XML 59 R44.htm IDEA: XBRL DOCUMENT

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016



	For the Years Ended December 31
(Dollars in thousands)	2016		2015		2014

Change in projected benefit obligation

Benefit obligation at beginning of measurement year	$	18,609	$	19,679	$	17,281
Service cost		337		377		337
Interest cost		701		695		778
Actuarial loss		632		(906)		2,529
Settlement loss		(1,590)
Benefits paid		(808)		(1,236)		(1,246)
Benefit obligation at end of measurement year		17,881		18,609		19,679

Change in plan assets

Fair value of plan assets at beginning of measurement year		18,301		19,677		18,600
Actual return on plan assets net of expenses		1,159		(140)		2,323
Settlement loss		(1,590)		-		-
Employer contribution		-		-		-
Benefits paid		(808)		(1,236)		(1,246)
Fair value of plan assets at end of measurement year		17,062		18,301		19,677

Funded status of projected benefit obligation	$	(819)	$	(308)	$	(2)



Amounts recognized in accumulated other comprehensive	For the Years Ended December 31
income (loss), net of tax	2016		2015		2014

Net actuarial loss	$	(6,366)	$	(6,871)	$	(7,078)
Prior service cost obligation		-		94		220
		(6,366)		(6,777)		(6,858)
Tax effect		2,164		2,304		2,332
Net amount recognized in accumulated other comprehensive loss	$	(4,202)	$	(4,473)	$	(4,526)


	For the Years Ended December 31
Components of net periodic pension cost	2016		2015		2014

Service cost	$	337	$	377	$	337
Interest cost		701		695		778
Expected return on plan assets		(1,165)		(1,182)		(1,163)
Amortization of prior service cost		(94)		(126)		(126)
Recognized net actuarial loss		579		623		450
Net periodic pension cost		358		387		276
Effect of settlement loss		564		-		-
Total pension expense	$	922	$	387	$	276



	For the Years Ended December 31
	2016		2015		2014
Assumptions used to determine benefit obligations:
Discount rate		3.89%		4.06%		3.72%
Rate of compensation increase		4.00%		4.00%		4.00%

Assumptions used to determine net periodic benefit cost:
Discount rate		3.89%		3.72%		4.76%
Expected long-term return on plan assets		6.50%		6.50%		6.50%
Rate of compensation increase		4.00%		4.00%		4.00%

Asset allocations:
Cash and cash equivalents		5%		9%		4%
Common stocks		33%		31%		33%
Corporate bonds		8%		7%		8%
Municipal bonds		42%		43%		45%
Investment fund - debt		9%		8%		8%
Insurance contracts		3%		2%		2%
Total		100%		100%		100%

Shares of the Corporation's common stock held in the plan
Value of shares (in thousands)	$	-	$	68	$	63
Percent of total plan assets		0.0%		0.4%		0.3%



(Dollars in Thousands)	December 31, 2016
Asset Description	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	960	$	960	$	-	$	-
Common stocks		5,688		5,688		-		-
Corporate bonds		1,310		-		1,310		-
Municipal bonds		7,146		-		7,146		-
Investment fund - debt		1,454		1,454		-		-
Cash value of life insurance		25		-		-		25
Deposit in immediate participation guarantee contract		479		479		-		-
Total assets	$	17,062	$	8,581	$	8,456	$	25


(Dollars in Thousands)	December 31, 2015
Asset Description	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,579	$	1,579	$	-	$	-
Common stocks		5,691		5,691		-		-
Corporate bonds		1,336		-		1,336		-
Municipal bonds		7,898		-		7,898		-
Investment fund - debt		1,413		1,413		-		-
Cash value of life insurance		62		-		-		62
Deposit in immediate participation guarantee contract		322		322		-		-
Total assets	$	18,301	$	9,005	$	9,234	$	62




	Cash Value of Life Insurance
	December 31
	2016		2015
Balance at the beginning of the period	$	62	$	62
Unrealized gain (loss) relating to investments held at the reporting date		1		-
Purchases, sales, issuances and settlement, net		(38)		-
Balance at the end of the period	$	25	$	62