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Pension and Other Post Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Plans' Funded Status and Amounts Recognized in the Balance Sheets
The table below sets forth the plans’ funded status and amounts recognized in the consolidated balance sheets at December 31, using measurement dates of December 31, 2015 and 2014.
 
2015
 
2014
Change in Benefit Obligation:
 
 
 
Benefit obligation at beginning of year
$
80,650

 
$
62,270

Service cost
55

 
73

Interest cost
3,087

 
3,235

Actuarial loss (gain)
(5,617
)
 
12,968

Benefits paid
(6,428
)
 
(5,541
)
Net transfers in from CFS acquisition


 
7,645

Benefit obligation at end of year
$
71,747

 
$
80,650

 
 
 
 
Change in Plan Assets:
 
 
 
Fair value of plan assets at beginning of year
$
77,139

 
$
69,871

Actual return on plan assets
153

 
5,232

Employer contributions
532

 
504

Benefits paid
(6,428
)
 
(5,541
)
CFS acquisition


 
7,073

End of year
71,396

 
77,139

Funded status at end of year
$
(351
)
 
$
(3,511
)
 
 
 
 
Assets and Liabilities Recognized in the Balance Sheets:
 
 
 
Deferred tax asset
$
7,461

 
$
8,541

Assets
$
4,006

 
$
1,329

Liabilities
$
4,357

 
$
4,840

 
 
 
 
Amounts Recognized in Accumulated Other Comprehensive Income Not Yet Recognized as Components of Net Periodic (Benefit) Cost Consist of:
 
 
 
Accumulated loss
$
(13,857
)
 
$
(15,863
)
Prior service credit
(305
)
 
(346
)
 
$
(14,162
)
 
$
(16,209
)
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the table below.
 
December 31, 2015
 
December 31, 2014
Projected benefit obligation
$
4,357

 
$
4,840

Accumulated benefit obligation
$
4,357

 
$
4,840

Fair value of plan assets


 
Schedule of Net Periodic Pension Costs
The following table shows the components of net periodic pension costs:
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
Service cost
$
55

 
$
73

 
$
131

Interest cost
3,087

 
3,235

 
2,670

Expected return on plan assets
(4,471
)
 
(4,467
)
 
(4,265
)
Amortization of prior service costs
64

 
81

 
25

Amortization of net loss
1,722

 
478

 
2,131

Net periodic pension (benefit) cost
$
457

 
$
(600
)
 
$
692
Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
Net periodic pension (benefit) cost
$
457

 
$
(600
)
 
$
692

Net gain (loss)
1,299

 
(12,203
)
 
11,942

Amortization of loss
1,722

 
478

 
2,131

Amortization of prior service cost
64

 
81

 
25

Total recognized in other comprehensive income (loss)
3,085

 
(11,644
)
 
14,098

Total recognized in net periodic pension cost and other comprehensive income (loss)
$
2,628

 
$
(11,044
)
 
$
13,406
Schedule of Amounts in Accumulated Other Comprehensive Income to be Recognized over Next Fiscal Year
The estimated net loss and transition obligation for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year are:

December 31, 2015

December 31, 2014
 
December 31, 2013
Amortization of net loss
$
(1,505
)

$
(1,770
)
 
$
(533
)
Amortization of prior service cost
(61
)

(64
)
 
(25
)
Total
$
(1,566
)

$
(1,834
)
 
$
(558
)
Schedule of Assumptions Used
Significant assumptions include:
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
Weighted-average Assumptions Used to Determine Benefit Obligation:
 
 
 
 
 
Discount rate
4.50
%
 
4.00
%
 
4.80
%
Rate of compensation increase for accruing active participants
3.00
%
 
3.00
%
 
3.00
%
Weighted-average Assumptions Used to Determine Cost:

 
 
 
 
Discount rate
4.00
%
 
4.80
%
 
4.00
%
Expected return on plan assets
6.00
%
 
6.00
%
 
7.00
%
Rate of compensation increase for accruing active participants
3.00
%
 
3.00
%
 
3.00
%
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2015. The minimum contribution required in 2016 will likely be zero but the Corporation may decide to make a discretionary contribution during the year.
2016
$
4,814

2017
4,729

2018
4,657

2019
4,838

2020
4,772

After 2020
24,440

 
$
48,250
Schedule of Allocation of Plan Assets
Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy.

Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy.  Level 1 plan assets total $52,433,000 and include cash and cash equivalents, common stocks, mutual funds and corporate bonds and notes.  If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows.  Level 2 plan assets total $18,963,000 and include governmental agencies, taxable municipals, common collective trust investments (which are classified below as Party-in-Interest investments -- common bond fund and common equity fund) and certificates of deposit.  In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy.  There are no assets classified within Level 3 of the hierarchy at December 31, 2015 and 2014.
 
 

Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2015
Fair Value

(Level 1)

(Level 2)

(Level 3)
Cash & Cash Equivalents
$
1,608


$
1,608





Corporate Bonds and Notes
9,113


9,113





Government Agency and Municipal Bonds and Notes
6,993




$
6,993



Certificates of Deposit
1,511




1,511



Party-in-Interest Investments







Common Stock
1,538


1,538





Common Bond Fund
4,647




4,647



Common Equity Fund
5,812




5,812



Mutual Funds







Taxable Bond
4,536


4,536






Large Cap Equity
18,528


18,528





Mid Cap Equity
8,537


8,537





Small Cap Equity
3,578


3,578





International Equity
3,353


3,353





Specialty Alternative Equity
1,642


1,642





 
$
71,396

 
$
52,433

 
$
18,963

 




 
 
 
Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2014
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash & Cash Equivalents
$
2,032

 
$
2,032

 
 
 
 
Corporate Bonds and Notes
9,384

 
9,384

 
 
 
 
Government Agency and Municipal Bonds and Notes
8,252

 
 
 
$
8,252

 
 
Certificates of Deposit
1,001

 
 
 
1,001

 
 
Party-in-Interest Investments
 
 
 
 
 
 
 
Common Stock
1,376

 
1,376

 
 
 
 
Common Bond Fund
4,615

 
 
 
4,615

 
 
Common Equity Fund
5,858

 
 
 
5,858

 
 
Mutual Funds
 
 
 
 
 
 
 
Taxable Bond
4,987

 
4,987

 
 
 
 
Large Cap Equity
21,185

 
21,185

 
 
 
 
Mid Cap Equity
9,434

 
9,434

 
 
 
 
Small Cap Equity
3,872

 
3,872

 
 
 
 
International Equity
3,474

 
3,474

 
 
 
 
Specialty Alternative Equity
1,669

 
1,669

 
 
 
 
 
$
77,139

 
$
57,413

 
$
19,726

 

Plan assets are re-balanced quarterly. At December 31, 2015 and 2014, plan assets by category are as follows:
 
December 31, 2015

December 31, 2014
 
Actual

Target

Actual

Target
Cash and cash equivalents
2.2
%

2.0
%

2.6
%

2.0
%
Equity securities
58.1


60.0


58.7


60.0

Debt securities
37.4


36.0


36.5


36.0

Alternative investments
2.3


2.0


2.2


2.0

 
100.0
%

100.0
%

100.0
%

100.0
%