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Pension and Other Post Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015.
 
2016
 
2015
Change in Benefit Obligation:
 
 
 
Benefit obligation at beginning of year
$
71,747

 
$
80,650

Service cost
9

 
55

Interest cost
3,273

 
3,087

Actuarial loss (gain)
2,679

 
(5,617
)
Benefits paid
(5,263
)
 
(6,428
)
Net transfers in from Ameriana acquisition
11,645

 


Benefit obligation at end of year
$
84,090

 
$
71,747

 
 
 
 
Change in Plan Assets:
 
 
 
Fair value of plan assets at beginning of year
$
71,396

 
$
77,139

Actual return on plan assets
6,959

 
153

Employer contributions
739

 
532

Benefits paid
(5,263
)
 
(6,428
)
Ameriana acquisition
9,726

 


End of year
83,557

 
71,396

Funded status at end of year
$
(533
)
 
$
(351
)
 
 
 
 
Assets and Liabilities Recognized in the Balance Sheets:
 
 
 
Deferred tax asset
$
7,041

 
$
7,461

Assets
$
5,028

 
$
4,006

Liabilities
$
5,561

 
$
4,357

 
 
 
 
Amounts Recognized in Accumulated Other Comprehensive Income Not Yet Recognized as Components of Net Periodic (Benefit) Cost, net of tax, consist of:
 
 
 
Accumulated loss
$
(12,624
)
 
$
(13,857
)
Prior service credit
(451
)
 
(305
)
 
$
(13,075
)
 
$
(14,162
)
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, 2016
 
December 31, 2015
Projected benefit obligation
$
5,561

 
$
4,357

Accumulated benefit obligation
$
5,561

 
$
4,357

Fair value of plan assets


 
Schedule of Net Periodic Pension Costs
The following table shows the components of net periodic pension costs:
 
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Service cost
$
9

 
$
55

 
$
73

Interest cost
3,273

 
3,087

 
3,235

Expected return on plan assets
(4,508
)
 
(4,471
)
 
(4,467
)
Amortization of prior service costs
79

 
64

 
81

Amortization of net loss
1,656

 
1,722

 
478

Net periodic pension (benefit) cost
$
509

 
$
457

 
$
(600
)
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, 2016
 
December 31, 2015
 
December 31, 2014
Net periodic pension (benefit) cost
$
509

 
$
457

 
$
(600
)
Net gain (loss)
(228
)
 
1,299

 
(12,203
)
Amortization of loss
1,656

 
1,722

 
478

Amortization of prior service cost
79

 
64

 
81

Total recognized in other comprehensive income (loss)
1,507

 
3,085

 
(11,644
)
Total recognized in net periodic pension cost and other comprehensive income (loss)
$
998

 
$
2,628

 
$
(11,044
)
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, 2016

December 31, 2015
 
December 31, 2014
Amortization of net loss
$
(1,208
)

$
(1,505
)
 
$
(1,770
)
Amortization of prior service cost
(90
)

(61
)
 
(64
)
Total
$
(1,298
)

$
(1,566
)
 
$
(1,834
)
Schedule of Assumptions Used
Significant assumptions include:
 
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Weighted-average Assumptions Used to Determine Benefit Obligation:
 
 
 
 
 
Discount rate
4.20
%
 
4.50
%
 
4.00
%
Rate of compensation increase for accruing active participants
3.00
%
 
3.00
%
 
3.00
%
Weighted-average Assumptions Used to Determine Cost:

 
 
 
 
Discount rate
4.50
%
 
4.00
%
 
4.80
%
Expected return on plan assets
6.00
%
 
6.00
%
 
6.00
%
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, 2016. The minimum contribution required in 2017 will likely be zero but the Corporation may decide to make a discretionary contribution during the year.
2017
$
5,756

2018
5,644

2019
5,802

2020
5,688

2021
5,557

After 2021
27,118

 
$
55,565
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 $64,064,000 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 $19,493,000 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, 2016 and 2015.
 
 

Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2016
Fair Value

(Level 1)

(Level 2)

(Level 3)
Cash & Cash Equivalents
$
3,778


$
3,778





Corporate Bonds and Notes
10,646


10,646





Government Agency and Municipal Bonds and Notes
6,855




$
6,855



Certificates of Deposit
1,268




1,268



Party-in-Interest Investments







Common Stock
2,278


2,278





Common Bond Fund
4,744




4,744



Common Equity Fund
6,626




6,626



Mutual Funds







Taxable Bond
7,974


7,974






Large Cap Equity
19,611


19,611





Mid Cap Equity
10,304


10,304





Small Cap Equity
4,680


4,680





International Equity
3,093


3,093





Specialty Alternative Equity
1,700


1,700





 
$
83,557

 
$
64,064

 
$
19,493

 




 
 
 
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

 

Plan assets are re-balanced quarterly. At December 31, 2016 and 2015, plan assets by category are as follows:
 
December 31, 2016

December 31, 2015
 
Actual

Target

Actual

Target
Cash and cash equivalents
4.5
%

3.0
%

2.2
%

2.0
%
Equity securities
55.8


55.0


58.1


60.0

Debt securities
37.7


40.0


37.4


36.0

Alternative investments
2.0


2.0


2.3


2.0

 
100.0
%

100.0
%

100.0
%

100.0
%