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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations

The Company uses a December 31 measurement date for the plan. Information about the plan’s funded status and pension cost follows:

   2016   2015 
   (In thousands) 
Change in benefit obligation          
     Beginning of year  $2,153   $2,221 
          Interest cost   92    86 
          Actuarial gain   (26)   (112)
          Benefits paid   (39)   (38)
          Settlements   (463)   (4)
     End of year   1,717    2,153 
           
Change in fair value of plan assets          
     Beginning of year   1,722    1,590 
          Actuarial return on plan assets   114    (11)
          Employer contribution   87    185 
          Benefits paid   (39)   (38)
          Settlements   (463)   (4)
     End of year   1,421    1,722 
Funded status at end of year  $(296)  $(431)

 

The Company uses a December 31 measurement date for the plan. Information about the plan’s funded status and pension cost follows:

   2016   2015 
   (In thousands) 
Change in benefit obligation          
     Beginning of year  $879   $901 
          Service cost   8    7 
          Interest cost   37    37 
          Loss /(Gain)   34    (44)
          Benefits Paid   (25)   (22)
End of year  $933   $879 
Schedule of Pre-tax Amounts Recognized as a Component of Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of the following at December 31, 2016 and 2015:

   2016   2015 
   (In thousands) 
Net loss  $(750)  $(1,083)

 

Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of:

   2016   2015 
   (In thousands) 
Prior service cost  $69   $83 
Net loss(gain)   62    6 
Schedule of Net Periodic Benefit Cost

The accumulated benefit obligation for the defined benefit pension plan was $1.7 million, and $2.2 million at December 31, 2016 and 2015, respectively.

   2016   2015 
   (In thousands) 
Components of net periodic benefit cost        
     Internal cost  $92   $86 
     Expected return on plan assets   (107)   (99)
     Amortization of net loss   98    105 
     Settlement charge   202    — 
Net periodic benefit cost  $285   $92 

 

The estimated net gain for the split-dollar plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is approximately $43,000.

   2016   2015 
   (In thousands) 
Components of net periodic benefit cost        
     Service cost  $8   $7 
     Interest cost   37    37 
     (Gain)/Loss recognized   (22)   98 
     Prior service cost   14    14 
     Net periodic benefit cost  $37   $156 
Schedule of Target Allocation of Plan Assets

Asset allocation is primarily based on a strategy to provide stable earnings while still permitting the plan to recognize potentially higher returns through an investment in equity securities. The target asset allocation percentages for 2016 are as follows:

SMID-Cap stocks 30-70%
Fixed income investments 30-70%
Cash  0-15%
Schedule of Weighted Average Asset Allocation

At December 31, 2016 and 2015, the fair value of plan assets as a percentage of the total was invested in the following:

   2016   2015 
Equity Securities   61%   60%
Debt securities   37%   39%
Cash and cash equivalents   2%   1%
    100%   100%
Schedule of Expected Benefits to be Paid

Benefit payments expected to be paid from the plan as of December 31, 2016 are as follows:

   (In thousands) 
2017  $52 
2018   62 
2019   78 
2020   86 
2021   88 
Thereafter   491 
   $857 

 

The retiree accrued liability expected to be reversed from the plan as of December 31, 2016 is as follows:

   (In thousands) 
2017  $28 
2018   31 
2019   33 
2020   37 
2021   43 
Thereafter   300 
   $472 
Schedule of Weighted Average Assumptions

Significant assumptions include the following as of December 31, 2016 and 2015:

   Pension Benefits 
   2016   2015 
Weighted-average assumptions used to
     determine benefit obligation:		        
          Discount rate   4.14%   4.95%
          Rate of compensation increase
               (frozen)		   N/A    N/A 
Weighted-average assumptions used to
     determine benefit cost:		          
          Discount rate   4.34%   4.95%
          Expected return on plan assets   6.00%   6.00%
          Rate of compensation increase
               (frozen)		   N/A    N/A 

 

Significant assumptions for the split-dollar plan liability include the following as of December 31, 2016 and 2015:

   2016   2015 
Weighted-average assumptions used to
     determine benefit cost obligation:		          
          Discount rate   4.14%   4.34%
          Rate of compensation increase   1.50%   1.50%
Weighted-average assumptions used to
     determine benefit cost:		          
          Discount rate   4.14%   4.34%
          Rate of compensation increase   1.50%   1.50%
Schedule of Fair Value Measurement of Pension Plan

The fair value of the Company’s pension plan assets, and the related investment references, at December 31, 2016, and 2015 by asset category are as follows:

December 31, 2016      Fair Value Measurements Using 
Asset Category  Total Fair
Value		  

Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)

  

Significant
Other
Observable
Inputs

(Level 2)

  

Significant
Unobservable
Inputs

(Level 3)

 
Mutual funds-Equity  (In thousands) 
     Large Cap Value (a)  $86   $86   $—   $— 
     Large Cap Core (b)   114    114    —    — 
     Mid Cap Core (c)   100    100    —    — 
     Small-Cap Core (d)   52    52    —    — 
     International Core (e)   208    208    —    — 
     Large Cap Growth (f)   158    158    —    — 
     Small/Midcap Growth (g)   55    55    —    — 
Mutual funds-Fixed Income                    
     Fixed Income-Core Plus (h)   398    398    —    — 
     Intermediate Duration (i)   134    134    —    — 
Common/Collective Trusts-
     Equity		                    
          Large Cap Value (j)   90    —    90    — 
Cash                    
     Money Market (k)   26    26    —    — 
          Total  $1,421   $1,331   $90   $— 
(a)This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index.
(b)This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index.
(c)This category contains stocks of the MSCI U.S. Mid Cap 450 index Index. The stocks are maintained in approximately the same weightings as the index.
(d)This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio will typically hold more than 150 stocks.
(e)This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries.
(f)This category consists of two mutual funds, one which invests primarily of large U.S. – based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum.
(g)This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them.
(h)This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that Index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies.
(i)This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better.
(j)This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks.
(k)This category consists of a money market fund and is used for liquidity purposes.

December 31, 2015      Fair Value Measurements Using 
Asset Category  Total Fair Value   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs (Level 3)		 
   (In thousands) 
Mutual funds-Equity                    
     Large Cap Value (a)  $96   $96   $—   $— 
     Large Cap Core (b)   132    132    —    — 
     Mid Cap Core (c)   118    118    —    — 
     Small-Cap Core (d)   57    57    —    — 
     International Core (e)   271    271    —    — 
     Large Cap Growth (f)   205    205    —    — 
     Small/Midcap Growth (g)   60    60    —    — 
Mutual funds-Fixed Income                    
     Fixed Income-Core Plus (h)   501    501    —    — 
     Intermediate Duration (i)   166    166    —    — 
Common/Collective Trusts-Equity                    
     Large Cap Value (j)   91    —    91    — 
Cash                    
     Money Market   25    25    —    — 
          Total  $1,722   $1,631   $91   $— 

 

(a)This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index.
(b)This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index.
(c)This category contains stocks of the MSCI U.S. Mid Cap 450 index Index. The stocks are maintained in approximately the same weightings as the index.
(d)This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio will typically hold more than 150 stocks.
(e)This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries.
(f)This category consists of two mutual funds, one which invests primarily of large U.S. – based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum.
(g)This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them.
(h)This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that Index. The third fund targets investments of 50% or more in mortgage--backed securities guaranteed by the US government and its agencies.
(i)This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better.
(j)This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks.
Schedule of ESOP Allocation

Share information for the ESOP is as follows at December 31, 2016 and 2015:

   2016   2015 
Allocated shares   135,999    128,993 
Unearned shares   27,266    34,272 
     Total ESOP shares   163,265    163,265 
           
Fair value of unearned shares at end of period  $449,889   $452,733