12. Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Employee Benefits Details - Estimated Future Benefit Payments

Reconciliation of the change in the plan's benefit obligations

	December 31,
	2015			2014
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,559		$	18,841
Service cost		–			–
Interest cost		843			888
Assumption changes		(485	)		3,570
Actuarial (gain) loss		(14	)		211
Settlements		–			–
Benefits paid		(1,518	)		(951	)
Projected benefit obligation, end of year	$	21,385		$	22,559
Change in Plan Assets
Fair value of plan assets, beginning of year	$	19,848		$	21,664
Return on assets		(1,818	)		(1,009	)
Employer contribution		–			237
Expenses		(138	)		(93	)
Settlements		–			–
Benefits paid		(1,518	)		(951	)
Fair value of plan assets, end of year	$	16,374		$	19,848
Funded Status at end of year	$	(5,011	)	$	(2,711	)

Weighted average assumptions used to determine pension benefit obligations

	December, 31
	2015	2014
Weighted average assumptions used to determine benefit obligations
Discount rate	4.20%	3.80%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	3.80%	4.75%
Expected return on plan assets	7.75%	8.00%

Schedule of accumulated pension benefit obligation

	December 31,
	2015			2014			2013
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	–		$	2,823
Other liabilities		(5,011	)		(2,711	)		–
Net amount recognized	$	(5,011	)	$	(2,711	)	$	2,823
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	10,592		$	7,977		$	1,367
Unrecognized transition asset		–			–			–
Net amount recognized	$	10,592		$	7,977		$	1,367
Components of net periodic benefit cost
Interest cost	$	843		$	888		$	823
Expected return on assets		(1,508	)		(1,727	)		(1,335	)
Amortization of transition asset		–			–			–
Amortization of net  loss		349			–			484
Net periodic benefit cost		(316	)		(839	)		(28	)
Settlement (gain)/loss		–			–			–
Total	$	(316	)	$	(839	)	$	(28	)
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	2,615		$	6,610		$	(7,586	)
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	2,615		$	6,610		$	(7,586	)

Weighted average asset allocation of our pension benefits

	December 31,
	2015		2014
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		84%		84%
Debt securities		16%		15%
Cash and cash equivalents		0%		1%
Total		100%		100%

Estimated Future Benefit Payments

Cash Flows
Estimated Future Benefit Payments (In thousands)
2016	$	766
2017		804
2018		840
2019		884
2020		930
Years 2021 - 2025		5,289
Anticipated Contributions in 2016	$	–

Fair value of plan assets

	December 31, 2015
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	4,643	$	–	$	–	$	4,643
Large Cap Value		–		2,061		–		2,061
Mid Cap Index		–		578		–		578
Small Cap Growth		–		552		–		552
Small Cap Value		–		573		–		573
Focus Value		–		571		–		571
Growth		–		2,215		–		2,215
International Growth		–		2,475		–		2,475
Core Bond		–		1,833		–		1,833
High Yield		–		354		–		354
Inflation Protected Bond		–		482		–		482
Money Market		–		37		–		37
Total	$	4,643	$	11,731	$	–	$	16,374

	December 31, 2014
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	6,542	$	–	$	–	$	6,542
Large Cap Value		–		2,378		–		2,378
Mid Cap Index		–		682		–		682
Small Cap Growth		–		691		–		691
Small Cap Value		–		673		–		673
Focus Value		–		700		–		700
Growth		–		2,383		–		2,383
International Growth		–		2,649		–		2,649
Core Bond		–		1,969		–		1,969
High Yield		–		382		–		382
Inflation Protected Bond		–		518		–		518
Money Market		–		281		–		281
Total	$	6,542	$	13,306	$	–	$	19,848

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