EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Weighted Average Plan Assets Allocation [Table Text Block]

The Company’s pension plan’s weighted average asset allocation at December 31, 2014 and 2013, by asset category, was as follows:

	Plan Assets at December 31,
	2014			2013
Asset Category:
Equity Securities		50	%		56	%
Fixed Income Securities		43	%		35	%
Other		7	%		9	%
Total		100	%		100	%

Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block]

Assumptions used in determining the funded status at December 31, 2014 and 2013 were:

	2014			2013
Discount rate		4.17	%		5.03	%
Rate of compensation increase		4.00	%		4.50	%

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2014 and 2013:


	Defined Benefit Pension Plan						Supplemental Pension Plan
	2014			2013			2014			2013
	(Dollars in thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	41,470		$	43,452		$	12,337		$	12,270
Service cost		1,042			1,406			221			320
Interest cost		1,999			1,832			586			570
Actuarial loss (gain)		8,221			(3,466	)		2,047			(468	)
Benefits paid		(1,800	)		(1,754	)		(350	)		(355	)
Projected benefit obligation, end of year	$	50,932		$	41,470		$	14,841		$	12,337
Change in plan assets
Fair value of plan assets, beginning of year		31,522			27,819			—			—
Actual return on plan assets		1,145			4,316			—			—
Administrative expenses		(140	)		(141	)		—			—
Contributions		1,300			1,282			350			355
Benefits paid		(1,800	)		(1,754	)		(350	)		(355	)
Fair value of plan assets, end of year	$	32,027		$	31,522		$	—		$	—
Funded status of plan	$	(18,905	)	$	(9,948	)	$	(14,841	)	$	(12,337	)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities – other	$	—		$	—		$	(367	)	$	(384	)
Long-term pension liability		(18,905	)		(9,948	)		(14,474	)		(11,953	)
Net amount recognized	$	(18,905	)	$	(9,948	)	$	(14,841	)	$	(12,337	)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $7,559, $4,054, $2,431 and $1,729, respectively	$	11,824		$	6,341		$	3,803		$	2,705
Prior service cost (credit), net of income tax benefit (liability) of $0, $1, ($314) and ($358), respectively		—			1			(491	)		(559	)
Net amount recognized	$	11,824		$	6,342		$	3,312		$	2,146

Schedule of Assumptions Used [Table Text Block]

Assumptions used in determining net periodic pension cost for the years ended December 31, 2014, 2013 and 2012 were:

	2014			2013			2012
Discount rate		5.03	%		4.23	%		4.60	%
Rate of compensation increase		4.00	%		4.50	%		4.50	%
Long-term rate of return on plan assets		7.50	%		7.75	%		7.75	%

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic pension cost for the years ended December 31, 2014, 2013 and 2012, were:

	2014			2013			2012
	(Dollars in thousands)
Benefits earned during the period	$	1,263		$	1,726		$	1,472
Interest cost on projected benefit obligation		2,586			2,403			2,317
Expected return on plan assets		(2,343	)		(2,094	)		(1,994	)
Net amortization and deferral		706			1,702			1,612
Net pension expense	$	2,212		$	3,737		$	3,407

Schedule of Expected Benefit Payments [Table Text Block]

Projected benefit payments for the plans as of December 31, 2014 were estimated as follows:

	Defined Benefit Pension Plan		Supplemental Pension Plan
	(Dollars in thousands)
2015	$	2,033	$	367
2016	$	2,154	$	383
2017	$	2,234	$	552
2018	$	2,360	$	568
2019	$	2,510	$	578
2020 – 2024	$	13,579	$	4,244

Schedule of Allocation of Plan Assets [Table Text Block]

The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2014 by asset category within the fair value hierarchy (for further level information, see Note 3):


	December 31, 2014
	Quoted Prices in Active Markets		Significant Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Common stocks	$	11,888	$	1,139	$	—	$	13,027
Preferred stocks		414		20		—		434
Exchange traded funds		3,030		—		—		3,030
Corporate obligations		—		4,762		—		4,762
State and municipal obligations		—		1,592		—		1,592
Pooled fixed income funds		5,893		—		—		5,893
U.S. government securities		—		1,131		—		1,131
Cash and cash equivalents		2,069		—		—		2,069
Subtotal	$	23,294	$	8,644	$	—	$	31,938
Other assets⁽¹⁾								89
Total							$	32,027

(1)

This category represents trust receivables that are not leveled.

The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 3):

	December 31, 2013
	Quoted Prices in Active Markets		Significant Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Common stocks	$	13,339	$	1,470	$	—	$	14,809
Preferred stocks		786		—		—		786
Exchange traded funds		2,761		—		—		2,761
Corporate obligations		—		4,636		—		4,636
State and municipal obligations		—		538		—		538
Pooled fixed income funds		4,150		—		—		4,150
U.S. government securities		—		838		—		838
Cash and cash equivalents		2,927		—		—		2,927
Subtotal	$	23,963	$	7,482	$	—	$	31,445
Other assets⁽¹⁾								77
Total							$	31,522

(1)

This category represents trust receivables that are not leveled.

The Company also has a defined contribution plan covering substantially all employees. The Company contributed approximately $302,000, $227,000 and $221,000 in 2014, 2013 and 2012, respectively.