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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2014, and a statement of the funded status as of December 31, 2014 and 2013:
 
Pension Benefits
 
Postretirement Benefits
(Dollars in thousands)
2014
2013
 
2014
2013
Change in benefit obligation:
 
 
 
 
 
Obligation at January 1
$
14,723

$
17,306

 
$
143

$
244

Interest cost
509

543

 
6

5

Plan participants’ contributions
—

—

 
46

40

Actuarial loss (gain)
2,060

(2,333
)
 
26

(85
)
Benefit payments
(163
)
(154
)
 
(69
)
(61
)
Settlements
(3,434
)
(639
)
 
—

—

Obligation at December 31
$
13,695

$
14,723

 
$
152

$
143

Accumulated benefit obligation at December 31
$
13,695

$
14,723

 
$
—

$
—

 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
Fair value of plan assets at January 1
$
11,287

$
10,019

 
$
—

$
—

Actual return on plan assets
569

2,061

 
—

—

Employer contributions
—

—

 
23

21

Plan participants’ contributions
—

—

 
46

40

Benefit payments
(163
)
(154
)
 
(69
)
(61
)
Settlements
(3,434
)
(639
)
 
—

—

Fair value of plan assets at December 31
$
8,259

$
11,287

 
$
—

$
—

Funded status at December 31
$
(5,436
)
$
(3,436
)
 
$
(152
)
$
(143
)
Amounts recognized in Consolidated Balance Sheets:
 
 
 
 
 
Prepaid benefit costs
$
—

$
—

 
$
—

$
—

Accrued benefit liability
(5,436
)
(3,436
)
 
(152
)
(143
)
Net amount recognized
$
(5,436
)
$
(3,436
)
 
$
(152
)
$
(143
)
Amounts recognized in Accumulated Other Comprehensive Income (Loss):
 
 
 
 
Unrecognized prior service cost
$
—

$
—

 
$
(2
)
$
(2
)
Unrecognized net loss
3,886

3,533

 
(43
)
(65
)
Total
$
3,886

$
3,533

 
$
(45
)
$
(67
)
Weighted-average assumptions at year-end:
 
 
 
 
 
Discount rate
3.50
%
4.30
%
 
3.50
%
4.30
%
Schedule of Net Periodic Benefit Costs
The following tables detail the components of the net periodic benefit cost for the plans at December 31:
 
 
Pension Benefits
 
Postretirement Benefits
(Dollars in thousands)
2014
2013
2012
 
2014
2013
2012
Service cost
$
—

$
—

$
—

 
$
—

$
—

$
—

Interest cost
509

543

599

 
6

5

10

Expected return on plan assets
(589
)
(659
)
(756
)
 
—

—

—

Amortization of prior service cost (credit)
—

—

—

 
—

—

—

Amortization of net loss (gain)
137

189

162

 
(8
)
(7
)
(2
)
Curtailment
—

—

—

 
—

—

—

Settlement of benefit obligation
1,400

270

835

 
—

—

—

Net periodic benefit cost
$
1,457

$
343

$
840

 
$
(2
)
$
(2
)
$
8

 
 
 
 
 
 
 
 
Weighted-average assumptions:
 
 
 
 
 
 
 
Discount rate
3.70
%
3.75
%
4.00
%
 
4.30
%
3.30
%
4.00
%
Expected return on plan assets
7.50
%
7.50
%
7.50
%
 
n/a

n/a

n/a

Rate of compensation increase
n/a

n/a

n/a

 
n/a

n/a

n/a
Schedule of Allocation of Plan Assets
The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category:
(Dollars in thousands)
Fair Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
2014
 
 
 
 
 
Equity securities:
 
 
 
 
 
Mutual funds - equity
$
5,756

 
$
5,756

 
$
—

Debt securities:
 
 
 
 
 
Mutual funds - taxable income
2,128

 
2,128

 
—

Total fair value of pension assets
$
7,884

 
$
7,884

 
$
—

2013
 
 
 
 
 
Equity securities:
 
 
 
 
 
Mutual funds - equity
$
8,863

 
$
8,863

 
$
—

Debt securities:
 
 
 
 
 
Mortgage-backed securities
97

 
—

 
97

Municipal obligations
649

 
—

 
649

Corporate bonds
357

 
357

 
—

Mutual funds - taxable income
901

 
901

 
—

Total fair value of pension assets
$
10,867

 
$
10,121

 
$
746
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows:
(Dollars in thousands)
Pension Benefits
 
Postretirement Benefits
2015
$
1,145

 
$
23

2016
1,132

 
23

2017
934

 
14

2018
963

 
13

2019
877

 
13

2020 to 2024
4,256

 
52

Total
$
9,307

 
$
138