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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
 
Pension
 
Post-retirement
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
28,605

 
32,189

 
28,277

 
22,086

 
25,116

 
23,327

Service cost
—

 
—

 
—

 
169

 
240

 
252

Interest cost
1,271

 
1,273

 
1,287

 
1,087

 
981

 
1,043

Actuarial loss (gain)
51

 
114

 
779

 
51

 
(210
)
 
231

Benefits paid
(5,326
)
 
(969
)
 
(891
)
 
(670
)
 
(624
)
 
(634
)
Change in actuarial assumptions
4,320

 
(4,002
)
 
2,737

 
5,610

 
(3,417
)
 
897

Benefit obligation at end of year
$
28,921

 
28,605

 
32,189

 
28,333

 
22,086

 
25,116

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
45,202

 
40,072

 
32,666

 
—

 
—

 
—

Actual return on plan assets
2,868

 
6,099

 
4,184

 
—

 
—

 
—

Employer contributions
—

 
—

 
4,113

 
670

 
624

 
634

Benefits paid
(5,326
)
 
(969
)
 
(891
)
 
(670
)
 
(624
)
 
(634
)
Fair value of plan assets at end of year
$
42,744

 
45,202

 
40,072

 
—

 
—

 
—

Funded status at end of year
$
13,823

 
16,597

 
7,883

 
(28,333
)
 
(22,086
)
 
(25,116
)
Components of Accumulated Other Comprehensive Loss (Gain)
The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2014 and 2013 are summarized in the following table (in thousands):
 
Pension
 
Post-retirement
 
2014
 
2013
 
2014
 
2013
Unrecognized prior service cost
$
—

 
—

 
(1
)
 
(5
)
Unrecognized net actuarial loss (gain)
10,887

 
7,699

 
1,788

 
(4,076
)
Total accumulated other comprehensive loss (gain)
$
10,887

 
7,699

 
1,787

 
(4,081
)
The following table presents the changes in the components of accumulated other comprehensive income, net of tax, for the years ended December 31, 2014 and 2013 (in thousands):
 
 
Changes in Accumulated Other Comprehensive Income by Component, net of tax
For the Years Ended December 31,
 
 
2014
 
2013
 
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post  Retirement
Obligations
 
Accumulated
Other
Comprehensive
Income
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post  Retirement
Obligations
 
Accumulated
Other
Comprehensive
Income
Balance at the beginning of the period,
 
$
(2,799
)
 
(2,052
)
 
(4,851
)
 
16,961

 
(9,245
)
 
7,716

Current period change in other comprehensive income (loss)
 
10,542

 
(5,662
)
 
4,880

 
(19,760
)
 
7,193

 
(12,567
)
Balance at the end of the period
 
$
7,743

 
(7,714
)
 
29

 
(2,799
)
 
(2,052
)
 
(4,851
)
Net Periodic Benefit Cost (Increase)
Net periodic benefit cost (increase) for the years ending December 31, 2014, 2013 and 2012, included the following components (in thousands):
 
Pension
 
Post-retirement
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
—

 
—

 
—

 
169

 
240

 
252

Interest cost
1,271

 
1,273

 
1,287

 
1,087

 
981

 
1,043

Return on plan assets
(3,463
)
 
(3,167
)
 
(2,578
)
 
—

 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Net gain (loss)
441

 
1,352

 
1,428

 
(204
)
 
15

 
12

Lump sum pension distribution
1,336

 
—

 
—

 
—

 
—

 
—

Unrecognized prior service cost
—

 
—

 
—

 
(4
)
 
(4
)
 
(4
)
Net periodic benefit (increase) cost
$
(415
)
 
(542
)
 
137

 
1,048

 
1,232

 
1,303
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in the plan determinations at December 31, 2014, 2013 and 2012 were as follows:
 
Pension
 
Post-retirement
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.00
%
 
5.00
%
 
4.00
%
 
4.00
%
 
5.00
%
 
4.00
%
Rate of compensation increase
—

 
—

 
—

 
—

 
—

 
—

Expected return on plan assets
8.00

 
8.00

 
8.00

 
—

 
—

 
—

Medical and life insurance benefits cost rate of increase
—

 
—

 
—

 
6.00

 
6.00

 
6.50
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2014 (in thousands):
 
1% increase
 
1% decrease
Effect on total service cost and interest cost
$
220

 
(180
)
Effect on post-retirement benefits obligation
$
5,260

 
(4,160
)
Estimated Future Benefit Payments
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
 
Pension
 
Post-retirement
2015
$
1,080,000

 
$
816,000

2016
1,141,000

 
849,000

2017
1,188,000

 
882,000

2018
1,225,000

 
920,000

2019
1,269,000

 
967,000
Weighted-Average Asset Allocation of Pension Plan Assets
The weighted-average asset allocation of pension plan assets at December 31, 2014 and 2013 were as follows:
Asset Category
 
2014
 
2013
Domestic equities
 
41
%
 
44
%
Foreign equities
 
12
%
 
14
%
Fixed income
 
45
%
 
40
%
Real estate
 
2
%
 
2
%
Cash
 
0
%
 
0
%
Total
 
100
%
 
100
%
Target Allocation of Assets and Acceptable Ranges
The target allocation of assets and acceptable ranges around the targets are as follows:
Asset Category
 
Target
 
Allowable Range
Domestic equities
 
44
%
 
35-55%
Foreign equities
 
14
%
 
5-25%
Fixed income
 
40
%
 
30-50%
Real estate
 
2
%
 
0-10%
Cash
 
0
%
 
0-35%
Total
 
100
%
 
 
Assets Measured at Fair Value on Recurring Basis
The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2014 and 2013, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
Fair value measurements at December 31, 2014
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
152

 
—

 
152

 
—

Mutual funds:
 
 
 
 
 
 
 
International equity
5,370

 
5,370

 
—

 
—

Large U.S. equity
1,689

 
1,689

 
—

 
—

Small/Mid U.S. equity
1,309

 
1,309

 
—

 
—

Total mutual funds
8,368

 
8,368

 
—

 
—

Pooled separate accounts:
 
 
 
 
 
 
 
Fixed income
19,789

 
—

 
19,789

 
—

Large U.S. equity
11,857

 
—

 
11,857

 
—

Small/Mid U.S. equity
2,578

 
—

 
2,578

 
—

Total pooled separate accounts
34,224

 
—

 
34,224

 
—

Total investments
$
42,744

 
8,368

 
34,376

 
—

 
 
Fair value measurements at December 31, 2013
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
180

 
—

 
180

 
—

Mutual funds:
 
 
 
 
 
 
 
Fixed income
9,210

 
9,210

 
—

 
—

International equity
6,316

 
6,316

 
—

 
—

Large U.S. equity
1,809

 
1,809

 
—

 
—

Small/Mid U.S. equity
1,844

 
1,844

 
—

 
—

Total mutual funds
19,179

 
19,179

 
—

 
—

Pooled separate accounts:
 
 
 
 
 
 
 
Fixed income
8,624

 
—

 
8,624

 
—

Large U.S. equity
14,509

 
—

 
14,509

 
—

Small/Mid U.S. equity
2,710

 
—

 
2,710

 
—

Total pooled separate accounts
25,843

 
—

 
25,843

 
—

Total investments
$
45,202

 
19,179

 
26,023

 
—
Status of Unvested Stock Awards
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
 
Restricted Stock Awards
 
2014
 
2013
 
2012
Outstanding at beginning of year
782,213

 
846,883

 
904,411

Granted
426,726

 
386,669

 
373,510

Forfeited
(126,743
)
 
(68,954
)
 
(220,590
)
Vested
(235,734
)
 
(382,385
)
 
(210,448
)
Outstanding at the end of year
846,462

 
782,213

 
846,883
Status of Unexercised Stock Options
A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below:
 
2014
 
2013
 
2012
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
Outstanding at beginning of year
1,233,742

 
$
15.24

 
4,152,016

 
$
17.50

 
4,248,898

 
$
17.37

Granted
171,935

 
16.44

 
85,250

 
15.23

 
80,081

 
14.86

Exercised
(9,678
)
 
12.11

 
(28,464
)
 
12.41

 
(2,000
)
 
12.54

Forfeited
(4,178
)
 
14.50

 
(53,444
)
 
10.34

 
(109,655
)
 
10.41

Expired
(107,500
)
 
16.54

 
(2,921,616
)
 
18.57

 
(65,308
)
 
18.32

Outstanding at the end of year
1,284,321

 
$
15.32

 
1,233,742

 
$
15.24

 
4,152,016

 
$
17.50
Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2014:
 
Options Outstanding
 
Options Exercisable
Range of exercise prices
Number
of
options
outstanding
 
Average
remaining
contractual
life
 
Weighted
average
exercise
price
 
Number
of
options
exercisable
 
Weighted
average
exercise
price
$10.27-15.23
638,382

 
5.3 years
 
$
12.57

 
476,716

 
$
11.75

$16.38-18.87
645,939

 
3.6 years
 
$
17.67

 
478,504

 
$
18.12
Weighted Average Assumptions of Fair Value Option Grants
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
 
For the year ended December 31,
 
2014
 
2013
 
2012
Expected dividend yield
3.66
%
 
3.41
%
 
3.26
%
Expected volatility
20.04
%
 
33.38
%
 
32.51
%
Risk-free interest rate
0.96
%
 
0.88
%
 
0.86
%
Expected option life
6.5 years

 
8 years

 
8 years