EMPLOYEE BENEFITS | Period [Axis] |
---|
2016-01-01 - 2016-12-31 |
---|
EMPLOYEE BENEFITS | |
Schedule of information about changes in obligations and plan assets of the defined benefit pension plan and the defined benefit plan component of the SERP |
|
|
Pension Benefits |
|
|
SERP Benefits |
|
|
|
Year Ended December 31, |
|
|
Year Ended December 31, |
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Change in benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
18,515 |
|
|
$ |
18,960 |
|
|
$ |
2,555 |
|
|
$ |
2,457 |
|
Service cost |
|
|
1,153 |
|
|
|
1,134 |
|
|
|
176 |
|
|
|
168 |
|
Interest cost |
|
|
794 |
|
|
|
706 |
|
|
|
105 |
|
|
|
91 |
|
Benefits paid and expected expenses |
|
|
(279 |
) |
|
|
(264 |
) |
|
|
(112 |
) |
|
|
(112 |
) |
Assumption changes and other |
|
|
661 |
|
|
|
(2,021 |
) |
|
|
280 |
|
|
|
(49 |
) |
Benefit obligation at end of year |
|
$ |
20,844 |
|
|
$ |
18,515 |
|
|
$ |
3,004 |
|
|
$ |
2,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
24,562 |
|
|
$ |
23,887 |
|
|
$ |
— |
|
|
$ |
— |
|
Actual return on plan assets |
|
|
1,416 |
|
|
|
(60 |
) |
|
|
— |
|
|
|
— |
|
Employer contribution |
|
|
2,215 |
|
|
|
999 |
|
|
|
112 |
|
|
|
112 |
|
Benefits paid and actual expenses |
|
|
(279 |
) |
|
|
(264 |
) |
|
|
(112 |
) |
|
|
(112 |
) |
Fair value of plan assets at end of year |
|
$ |
27,914 |
|
|
$ |
24,562 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status at end of year |
|
$ |
7,070 |
|
|
$ |
6,047 |
|
|
$ |
(3,004 |
) |
|
$ |
(2,555 |
) |
|
Schedule of amounts recognized in accumulated other comprehensive income |
|
|
Pension Benefits |
|
|
SERP Benefits |
|
|
|
December 31, |
|
|
December 31, |
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net actuarial loss |
|
$ |
7,874 |
|
|
$ |
7,108 |
|
|
$ |
800 |
|
|
$ |
546 |
|
Prior service cost |
|
|
(715 |
) |
|
|
(792 |
) |
|
|
— |
|
|
|
— |
|
Transition obligation |
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
60 |
|
Net amount recognized |
|
$ |
7,159 |
|
|
$ |
6,316 |
|
|
$ |
832 |
|
|
$ |
606 |
|
Schedule net periodic benefit cost and other amounts recognized in other comprehensive income |
|
|
Pension Benefits |
|
|
SERP Benefits |
|
|
|
Year Ended December 31, |
|
|
Year Ended December 31, |
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Components of net periodic benefit cost and other amounts recognized in other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
1,153 |
|
|
$ |
1,134 |
|
|
$ |
905 |
|
|
$ |
176 |
|
|
$ |
168 |
|
|
$ |
132 |
|
Interest cost |
|
|
794 |
|
|
|
706 |
|
|
|
639 |
|
|
|
105 |
|
|
|
91 |
|
|
|
88 |
|
Expected return on plan assets |
|
|
(1,927 |
) |
|
|
(1,838 |
) |
|
|
(1,625 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of net loss |
|
|
406 |
|
|
|
376 |
|
|
|
27 |
|
|
|
27 |
|
|
|
32 |
|
|
|
— |
|
Amortization of prior service credit |
|
|
(77 |
) |
|
|
(77 |
) |
|
|
(77 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of transition obligation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
Net periodic benefit cost (credit) |
|
$ |
349 |
|
|
$ |
301 |
|
|
$ |
(131 |
) |
|
$ |
336 |
|
|
$ |
319 |
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (gain) |
|
$ |
1,172 |
|
|
$ |
(123 |
) |
|
$ |
5,099 |
|
|
$ |
280 |
|
|
$ |
(48 |
) |
|
$ |
430 |
|
Amortization of net loss |
|
|
(406 |
) |
|
|
(376 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(32 |
) |
|
|
— |
|
Amortization of prior service credit |
|
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of transition obligation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
Total recognized in other comprehensive income |
|
$ |
843 |
|
|
$ |
(422 |
) |
|
$ |
5,149 |
|
|
$ |
225 |
|
|
$ |
(107 |
) |
|
$ |
403 |
|
Schedule of average assumptions used to determine benefit obligations and net periodic benefit cost |
|
|
Pension Benefits |
|
|
SERP Benefits |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Weighted average assumptions used to determine benefit obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.05 |
% |
|
|
4.30 |
% |
|
|
3.90 |
% |
|
|
4.01 |
% |
|
|
4.20 |
% |
|
|
3.80 |
% |
Rate of compensation increase |
|
|
3.00 |
|
|
|
3.00 |
|
|
|
3.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
Weighted average assumptions used to determine net periodic benefit cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.30 |
% |
|
|
3.90 |
% |
|
|
4.90 |
% |
|
|
4.20 |
% |
|
|
3.80 |
% |
|
|
4.70 |
% |
Rate of compensation increase |
|
|
3.00 |
|
|
|
3.00 |
|
|
|
3.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
Expected long-term rate of return |
|
|
7.50 |
|
|
|
7.50 |
|
|
|
7.50 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Schedule of target allocations for Plan assets |
|
|
Target Allocation |
|
|
Percentage of Plan Assets At December 31, |
|
|
Weighted-Average Expected Long- term Rate of |
|
Asset Category |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Return |
|
Cash Equivalents |
|
|
0 – 5 |
% |
|
|
3.0 |
% |
|
|
4.6 |
% |
|
|
— |
|
Equity Securities |
|
|
45 - 65 |
% |
|
|
64.0 |
% |
|
|
62.2 |
% |
|
|
10.0 |
% |
Fixed income securities |
|
|
35 - 55 |
% |
|
|
33.0 |
% |
|
|
33.2 |
% |
|
|
5.0 |
% |
Total |
|
|
|
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
Schedule of the Plan's fair value hierarchy for its financial assets measured at fair value on a recurring basis |
|
|
December 31, 2016: |
|
|
|
|
|
|
Fair Value Measurements Using: |
|
(Dollars in thousands) |
|
Carrying Value |
|
|
Quoted Prices In Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Short term investment funds |
|
|
822 |
|
|
|
— |
|
|
|
822 |
|
|
|
|
|
Total cash and cash equivalents |
|
|
822 |
|
|
|
— |
|
|
|
822 |
|
|
|
|
|
Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large cap |
|
|
8,950 |
|
|
|
8,950 |
|
|
|
— |
|
|
|
|
|
U.S. mid cap/small cap |
|
|
3,038 |
|
|
|
3,038 |
|
|
|
— |
|
|
|
|
|
International |
|
|
5,770 |
|
|
|
5,770 |
|
|
|
— |
|
|
|
|
|
Equities blend |
|
|
124 |
|
|
|
124 |
|
|
|
— |
|
|
|
|
|
Total equities |
|
|
17,882 |
|
|
|
17,882 |
|
|
|
— |
|
|
|
|
|
Fixed income securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government issues |
|
|
1,948 |
|
|
|
1,706 |
|
|
|
242 |
|
|
|
|
|
Corporate bonds |
|
|
1,795 |
|
|
|
— |
|
|
|
1,795 |
|
|
|
|
|
Mortgage backed |
|
|
960 |
|
|
|
— |
|
|
|
960 |
|
|
|
|
|
High yield bonds and bond funds |
|
|
4,507 |
|
|
|
— |
|
|
|
4,507 |
|
|
|
|
|
Total fixed income securities |
|
|
9,210 |
|
|
|
1,706 |
|
|
|
7,504 |
|
|
|
|
|
Total plan assets |
|
$ |
27,914 |
|
|
$ |
19,588 |
|
|
$ |
8,326 |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
Fair Value Measurements Using: |
|
(Dollars in thousands) |
|
Carrying Value |
|
|
Quoted Prices In Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,129 |
|
|
$ |
1,129 |
|
|
$ |
— |
|
|
|
|
|
Short term investment funds |
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
|
|
Total cash and cash equivalents |
|
|
1,150 |
|
|
|
1,129 |
|
|
|
21 |
|
|
|
|
|
Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large cap |
|
|
7,472 |
|
|
|
7,472 |
|
|
|
— |
|
|
|
|
|
U.S. mid cap/small cap |
|
|
2,259 |
|
|
|
2,259 |
|
|
|
— |
|
|
|
|
|
International |
|
|
4,390 |
|
|
|
4,390 |
|
|
|
— |
|
|
|
|
|
Equities blend |
|
|
1,151 |
|
|
|
1,151 |
|
|
|
— |
|
|
|
|
|
Total equities |
|
|
15,272 |
|
|
|
15,272 |
|
|
|
— |
|
|
|
|
|
Fixed income securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government issues |
|
|
1,329 |
|
|
|
984 |
|
|
|
345 |
|
|
|
|
|
Corporate bonds |
|
|
1,308 |
|
|
|
— |
|
|
|
1,308 |
|
|
|
|
|
Mortgage backed |
|
|
562 |
|
|
|
— |
|
|
|
562 |
|
|
|
|
|
High yield bonds and bond funds |
|
|
4,941 |
|
|
|
— |
|
|
|
4,941 |
|
|
|
|
|
Total fixed income securities |
|
|
8,140 |
|
|
|
984 |
|
|
|
7,156 |
|
|
|
|
|
Total plan assets |
|
$ |
24,562 |
|
|
$ |
17,385 |
|
|
$ |
7,177 |
|
|
|
|
|
|
Summary of payments, which reflect expected future service, expected to be paid |
|
|
Pension and SERP Payments |
|
Year |
|
(in thousands) |
|
2017 |
|
$ |
574 |
|
2018 |
|
|
677 |
|
2019 |
|
|
740 |
|
2020 |
|
|
908 |
|
2021 |
|
|
1,005 |
|
2022-2026 |
|
|
6,476 |
|
|
Summary of status of stock options |
(Dollars in thousands, except per share amounts) |
|
Number of Options |
|
|
Weighted Average Exercise Price |
|
Outstanding, January 1, 2016 |
|
|
23,725 |
|
|
$ |
25.25 |
|
Exercised |
|
|
(23,725 |
) |
|
$ |
25.25 |
|
Outstanding, December 31, 2016 |
|
|
— |
|
|
|
|
|
|
Schedule of summary of activity related to the stock options |
|
|
Year Ended December 31, |
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
Intrinsic value of options exercised |
|
$ |
115 |
|
|
$ |
52 |
|
|
$ |
4 |
|
Cash received from options exercised |
|
|
62 |
|
|
|
80 |
|
|
|
4 |
|
Tax benefit realized from option exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Schedule of unvested restricted stock |
|
|
Shares |
|
|
Weighted Average Grant-Date Fair Value |
|
Unvested, January 1, 2016 |
|
|
281,076 |
|
|
$ |
23.46 |
|
Granted |
|
|
69,309 |
|
|
$ |
27.99 |
|
Vested |
|
|
(41,727 |
) |
|
$ |
22.42 |
|
Forfeited |
|
|
(6,667 |
) |
|
$ |
25.95 |
|
Unvested, December 31, 2016 |
|
|
301,991 |
|
|
$ |
24.59 |
|
|