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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2016
Information about Pension Plan

Information about the pension plan is as follows:

 

     2016      2015  

Change in benefit obligation:

     

Beginning benefit obligation

   $ 16,328      $ 16,953  

Service cost

     —          —    

Interest cost

     689        604  

Curtailment gain

     —          —    

Settlement loss

     51        117  

Actuarial (gain)/loss

     669        (6

Benefits paid

     (773      (1,340
  

 

 

    

 

 

 

Ending benefit obligation

     16,964        16,328  
  

 

 

    

 

 

 

Change in plan assets, at fair value:

     

Beginning plan assets

     15,647        16,184  

Actual return

     802        129  

Employer contribution

     500        700  

Benefits paid

     (773      (1,340

Administrative expenses

     (26      (26
  

 

 

    

 

 

 

Ending plan assets

     16,150        15,647  
  

 

 

    

 

 

 

Funded status at end of year

   $ (814    $ (681
  

 

 

    

 

 

 
Components of Net Periodic Pension Expense

The components of net periodic pension expense were as follows:

 

     2016      2015      2014  

Service cost

   $ —        $ —        $ 306  

Interest cost

     689        604        639  

Expected return on plan assets

     (1,090      (1,088      (1,021

Net amortization and deferral

     326        270        334  
  

 

 

    

 

 

    

 

 

 

Net periodic pension cost (benefit)

   $ (75    $ (214    $ 258  
  

 

 

    

 

 

    

 

 

 

Net loss (gain) recognized in other comprehensive loss

   $ 448      $ 412      $ (1,228

Total recognized in net periodic benefit cost and other comprehensive loss (before tax)

   $ 373      $ 198      $ (970
Schedule of Target Allocation and Expected Long-Term Rate of Return by Asset Category

The Company’s pension plan asset allocation at year-end 2016 and 2015 and target allocation for 2017 by asset category are as follows:

 

           Percentage of Plan  
     Target     Assets  
     Allocation     at Year-end  

Asset Category

   2017     2016     2015  

Equity securities

     20-50     47.5     48.2

Debt securities

     30-60       52.1       47.0  

Money market funds

     20-30       0.4       4.8  
    

 

 

   

 

 

 

Total

       100.0     100.0
    

 

 

   

 

 

 
Plan's Assets at Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy, the pension plan’s assets at fair value as of December 31, 2016 and 2015:

 

     December 31, 2016  
     Level 1      Level 2      Level 3      Total  

Assets:

           

Money market funds

   $ —        $ 64      $ —        $ 64  

Bond mutual funds

     23        —          —          23  

Common/collective trust:

           

Bonds

     8,390        —          —          8,390  

Equities

     5,593        —          —          5,593  

Equity market funds:

           

International

     399        —          —          399  

Large cap

     1,023        —          —          1,023  

Mid cap

     282        —          —          282  

Small cap

     376        —          —          376  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 16,086      $ 64      $ —        $ 16,150  
  

 

 

    

 

 

    

 

 

    

 

 

 
     December 31, 2015  
     Level 1      Level 2      Level 3      Total  

Assets:

           

Money market funds

   $ —        $ 94      $ —        $ 94  

Bond mutual funds

     23        —          —          23  

Common/collective trust:

           

Bonds

     7,338        —          —          7,338  

Equities

     6,315        —          —          6,315  

Equity market funds:

           

International

     357        —          —          357  

Large cap

     1,155        —          —          1,155  

Mid cap

     242        —          —          242  

Small cap

     123        —          —          123  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 15,553      $ 94      $ —        $ 15,647  
  

 

 

    

 

 

    

 

 

    

 

 

 

Summary of Expected Benefit Payments

Expected benefit payments, which reflect expected future service, are as follows:

 

2017

   $ 2,526  

2018

     442  

2019

     1,240  

2020

     753  

2021

     917  

2022 through 2024

     5,279  
  

 

 

 

Total

   $ 11,157  
  

 

 

 
Benefit Obligations [Member]  
Weighted Average Assumptions Used to Determine Benefit Obligations

The weighted average assumptions used to determine benefit obligations at year-end were as follows:

 

     2016     2015     2014  

Discount rate on benefit obligation

     4.00     4.16     3.69

Long-term rate of return on plan assets

     7.00     7.00     7.00

Rate of compensation increase

     0.00     0.00     0.00
Net Periodic Pension Cost [Member]  
Weighted Average Assumptions Used to Determine Benefit Obligations

The weighted average assumptions used to determine net periodic pension cost were as follows:

 

     2016     2015     2014  

Discount rate on benefit obligation

     4.16     3.69     4.38

Long-term rate of return on plan assets

     7.00     7.00     7.00

Rate of compensation increase

     0.00     0.00     3.00