XML 33 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Defined Benefit Pension Plans
 6 Months Ended
Jun. 30, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Defined Benefit Pension Plans
Defined Benefit Pension Plans
The Corporation maintains a tax-qualified defined benefit pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. The Corporation also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. The defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period ending in December 2023.

The defined benefit pension plan is funded on a current basis, in compliance with the requirements of ERISA.

The composition of net periodic benefit cost was as follows:
(Dollars in thousands)
Qualified Pension Plan
 
Non-Qualified Retirement Plans
 
Three months
 
Six months
 
Three months
 
Six months
Periods ended June 30,
2017
2016
 
2017
2016
 
2017
2016
 
2017
2016
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost

$537


$537

 

$1,074


$1,074

 

$33


$31

 

$65


$61

Interest cost
667

644

 
1,336

1,288

 
107

108

 
214

216

Expected return on plan assets
(1,235
)
(1,159
)
 
(2,471
)
(2,317
)
 
—

—

 
—

—

Amortization of prior service (credit) cost
(5
)
(5
)
 
(11
)
(11
)
 
—

—

 
—

—

Recognized net actuarial loss
278

207

 
557

414

 
128

61

 
193

123

Net periodic benefit cost

$242


$224

 

$485


$448

 

$268


$200

 

$472


$400



The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
For the sixth months ended June 30,
2017
 
2016
 
2017
 
2016
Measurement date
Dec 31, 2016
 
Dec 31, 2015
 
Dec 31, 2016
 
Dec 31, 2015
Equivalent single discount rate for benefit obligations
4.18%
 
4.48%
 
3.96%
 
4.19%
Equivalent single discount rate for service cost
4.29
 
4.63
 
4.25
 
4.59
Equivalent single discount rate for interest cost
3.73
 
3.88
 
3.36
 
3.44
Expected long-term return on plan assets
6.75
 
6.75
 
N/A
 
N/A
Rate of compensation increase
3.75
 
3.75
 
3.75
 
3.75