | 481 |
| | 165 |
| | 133 |
| Benefits paid | (488 | ) | | (481 | ) | | (165 | ) | | (133 | ) | End of year | — |
| | — |
| | — |
| | — |
| Funded status at end of year(2) | $ | 11,523 |
| | $ | 11,052 |
| | $ | 3,635 |
| | $ | 3,447 |
| Amounts recognized in AOCI, net of tax: | | | | | | | | Net actuarial loss | $ | 1,791 |
| | $ | 1,789 |
| | $ | 495 |
| | $ | 423 |
| Prior service cost (credit) | — |
| | 5 |
| | (156 | ) | | (170 | ) | Total | $ | 1,791 |
| | $ | 1,794 |
| | $ | 339 |
| | $ | 253 |
|
| | (1) | In connection with the Merger, the Company assumed its post-retirement benefits for certain former employees and their spouses whereby the Company will cover 100% of healthcare premiums. |
| | (2) | Reported within other liabilities on the consolidated statements of condition. |
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Schedule of Net Period Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | The components of net period benefit cost and other amounts recognized in OCI, before taxes, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | SERP | | Other Postretirement Benefits | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Net period benefit cost: | |
| | |
| | |
| | |
| | |
| | |
| Service cost | $ | 308 |
| | $ | 307 |
| | $ | 270 |
| | $ | 59 |
| | $ | 62 |
| | $ | 45 |
| Interest cost | 432 |
| | 424 |
| | 456 |
| | 151 |
| | 117 |
| | 132 |
| Recognized net actuarial loss | 220 |
| | 218 |
| | 140 |
| | 30 |
| | 24 |
| | 10 |
| Amortization of prior service cost (credit) | 7 |
| | 19 |
| | 19 |
| | (22 | ) | | (22 | ) | | (22 | ) | Net period benefit cost | 967 |
| | 968 |
| | 885 |
| | 218 |
| | 181 |
| | 165 |
| Changes in funded status recognized in OCI, before taxes: | |
| | |
| | |
| | | | | | | Net actuarial (gain) loss | 219 |
| | (32 | ) | | 777 |
| | 143 |
| | 92 |
| | (134 | ) | Reclassifications to net period benefit cost: | | | | | | | | | | | | Amortization of net unrecognized actuarial loss | (220 | ) | | (218 | ) | | (140 | ) | | (30 | ) | | (24 | ) | | (10 | ) | Amortization of prior service (cost) credit | (7 | ) | | (19 | ) | | (19 | ) | | 22 |
| | 22 |
| | 22 |
| Total recognized in OCI, before taxes | (8 | ) | | (269 | ) | | 618 |
| | 135 |
| | 90 |
| | (122 | ) | Total recognized in net period benefit cost and OCI, before taxes | $ | 959 |
| | $ | 699 |
| | $ | 1,503 |
| | $ | 353 |
| | $ | 271 |
| | $ | 43 |
|
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Schedule of Assumptions Used in Determining Benefit Obligations and Net Period Benefit Costs | The following assumptions were used in determining benefit obligations and net period benefit costs: | | | | | | | | | | | | | | | | | | | | SERP | | Other Postretirement Benefits | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Weighted-average assumptions as of end of year: | |
| | |
| | |
| | |
| | |
| | |
| Discount rate for benefit obligation | 4.00 | % | | 4.00 | % | | 4.00 | % | | 4.00 | % | | 4.50 | % | | 4.00 | % | Discount rate for net period benefit cost | 4.00 | % | | 4.00 | % | | 4.75 | % | | 4.50 | % | | 4.00 | % | | 5.02 | % | Rate of compensation increase for benefit obligation | 4.00 | % | | 4.00 | % | | 4.00 | % | | — |
| | — |
| | — |
| Rate of compensation increase for net periodic benefit cost | 4.00 | % | | 4.00 | % | | 4.50 | % | | — |
| | — |
| | — |
| Health care cost trend rate assumed for future years | — |
| | — |
| | — |
| | 7.00 | % | | 7.00 | % | | 7.00 | % |
|
Schedule of Estimated Future Benefit Payments | The expected benefit payments for the next ten years are presented in the following table: | | | | | | | | SERP | | Other Postretirement Benefits | 2017 | 475 |
| | 156 |
| 2018 | 473 |
| | 163 |
| 2019 | 477 |
| | 166 |
| 2020 | 486 |
| | 169 |
| 2021 | 542 |
| | 182 |
| 2022-2026 | 3,127 |
| | 1,043 |
|
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