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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
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
)
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

 

$4,380

 

$4,545

 

$2,068

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

 

$3,070

 

($1,048
)
 

$1,967

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
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

 

$—

 

$67,613


(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

 

$—

 

$62,060

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