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Employee Benefits (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status |
The following table presents the plans’ projected benefit obligations, fair value of plan assets and (unfunded) funded status: | | | | | | | | | | | | | | | | | (Dollars in thousands) | Qualified Pension Plan | | Non-Qualified Retirement Plans | At December 31, | 2014 | | 2013 | | 2014 | | 2013 | Change in Benefit Obligation: | | | | | | | | Benefit obligation at beginning of period |
| $61,162 |
| |
| $70,615 |
| |
| $10,784 |
| |
| $12,569 |
| Service cost | 2,152 |
| | 2,720 |
| | 46 |
| | 181 |
| Interest cost | 2,891 |
| | 2,883 |
| | 478 |
| | 462 |
| Actuarial loss (gain) | 11,081 |
| | (8,809 | ) | | 2,546 |
| | (1,332 | ) | Benefits paid | (3,981 | ) | | (2,004 | ) | | (757 | ) | | (736 | ) | Administrative expenses | (156 | ) | | (182 | ) | | — |
| | — |
| Curtailments | — |
| | (4,061 | ) | | — |
| | (360 | ) | Benefit obligation at end of period | 73,149 |
| | 61,162 |
| | 13,097 |
| | 10,784 |
| Change in Plan Assets: | | | | | | | | Fair value of plan assets at beginning of period | 62,060 |
| | 51,078 |
| | — |
| | — |
| Actual return on plan assets | 3,690 |
| | 8,168 |
| | — |
| | — |
| Employer contributions | 6,000 |
| | 5,000 |
| | 757 |
| | 736 |
| Benefits paid | (3,981 | ) | | (2,004 | ) | | (757 | ) | | (736 | ) | Administrative expenses | (156 | ) | | (182 | ) | | — |
| | — |
| Fair value of plan assets at end of period | 67,613 |
| | 62,060 |
| | — |
| | — |
| (Unfunded) funded status at end of period |
| ($5,536 | ) | |
| $898 |
| |
| ($13,097 | ) | |
| ($10,784 | ) |
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| Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Retirements Plans |
The following table presents components of accumulated other comprehensive income related to the qualified pension plan and non-qualified retirement plans, on a pre-tax basis: | | | | | | | | | | | | | | | | | (Dollars in thousands) | Qualified Pension Plan | | Non-Qualified Retirement Plans | | | At December 31, | 2014 | | 2013 | | 2014 | | 2013 | Net actuarial loss |
| $15,504 |
| |
| $4,510 |
| |
| $4,548 |
| |
| $2,071 |
| Prior service credit | (107 | ) | | (130 | ) | | (3 | ) | | (3 | ) | Total pre-tax amounts recognized in accumulated other comprehensive income |
| $15,397 |
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| $4,380 |
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| $4,545 |
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| $2,068 |
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| Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income |
The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income, on a pre-tax basis: | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Qualified Pension Plan | | Non-Qualified Retirement Plans | Years ended December 31, | 2014 | | 2013 | | 2012 | | 2014 | | 2013 | | 2012 | Net Periodic Benefit Cost: | | | | | | | | | | | | Service cost |
| $2,152 |
| |
| $2,720 |
| |
| $2,574 |
| |
| $46 |
| |
| $181 |
| |
| $150 |
| Interest cost | 2,891 |
| | 2,883 |
| | 2,823 |
| | 478 |
| | 462 |
| | 503 |
| Expected return on plan assets | (4,063 | ) | | (3,725 | ) | | (2,985 | ) | | — |
| | — |
| | — |
| Amortization of prior service (credit) cost | (23 | ) | | (30 | ) | | (33 | ) | | (1 | ) | | (1 | ) | | (1 | ) | Recognized net actuarial loss | 461 |
| | 1,321 |
| | 982 |
| | 70 |
| | 175 |
| | 119 |
| Curtailments | — |
| | (61 | ) | | — |
| | — |
| | (1 | ) | | — |
| Net periodic benefit cost | 1,418 |
| | 3,108 |
| | 3,361 |
| | 593 |
| | 816 |
| | 771 |
| Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis): | |
| | |
| | |
| | |
| | |
| | |
| Net loss (gain) | 10,993 |
| | (14,572 | ) | | 7,216 |
| | 2,476 |
| | (1,506 | ) | | 1,195 |
| Prior service cost (credit) | 23 |
| | 30 |
| | 33 |
| | 1 |
| | 1 |
| | 1 |
| Curtailments | — |
| | (4,000 | ) | | — |
| | — |
| | (359 | ) | | — |
| Recognized in other comprehensive income | 11,016 |
| | (18,542 | ) | | 7,249 |
| | 2,477 |
| | (1,864 | ) | | 1,196 |
| Total recognized in net periodic benefit cost and other comprehensive income |
| $12,434 |
| |
| ($15,434 | ) | |
| $10,610 |
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| $3,070 |
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| ($1,048 | ) | |
| $1,967 |
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| Schedule of Assumptions Used |
The following table presents the measurement date and weighted-average assumptions used to determine benefit obligations at December 31, 2014 and 2013: | | | | | | | | | | Qualified Pension Plan | | Non-Qualified Retirement Plans | | 2014 | | 2013 | | 2014 | | 2013 | Measurement date | Dec 31, 2014 | | Dec 31, 2013 | | Dec 31, 2014 | | Dec 31, 2013 | Discount rate | 4.125% | | 4.875% | | 3.900% | | 4.600% | Rate of compensation increase | 3.750 | | 3.750 | | 3.750 | | 3.750 |
The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | | Qualified Pension Plan | | Non-Qualified Retirement Plans | | 2014 | | 2013 | | 2012 | | 2014 | | 2013 | | 2012 | Measurement date | Dec 31, 2013 | | Dec 31, 2012 | | Dec 31, 2011 | | Dec 31, 2013 | | Dec 31, 2012 | | Dec 31, 2011 | Discount rate | 4.875% | | 4.125% | | 5.000% | | 4.600% | | 3.800% | | 4.625% | Expected long-term return on plan assets | 7.250 | | 7.250 | | 7.750 | | — | | — | | — | Rate of compensation increase | 3.750 | | 3.750 | | 3.750 | | 3.750 | | 3.750 | | 3.750 |
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| Schedule of Fair Value and Allocation of Plan Assets |
The following table present the asset allocations of the qualified pension plan, by asset category: | | | | | | | December 31, | 2014 |
| | 2013 |
| Asset Category: | | | | Equity securities | 61.6 | % | | 63.8 | % | Fixed securities | 37.8 |
| | 32.6 |
| Cash and cash equivalents | 0.6 |
| | 3.6 |
| Total | 100.0 | % | | 100.0 | % |
The following tables present the fair values of the qualified pension plan’s assets: | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | Fair Value Measurements Using | | Assets at Fair Value | December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | Cash and cash equivalents |
| $637 |
| |
| $— |
| |
| $— |
| |
| $637 |
| Obligations of U.S. government agencies and U.S. government-sponsored enterprises | — |
| | 4,197 |
| | — |
| | 4,197 |
| Obligations of states and political subdivisions | — |
| | 2,953 |
| | — |
| | 2,953 |
| Corporate bonds | — |
| | 13,162 |
| | — |
| | 13,162 |
| Common stocks | 31,172 |
| | — |
| | — |
| | 31,172 |
| Mutual funds | 15,492 |
| | — |
| | — |
| | 15,492 |
| Total plan assets |
| $47,301 |
| |
| $20,312 |
| |
| $— |
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| $67,613 |
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| | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | Fair Value Measurements Using | | Assets at Fair Value | December 31, 2013 | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | Cash and cash equivalents |
| $2,236 |
| |
| $— |
| |
| $— |
| |
| $2,236 |
| Obligations of U.S. government agencies and U.S. government-sponsored enterprises | — |
| | 2,025 |
| | — |
| | 2,025 |
| Obligations of states and political subdivisions | — |
| | 2,218 |
| | — |
| | 2,218 |
| Corporate bonds | — |
| | 11,069 |
| | — |
| | 11,069 |
| Common stocks | 24,406 |
| | — |
| | — |
| | 24,406 |
| Mutual funds | 20,106 |
| | — |
| | — |
| | 20,106 |
| Total plan assets |
| $46,748 |
| |
| $15,312 |
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| $— |
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| $62,060 |
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| Schedule of Expected Future Benefit Payments |
The following table presents the benefit payments, which reflect expected future service, as appropriate, expected to be paid: | | | | | | | | | (Dollars in thousands) | Qualified Pension Plan | | Non-Qualified Plans | 2015 |
| $4,355 |
| |
| $791 |
| 2016 | 3,611 |
| | 792 |
| 2017 | 3,222 |
| | 785 |
| 2018 | 3,146 |
| | 779 |
| 2019 | 2,956 |
| | 786 |
| Years 2020 - 2023 | 21,798 |
| | 3,990 |
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