Rendering

Component: (Network and Table)
Network
00000051 - Disclosure - Pension and Other Benefits (Tables)
(http://connectonebancorp.com/role/PensionAndOtherBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000712771 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Schedule of Changes in Projected Benefit Obligations [Table Text Block]

The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2016 and 2015. 

    2016       2015  
    (dollars in thousands)  
Change in Benefit Obligation:              
Projected benefit obligation at beginning of year   $ 13,068   $ 15,074  
Interest cost     514     519  
Actuarial (gain) loss     216     (466)  
Benefits paid     -     (717)  
Settlements     (1,116)     (1,342)  
Projected benefit obligation at end of year   $ 12,682   $ 13,068  
Change in Plan Assets:              
Fair value of plan assets at beginning year   $ 10,287   $ 10,414  
Actual return on plan assets     831     (296)  
Employer contributions     2,000     2,000  
Benefits paid     -     (717)  
Settlements     (1,116)     (1,114)  
Fair value of plan assets at end of year   $ 12,002   $ 10,287  
Funded status   $ (680)   $ (2,781)  
  
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The Company expects to recognize approximately $412,000 of the net actuarial loss reported in the following table as of December 31, 2016 as a component of net periodic pension expense during 2017.

 

    2016   2015  
Net actuarial loss recognized in accumulated other comprehensive income   $ 6,272   $ 6,677  
  
Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension expense and other comprehensive income (before tax) for 2016, 2015 and 2014 includes the following: 

    2016   2015   2014  
    (dollars in thousands)  
Interest cost   $ 514   $ 519   $ 576  
Expected return on plan assets     (617)     (562)     (596)  
Net amortization     407     433     223  
Recognized settlement loss     -     650     1  
Total net periodic pension expense   $ 304   $ 1,040   $ 204  
                     
Total (gain) loss recognized in other comprehensive income     (405)     (918)      1,896  
Total recognized in net periodic expense and other comprehensive income (before tax)   $ (101)   $ 122   $ 2,100  

 

  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents the assumptions used to calculate the projected benefit obligation in each of the last three years.

  2016  2015  2014 
Discount rate  3.88%  4.06%  3.76%
Rate of compensation increase  N/A   N/A   N/A 
Expected long-term rate of return on plan assets  5.50%  5.50%  5.50%

The following information is provided for the year ended December 31:

 

  2016  2015  2014 
  (dollars in thousands) 
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31            
Discount rate  4.06%  3.76%  4.84%
Expected long-term return on plan assets  5.50%  5.50%  5.50%
Rate of compensation increase  N/A   N/A   N/A 
  
Schedule of Allocation of Plan Assets [Table Text Block]

The Company’s pension plan asset allocation as of December 31, 2016 and 2015, target allocation, and expected long-term rate of return by asset are as follows:

 

    Target
Allocation		  % of Plan
Assets –
Year Ended
2016		  % of Plan
Assets –
Year Ended
2015		  Weighted
Average
Expected
Long-Term
Rate of
Return		 
Equity Securities                  
Domestic    43%   44%   47%   3.4% 
International    7%   8%   15%   0.6% 
Debt and/or fixed income securities    49%   47%   36%   1.5% 
Cash and other alternative investments, including real estate funds, hedge funds and equity structured notes    1%   1%   2%   0% 
Total    100%  $100%  $100%  $5.5% 
  
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset class, are as follows:

 

   December 31,
2016		   Fair Value Measurements at Reporting Date Using 
Asset Class        Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
   (dollars in thousands) 
Cash  $19   $19   $    -   $     - 
Equity securities:                    
U.S. companies   5,221    5,221    -    - 
International companies   1,005    1,005    -    - 
Debt and/or fixed income securities   5,689    5,689           
Real estate funds   68    68    -    - 
Total  $12,002   $12,002   $-   $- 

 

   December 31,
2015		   Fair Value Measurements at Reporting Date Using 
Asset Class        Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
   (dollars in thousands) 
Cash  $114   $114   $    -   $     - 
Equity securities:                    
U.S. companies   4,832    4,832    -    - 
International companies   1,584    1,584    -    - 
Debt and/or fixed income securities   3,684    3,684           
Real estate funds   73    73    -    - 
Total  $10,287   $10,287   $-   $- 
  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (in thousands):

 

2017  $731 
2018   720 
2019   730 
2020   736 
2021   748 
2022-2026   3,635