Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Schedule of Costs of Retirement Plans |
The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (in thousands) | 401(k) Retirement Plan | $ | 6,423 |
| | $ | 8,643 |
| | $ | 11,807 |
| Pension Plan | 4,102 |
| | 1,514 |
| | 2,477 |
| | $ | 10,525 |
| | $ | 10,157 |
| | $ | 14,284 |
|
|
| Pension Plans |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost |
The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (in thousands) | Service cost (1) | $ | 579 |
| | $ | 367 |
| | $ | 202 |
| Interest cost | 3,405 |
| | 3,413 |
| | 3,087 |
| Expected return on assets | (3,009 | ) | | (3,240 | ) | | (3,194 | ) | Net amortization and deferral | 3,127 |
| | 974 |
| | 2,382 |
| Net periodic pension cost | $ | 4,102 |
| | $ | 1,514 |
| | $ | 2,477 |
|
| | (1) | The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. |
|
| Schedule of Changes in Accumulated Postemployment Benefit Obligations |
The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31: | | | | | | | | | | 2015 | | 2014 | | (in thousands) | Projected benefit obligation at beginning of year | $ | 93,079 |
| | $ | 73,362 |
| Service cost | 579 |
| | 367 |
| Interest cost | 3,405 |
| | 3,413 |
| Benefit payments | (3,904 | ) | | (5,164 | ) | Change due to change in assumptions | (7,722 | ) | | 22,055 |
| Experience gain | (701 | ) | | (954 | ) | Projected benefit obligation at end of year | $ | 84,736 |
| | $ | 93,079 |
| | | | | Fair value of plan assets at beginning of year | $ | 51,730 |
| | $ | 55,448 |
| Actual return on assets | (855 | ) | | 1,446 |
| Benefit payments | (3,904 | ) | | (5,164 | ) | Fair value of plan assets at end of year | $ | 46,971 |
| | $ | 51,730 |
|
|
| Schedule of Net Funded Status |
The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31: | | | | | | | | | | 2015 | | 2014 | | (in thousands) | Projected benefit obligation | $ | (84,736 | ) | | $ | (93,079 | ) | Fair value of plan assets | 46,971 |
| | 51,730 |
| Funded status | $ | (37,765 | ) | | $ | (41,349 | ) |
|
| Schedule Of Changes In Unrecognized Pension And Postretirement Items |
The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: | | | | | | | | | | Unrecognized Net Loss | | Gross of tax | | Net of tax | | (in thousands) | Balance as of December 31, 2013 | $ | 16,161 |
| | $ | 10,505 |
| Recognized as a component of 2014 periodic pension cost | (974 | ) | | (633 | ) | Unrecognized losses arising in 2014 | 22,895 |
| | 14,882 |
| Balance as of December 31, 2014 | 38,082 |
| | 24,754 |
| Recognized as a component of 2015 periodic pension cost | (3,127 | ) | | (2,033 | ) | Unrecognized gains arising in 2015 | (4,559 | ) | | (2,963 | ) | Balance as of December 31, 2015 | $ | 30,396 |
| | $ | 19,758 |
|
|
| Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations |
The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate-projected benefit obligation | 4.25 | % | | 3.75 | % | | 4.75 | % | Expected long-term rate of return on plan assets | 6.00 | % | | 6.00 | % | | 6.00 | % |
|
| Schedule of Allocation of Plan Assets |
The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31: | | | | | | | | | | | | | | | | 2015 | | 2014 | | Estimated
Fair Value | | % of Total
Assets | | Estimated
Fair Value | | % of Total
Assets | | (dollars in thousands) | Equity mutual funds | $ | 8,269 |
| |
| | $ | 8,503 |
| |
| Equity common trust funds | 6,350 |
| |
| | 6,018 |
| |
| Equity securities | 14,619 |
| | 31.1 | % | | 14,521 |
| | 28.1 | % | Cash and money market funds | 8,196 |
| |
| | 8,957 |
| |
| Fixed income mutual funds | 9,578 |
| |
| | 9,845 |
| |
| Corporate debt securities | 3,749 |
| |
| | 4,971 |
| |
| U.S. Government agency securities | 2,881 |
| |
|
| | 3,856 |
| |
|
| Fixed income securities and cash | 24,404 |
| | 52.0 | % | | 27,629 |
| | 53.4 | % | Other alternative investment funds | 7,948 |
| | 16.9 | % | | 9,580 |
| | 18.5 | % |
| $ | 46,971 |
| | 100.0 | % | | $ | 51,730 |
| | 100.0 | % |
|
| Schedule of Expected Benefit Payments |
Estimated future benefit payments are as follows (in thousands): | | | | | Year | | 2016 | $ | 3,125 |
| 2017 | 3,367 |
| 2018 | 3,727 |
| 2019 | 3,838 |
| 2020 | 4,227 |
| 2021 – 2025 | 23,903 |
| | $ | 42,187 |
|
|
| Other Postretirement Benefit Plans |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost |
The components of the expense for postretirement benefits other than pensions are as follows: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (in thousands) | Service cost | $ | — |
| | $ | 15 |
| | $ | 228 |
| Interest cost | 206 |
| | 206 |
| | 322 |
| Expected return on plan assets | — |
| | — |
| | (1 | ) | Net amortization and deferral | (258 | ) | | (347 | ) | | (363 | ) | Net postretirement benefit cost | $ | (52 | ) | | $ | (126 | ) | | $ | 186 |
|
|
| Schedule of Changes in Accumulated Postemployment Benefit Obligations |
The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31: | | | | | | | | | | 2015 | | 2014 | | (in thousands) | Accumulated postretirement benefit obligation at beginning of year | $ | 5,552 |
| | $ | 8,169 |
| Service cost | — |
| | 15 |
| Interest cost | 206 |
| | 206 |
| Benefit payments | (251 | ) | | (209 | ) | Experience gain | 189 |
| | (532 | ) | Change due to change in assumptions | (2,821 | ) | | 1,261 |
| Effect of curtailment | — |
| | (3,358 | ) | Accumulated postretirement benefit obligation at end of year | $ | 2,875 |
| | $ | 5,552 |
| | | | | Fair value of plan assets at beginning of year | $ | 8 |
| | $ | 23 |
| Employer contributions | 258 |
| | 194 |
| Benefit payments | (251 | ) | | (209 | ) | Fair value of plan assets at end of year | $ | 15 |
| | $ | 8 |
|
|
| Schedule of Net Funded Status |
The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31: | | | | | | | | | | 2015 | | 2014 | | (in thousands) | Accumulated postretirement benefit obligation | $ | (2,875 | ) | | $ | (5,552 | ) | Fair value of plan assets | 15 |
| | 8 |
| Funded status | $ | (2,860 | ) | | $ | (5,544 | ) |
|
| Schedule Of Changes In Unrecognized Pension And Postretirement Items |
The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | Gross of tax | | | | Unrecognized
Prior Service
Cost | | Unrecognized
Net Loss (Gain) | | Total | | Net of tax | | (in thousands) | Balance as of December 31, 2013 | $ | (1,484 | ) | | $ | (1,137 | ) | | $ | (2,621 | ) | | $ | (1,704 | ) | Recognized as a component of 2014 postretirement benefit cost, prior to curtailment | 32 |
| | 10 |
| | 42 |
| | 26 |
| Unrecognized gains arising in 2014, prior to curtailment | — |
| | (313 | ) | | (313 | ) | | (203 | ) | Curtailment gain | 1,452 |
| | — |
| | 1,452 |
| | 944 |
| Recognized as a component of 2014 postretirement benefit cost, after curtailment | 235 |
| | 70 |
| | 305 |
| | 199 |
| Unrecognized gains arising in 2014, after curtailment | (3,358 | ) | | 1,034 |
| | (2,324 | ) | | (1,511 | ) | Balance as of December 31, 2014 | (3,123 | ) | | (336 | ) | | (3,459 | ) | | (2,249 | ) | Recognized as a component of 2015 postretirement benefit cost | 258 |
| | — |
| | 258 |
| | 168 |
| Unrecognized gains arising in 2015 | (2,469 | ) | | (172 | ) | | (2,641 | ) | | (1,717 | ) | Balance as of December 31, 2015 | $ | (5,334 | ) | | $ | (508 | ) | | $ | (5,842 | ) | | $ | (3,798 | ) |
|
| Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations |
The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate-projected benefit obligation | 4.25 | % | | 3.75 | % | | 4.75 | % | Expected long-term rate of return on plan assets | 3.00 | % | | 3.00 | % | | 3.00 | % |
|
| Schedule of Expected Benefit Payments |
Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): | | | | | Year | | 2016 | $ | 342 |
| 2017 | 317 |
| 2018 | 296 |
| 2019 | 275 |
| 2020 | 255 |
| 2021 – 2025 | 995 |
| | $ | 2,480 |
|
|