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 the Projected Benefit Obligation and Plan Assets | Information regarding the post-retirement plan at December 31, 2016 and 2015 is as follows: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Change in accumulated postretirement benefit obligation: | | |
| | |
| Accumulated post-retirement benefit obligation at beginning of year | | $ | 3,039 |
| | $ | 1,604 |
| Prior service cost of long-term care plan participants | | — |
| | 1,595 |
| Service Cost | | 32 |
| | 34 |
| Interest cost | | 129 |
| | 124 |
| Participant contributions | | 47 |
| | 47 |
| Actuarial loss (gain) | | 130 |
| | (284 | ) | Benefits paid | | (128 | ) | | (81 | ) | Amendments | | — |
| | — |
| Accumulated post-retirement benefit obligation at end of year | | $ | 3,249 |
| | $ | 3,039 |
| | | | | | Change in plan assets: | | |
| | |
| Fair value of plan assets at beginning of year | | $ | — |
| | $ | — |
| Contributions by employer | | 81 |
| | 34 |
| Contributions by participant | | 47 |
| | 47 |
| Benefits paid | | (128 | ) | | (81 | ) | Fair value of plan assets at end of year | | $ | — |
| | $ | — |
|
Information regarding the pension plan at December 31, 2016 and 2015 is as follows: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Change in projected benefit obligation: | | |
| | |
| Projected benefit obligation at beginning of year | | $ | 6,585 |
| | $ | 7,193 |
| Service Cost | | 76 |
| | — |
| Interest cost | | 267 |
| | 268 |
| Actuarial gain | | (308 | ) | | (454 | ) | Benefits paid | | (318 | ) | | (351 | ) | Settlements | | (176 | ) | | (71 | ) | Projected benefit obligation at end of year | | 6,126 |
| | 6,585 |
| Accumulated benefit obligation | | 6,126 |
| | 6,585 |
| | | | | | Change in fair value of plan assets: | | |
| | |
| Fair value of plan assets at plan beginning of year | | 5,211 |
| | 5,756 |
| Actual return on plan assets | | 404 |
| | (123 | ) | Contributions by employer | | — |
| | — |
| Benefits paid | | (318 | ) | | (351 | ) | Settlements | | (176 | ) | | (71 | ) | Fair value of plan assets at end of year | | 5,121 |
| | 5,211 |
| | | | | | Underfunded status | | $ | 1,005 |
| | $ | 1,374 |
|
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Schedule of Amounts Recognized in Statement of Financial Position | | | | | | | | | | | Amounts Recognized in Consolidated Balance Sheet | | | | | Other Liabilities | | $ | 1,005 |
| | $ | 1,374 |
|
| | | | | | | | | | Amounts Recognized in Consolidated Balance Sheet | | |
| | |
| Other Liabilities | | $ | 3,249 |
| | $ | 3,039 |
|
|
Schedule of Net Periodic Cost | Net periodic post-retirement cost is comprised of the following for the year ended December 31, 2016 and 2015: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Service cost | | $ | 32 |
| | $ | 34 |
| Interest costs | | 129 |
| | 124 |
| Amortization of net prior service credit | | 83 |
| | 83 |
| Amortization of net actuarial loss | | — |
| | — |
| Net periodic post-retirement costs | | $ | 244 |
| | $ | 241 |
|
Net periodic pension cost is comprised of the following for the years ended December 31, 2016 and 2015: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Service Cost | | $ | 76 |
| | $ | — |
| Interest Cost | | 267 |
| | 268 |
| Expected return on plan assets | | (361 | ) | | (455 | ) | Amortization of unrecognized actuarial loss | | 163 |
| | 175 |
| Net periodic pension costs | | $ | 145 |
| | $ | (12 | ) |
|
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income | Changes in benefit obligations recognized in accumulated other comprehensive income during 2016 and 2015 are as follows: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Amortization of actuarial loss | | $ | — |
| | $ | — |
| Amortization of prior service credit | | (83 | ) | | (83 | ) | Net actuarial (gain) loss | | (126 | ) | | (257 | ) | Total recognized in accumulated other comprehensive income | | (209 | ) | | (340 | ) | Accrued post-retirement liability recognized | | $ | 1,718 |
| | $ | 1,555 |
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Changes in plan assets and benefit obligations recognized in accumulated other comprehensive income during 2016 and 2015 are as follows: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Amortization of actuarial (loss) | | $ | (163 | ) | | $ | (176 | ) | Actuarial (gain) loss | | (351 | ) | | 125 |
| Total recognized in accumulated other comprehensive income | | (514 | ) | | (51 | ) | Total recognized in net periodic pension cost recognized and other comprehensive income | | $ | (369 | ) | | $ | (63 | ) |
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Schedule of Principal Actuarial Assumptions | The principal actuarial assumptions used at December 31, 2016 and 2015 were as follows: | | | | | | | | | | 2016 | | 2015 | Projected benefit obligation | | |
| | |
| Discount rate | | 3.980 | % | | 4.170 | % | Net periodic pension cost | | |
| | |
| Discount rate | | 4.170 | % | | 3.820 | % | Long term rate of return on plan assets | | 7.000 | % | | 8.000 | % |
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Schedule of Fair Values of the Plan's Assets by Asset Category and Level Within the Fair Value Hierarchy | The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2016: | | | | | | | | | | | | | | Asset Category (In thousands) | | Total | | Level 1 | | Level 2 | Equity Mutual Funds: | | | | |
| | |
| Large-Cap | | $ | 1,624 |
| | $ | — |
| | $ | 1,624 |
| Mid-Cap | | 401 |
| | — |
| | 401 |
| Small-Cap | | 415 |
| | — |
| | 415 |
| International | | 757 |
| | — |
| | 757 |
| Fixed Income Funds | | | | | | | Fixed Income - US Core | | 1,378 |
| | — |
| | 1,378 |
| Intermediate Duration | | 472 |
| | — |
| | 472 |
| Cash Equivalents - money market | | 74 |
| | 30 |
| | 44 |
| Total | | $ | 5,121 |
| | $ | 30 |
| | $ | 5,091 |
|
The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2015: | | | | | | | | | | | | | | Asset Category (In thousands) | | Total | | Level 1 | | Level 2 | Equity Mutual Funds: | | |
| | |
| | |
| Large-Cap | | $ | 1,516 |
| | $ | — |
| | $ | 1,516 |
| Mid-Cap | | 374 |
| | — |
| | 374 |
| Small-Cap | | 362 |
| | — |
| | 362 |
| International | | 760 |
| | — |
| | 760 |
| Fixed Income Funds | |
|
| |
|
| |
|
| Fixed Income - US Core | | 1,564 |
| | — |
| | 1,564 |
| Intermediate Duration | | 522 |
| | — |
| | 522 |
| Cash Equivalents - money market | | 113 |
| | 62 |
| | 51 |
| Total | | $ | 5,211 |
| | $ | 62 |
| | $ | 5,149 |
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Schedule of Estimated Benefit Payments | Estimated benefit payments under the Company’s pension plans over the next ten years at December 31, 2016 are as follows: | | | | | Year | | Payments (In thousands) | 2017 | | 342 |
| 2018 | | 338 |
| 2019 | | 375 |
| 2020 | | 367 |
| 2021 | | 357 |
| 2022-2026 | | 1,829 |
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Estimated benefit payments under the post-retirement benefit plan over the next ten years at December 31, 2016 are as follows: | | | | | Year | | Payments (In thousands) | 2017 | | 81 |
| 2018 | | 100 |
| 2019 | | 100 |
| 2020 | | 99 |
| 2021 | | 102 |
| 2022 - 2026 | | 522 |
|
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Schedule of Amounts in Accumulated Other Comprehensive Income That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows: | | | | | | | | | | (In thousands) | | 2016 | | 2015 | Net prior service cost (credit) | | $ | 1,659 |
| | $ | 1,742 |
| Net actuarial (gain) loss | | (126 | ) | | (257 | ) | Total recognized in accumulated other comprehensive income | | 1,533 |
| | 1,485 |
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