Rendering

Component: (Network and Table)
Network
31003 - Disclosure - Employee Benefit Plans (Tables)
(http://www.bankevb.com/role/DisclosureEmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001047170 (http://www.sec.gov/CIK)
Employee Benefit Plans [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Employee Benefit Plans [Abstract]
 
Activity in Benefit Plan

Information pertaining to the activity in the plan, using a measurement date of December 31, is as follows:





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

(dollars in thousands)     

 

2016

 

2015

 

2014

Change in benefit obligation

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

 10,434 

 

$

 12,059 

 

$

 10,263 

Interest cost

 

 

 380 

 

 

 404 

 

 

 447 

Actuarial loss (gain)

 

 

 104 

 

 

 (901)

 

 

 2,282 

Benefits paid

 

 

 (852)

 

 

 (1,173)

 

 

 (916)

Settlement (gain) loss

 

 

 (21)

 

 

 45 

 

 

 (17)

Benefit obligation at end of year

 

$

 10,045 

 

$

 10,434 

 

$

 12,059 



 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

 8,395 

 

$

 9,565 

 

$

 10,000 

Actual return on plan assets

 

 

 305 

 

 

 3 

 

 

 481 

Benefits paid

 

 

 (852)

 

 

 (1,173)

 

 

 (916)

Fair value of plan assets at end of year

 

$

 7,848 

 

$

 8,395 

 

$

 9,565 



 

 

 

 

 

 

 

 

 

Funded status at the end of year

 

$

 (2,197)

 

$

 (2,039)

 

$

 (2,494)



 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheets at December 31,

 

 

 

 

 

 

 

 

 

Other liability

 

$

 (2,197)

 

$

 (2,039)

 

$

 (2,494)



 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

Net loss

 

$

 2,758 

 

$

 2,618 

 

$

 3,076 

Prior service cost

 

 

 74 

 

 

 83 

 

 

 91 

Deferred income tax benefit

 

 

 (963)

 

 

 (919)

 

 

 (1,077)

Amount recognized

 

$

 1,869 

 

$

 1,782 

 

$

 2,090 



 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

Interest cost

 

$

 380 

 

$

 404 

 

$

 447 

Expected return on plan assets

 

 

 (607)

 

 

 (713)

 

 

 (745)

Amortization of prior service cost due to curtailment

 

 

 9 

 

 

 9 

 

 

 9 

Recognized net loss due to settlement

 

 

 138 

 

 

 204 

 

 

 35 

Recognized net actuarial loss

 

 

 107 

 

 

 107 

 

 

 -

Net periodic benefit cost

 

$

 27 

 

$

 11 

 

$

 (254)



 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligations recognized

 

 

 

 

 

 

 

 

 

  in other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

 139 

 

$

 (458)

 

$

 2,493 

Amortization of prior service cost

 

 

 (8)

 

 

 (8)

 

 

 (8)

Total recognized in other comprehensive (loss) income

 

$

 131 

 

$

 (466)

 

$

 2,485 



 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and

 

 

 

 

 

 

 

 

 

  other comprehensive (loss) income

 

$

 158 

 

$

 (455)

 

$

 2,231 



 

 

 

 

 

 

 

 

 

Weighted average assumptions for benefit obligation at end of year

 

 

 

 

 

 

 

 

 

Discount rate

 

 

 3.70% 

 

 

 3.85% 

 

 

 3.55% 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A



 

 

 

 

 

 

 

 

 

Weighted average assumptions for net periodic pension cost at end of year

 

 

 

 

 

 

 

 

 

Discount rate

 

 

 3.85% 

 

 

 3.55% 

 

 

 4.35% 

Expected return on plan assets

 

 

 7.75% 

 

 

 7.75% 

 

 

 7.75% 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A

Expected future interest crediting rate

 

 

 3.00% 

 

 

 3.00% 

 

 

 3.00% 



 

 

 

 

 

 

 

 

 

Accumulated Benefit Obligation

 

$

 10,045 

 

$

 10,434 

 

$

 12,059 



  
Fair Value of Pension Plan Assets by Asset Category

Fair value is discussed in detail in Note 20 – Fair Value Measurements.  The fair value of the Company’s pension plan assets at December 31, 2016 and 2015, by asset category are as follows:







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Assets Measured at Fair Value at December 31, 2016 Using



 

 

 

 

 

 

 

 

 

 

 

 



 

 

Quoted Prices in

 

 

Significant Other

 

 

Significant

 

 

 



 

 

Active Markets for

 

 

Observable

 

 

Unobservable

 

 

Balance at



 

 

Identical Assets

 

 

Inputs

 

 

Inputs

 

 

December 31,

(dollars in thousands)

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2016

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity mutual funds (1)

 

$

 2,028 

 

$

 -

 

$

 -

 

$

 2,028 

Fixed income mutual funds (2)

 

 

 5,820 

 

 

 -

 

 

 -

 

 

 5,820 

Total assets at fair value

 

$

 7,848 

 

$

 -

 

$

 -

 

$

 7,848 











 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Assets Measured at Fair Value at December 31, 2015 Using



 

 

 

 

 

 

 

 

 

 

 

 



 

 

Quoted Prices in

 

 

Significant Other

 

 

Significant

 

 

 



 

 

Active Markets for

 

 

Observable

 

 

Unobservable

 

 

Balance at



 

 

Identical Assets

 

 

Inputs

 

 

Inputs

 

 

December 31,

(dollars in thousands)

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2015

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from broker

 

$

 21 

 

$

 -

 

$

 -

 

$

 21 

Equity mutual funds (1)

 

 

 6,259 

 

 

 -

 

 

 -

 

 

 6,259 

Fixed income mutual funds (2)

 

 

 2,115 

 

 

 -

 

 

 -

 

 

 2,115 

Total assets at fair value

 

$

 8,395 

 

$

 -

 

$

 -

 

$

 8,395 



(2)

This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments.  The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

  
Weighted-Average Asset Allocations by Asset Category

The pension plan’s weighted-average asset allocations as of December 31, 2016 and 2015, by asset category are as follows:





 

 

 

 



 

 

 

 



 

Plan Assets as of December 31,

Asset Category

 

2016

 

2015

  Mutual Funds - Fixed Income

 

 74% 

 

 25% 

  Mutual Funds - Equity

 

 26% 

 

 75% 

  Total

 

 100% 

 

 100% 



  
Estimated Future Benefit Payments

Estimated future benefit payments, assuming that the pension plan is not terminated during 2017 in connection with the Pending Merger, which reflect expected future service, as appropriate, are as follows:





 

 

 

 



 

 

 

 

(dollars in thousands)

 

 

 

 

2017

 

 

$

 1,519 

2018

 

 

 

 790 

2019

 

 

 

 457 

2020

 

 

 

 591 

2021

 

 

 

 904 

Years 2022 - 2026

 

 

 

 2,640 

Total

 

 

$

 6,901