Note 8 - Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 8 – Benefit Plans:

Defined Benefit Plans

The Company is the sponsor of two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). Periodic benefit payments on retirement are determined based on a fixed amount applied to service or determined as a percentage of earnings prior to retirement. The Company is also the sponsor of an unfunded supplemental executive retirement plan (SERP) in which several of its employees are participants. Pension plan assets for retirement benefits consist primarily of fixed income securities and common stock equities.

Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the company’s primary defined benefit pension plan.  The curtailment gain included in the table in this note was recognized as a result of this change.

The Company recognizes the funded status of its defined benefit post retirement plans in the Company’s consolidated balance sheets.

At December 31, 2014, the Company’s projected benefit obligation under its pension plans exceeded the fair value of the plans’ assets by $8,084,000 and thus the plans are underfunded.

It is our policy to make contributions to the various plans in accordance with statutory funding requirements and any additional funding that may be deemed appropriate.

The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company's consolidated balance sheets at December 31, 2014 and 2013:

	December 31,
	2014			2013
Changes in benefit obligation
Benefit obligation at beginning of year	$	21,633,000		$	27,819,000
Service cost		81,000			364,000
Interest cost		1,001,000			1,016,000
Actuarial loss (gain)		4,168,000			(2,810,000	)
Curtailment gain		-			(1,990,000	)
Benefits paid		(1,413,000	)		(2,766,000	)
Benefit obligation at end of year		25,470,000			21,633,000
Changes in plan assets
Fair value of plan assets at beginning of year		18,016,000			17,351,000
Actual return on assets		783,000			2,431,000
Employer contributions		-			1,000,000
Benefits paid		(1,413,000	)		(2,766,000	)
Fair value of plan assets at end of year		17,386,000			18,016,000
Funded status at end of year	$	(8,084,000	)	$	(3,617,000	)
Amounts recognized in consolidated balance sheet
Long-term pension liability	$	(8,084,000	)	$	(3,617,000	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	9,153,000		$	4,903,000

Information for pension plans with projected benefit obligation in excess of plan assets
	December 31,
	2014			2013
Projected benefit obligation	$	25,470,000		$	21,633,000
Fair value of plan assets		(17,386,000	)		(18,016,000	)
	$	8,084,000		$	3,617,000

Components of net periodic benefit cost
	2014			2013
Net periodic benefits cost
Service cost - benefits earned during the period	$	81,000		$	364,000
Interest cost on projected benefit obligation		1,001,000			1,016,000
Expected return on plan assets		(1,395,000	)		(1,325,000	)
Amortization of prior service cost		-			13,000
Recognized actuarial loss		322,000			938,000
Settlement loss		208,000			476,000
Net periodic pension cost after settlements	$	217,000		$	1,482,000

The pension settlement loss included in the table above relates to lump sum payments made to various employees upon their retirement or termination each year.

The estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $797,000.

The table below presents various assumptions used in determining the benefit obligation for each year and reflects the percentages for the various plans.

Weighted-average assumptions used to determine benefit obligations at December 31,

	Discount Rate						Long Term Rate of Return						Salary Scale
	Corp.			Plants			Corp.			Plants			Corp		Plants
2013		4.82	%		4.66	%		8.00	%		8.00	%		N/A		N/A
2014		3.86	%		3.74	%		8.00	%		8.00	%		N/A		N/A

Weighted-average assumptions used to determine net periodic benefit cost for years ending December 31,

	Discount Rate						Long Term Rate of Return						Salary Scale
	Corp.			Plants			Corp.			Plants			Corp			Plants
2013		3.93	%		3.77	%		8.00	%		8.00	%		3.00	%		N/A
2014		4.82	%		4.66	%		8.00	%		8.00	%		N/A			N/A

The methodology used to determine the expected rate of return on the pension plan assets was based on a review of actual returns in the past and consideration of projected returns based upon our projected asset allocation. Our strategy with respect to our investments in pension plan assets is to be invested with a long-term outlook. Therefore, the risk and return balance of our asset portfolio should reflect a long-term horizon. Our pension plan asset allocation at December 31, 2013, 2014 and target allocation for 2015 are as follows:

	Percentage of Plan
	Assets at						Target
	December 31,						Allocation
Investment description	2014			2013			2015
Equity securities		63	%		59	%		65	%
Fixed income		15	%		16	%		15	%
Other		22	%		25	%		20	%
Total		100	%		100	%		100	%

The Company plans to contribute $1,000,000 to our defined benefit pension plans in 2015.

The following table includes projected benefit payments for the years indicated:

Year	Projected Benefit Payments
2015	$	1,204,000
2016	$	2,194,000
2017	$	2,242,000
2018	$	1,349,000
2019	$	1,384,000
2020-2024	$	8,672,000

Defined Contribution Plan

The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401(k) of the Internal Revenue Code. The plan provides for the Company to make a guaranteed match equal to 25% of each employee’s eligible contributions. The plan also provides the Company with the option of making an additional discretionary contribution to the plan each year. Currently the discretionary contribution is set at 3% of eligible employees’ payroll. The Company contributions for the years ended December 31, 2014 and 2013 were approximately $782,000 and $292,000, respectively.