XML 64 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Schedule of Projected Benefit Obligations, Fair Value of Plan Assets and Funded (Unfunded) Status
The following table presents the plans’ projected benefit obligations, fair value of plan assets and funded (unfunded) status:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Retirement Plans
At December 31,
2017
 
2016
 
2017
 
2016
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period

$72,951

 

$67,550

 

$13,154

 

$13,015

Service cost
2,149

 
2,148

 
129

 
122

Interest cost
2,673

 
2,576

 
428

 
432

Actuarial loss
7,017

 
3,888

 
2,275

 
374

Benefits paid
(3,936
)
 
(3,072
)
 
(783
)
 
(789
)
Administrative expenses
(131
)
 
(139
)
 

 

Benefit obligation at end of period
80,723

 
72,951

 
15,203

 
13,154

Change in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
75,787

 
65,710

 

 

Actual return on plan assets
12,644

 
4,788

 

 

Employer contributions
3,000

 
8,500

 
783

 
789

Benefits paid
(3,936
)
 
(3,072
)
 
(783
)
 
(789
)
Administrative expenses
(131
)
 
(139
)
 

 

Fair value of plan assets at end of period
87,364

 
75,787

 

 

Funded (unfunded) status at end of period

$6,641

 

$2,836

 

($15,203
)
 

($13,154
)
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,
2017
 
2016
 
2017
 
2016
Net actuarial loss

$13,795

 

$15,593

 

$6,448

 

$4,519

Prior service credit
(39
)
 
(62
)
 
(1
)
 
(1
)
Total pre-tax amounts recognized in accumulated other comprehensive income

$13,756

 

$15,531

 

$6,447

 

$4,518

Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)
The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Retirement Plans
Years ended December 31,
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost

$2,149

 

$2,148

 

$2,459

 

$129

 

$122

 

$78

Interest cost
2,673

 
2,576

 
2,928

 
428

 
432

 
490

Expected return on plan assets
(4,942
)
 
(4,633
)
 
(4,515
)
 

 

 

Amortization of prior service credit
(23
)
 
(23
)
 
(23
)
 
(1
)
 
(1
)
 
(1
)
Recognized net actuarial loss
1,114

 
828

 
1,249

 
347

 
247

 
245

Net periodic benefit cost
971

 
896

 
2,098

 
903

 
800

 
812

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
 
 
 
 
 
 
 
 
 
 
 
Net (gain) loss
(1,798
)
 
2,904

 
(2,816
)
 
1,928

 
127

 
(156
)
Prior service cost
23

 
23

 
23

 
1

 
1

 
1

Recognized in other comprehensive (loss) income
(1,775
)
 
2,927

 
(2,793
)
 
1,929

 
128

 
(155
)
Total recognized in net periodic benefit cost and other comprehensive (loss) income

($804
)
 

$3,823

 

($695
)
 

$2,832

 

$928

 

$657

Schedule of Assumptions Used for Net Periodic Benefit Cost
The following table presents the measurement date and weighted-average assumptions used to determine benefit obligations at December 31, 2017 and 2016:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
 
2017
 
2016
 
2017
 
2016
Measurement date
Dec 31, 2017
 
Dec 31, 2016
 
Dec 31, 2017
 
Dec 31, 2016
Discount rate
3.69%
 
4.18%
 
3.60%
 
4.00%
Rate of compensation increase
3.75
 
3.75
 
3.75
 
3.75

The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2017, 2016 and 2015:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Measurement date
Dec 31, 2016
 
Dec 31, 2015
 
Dec 31, 2014
 
Dec 31, 2016
 
Dec 31, 2015
 
Dec 31, 2014
Discount rate
N/A
 
N/A
 
4.125%
 
N/A
 
N/A
 
3.90%
Equivalent single discount rate for benefit obligations
4.18%
 
4.48
 
N/A
 
4.00%
 
4.20
 
N/A
Equivalent single discount rate for service cost
4.29
 
4.63
 
N/A
 
4.25
 
4.59
 
N/A
Equivalent single discount rate for interest cost
3.73
 
3.88
 
N/A
 
3.40
 
3.44
 
N/A
Expected long-term return on plan assets
6.75
 
6.75
 
7.25
 
N/A
 
N/A
 
N/A
Rate of compensation increase
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
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,
2017

 
2016

Asset Category:
 
 
 
Equity securities
65.7
%
 
63.8
%
Fixed income securities
30.0

 
32.4

Cash and cash equivalents
4.3

 
3.8

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, 2017
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents

$3,760

 

$—

 

$—

 

$3,760

Obligations of U.S. government-sponsored enterprises

 
5,926

 

 
5,926

Obligations of states and political subdivisions

 
2,971

 

 
2,971

Corporate bonds

 
13,112

 

 
13,112

Common stocks
38,508

 

 

 
38,508

Mutual funds
23,087

 

 

 
23,087

Total plan assets

$65,355

 

$22,009

 

$—

 

$87,364


(Dollars in thousands)
 
 
 
 
Fair Value Measurements Using
 
Assets at
Fair Value
December 31, 2016
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents

$2,880

 

$—

 

$—

 

$2,880

Obligations of U.S. government-sponsored enterprises

 
4,233

 

 
4,233

Obligations of states and political subdivisions

 
3,418

 

 
3,418

Corporate bonds

 
13,775

 

 
13,775

Common stocks
33,893

 

 

 
33,893

Mutual funds
17,588

 

 

 
17,588

Total plan assets

$54,361

 

$21,426

 

$—

 

$75,787

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
Retirement Plans
2018

$3,964

 

$897

2019
2,931

 
891

2020
3,387

 
879

2021
3,784

 
868

2022
4,378

 
891

Years 2023 - 2027
28,050

 
4,221