Retirement Plans and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Pension Plan

The following table provides information for the Plan at or for the years ended December 31:

	Years Ended December 31,
	2013			2012			2011
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	18,752		$	18,326		$	16,191
Service cost		1,170			1,094			989
Interest		763			800			890
Actuarial (gain) loss		(1,540	)		27			401
Benefits paid		(106	)		(1,495	)		(145	)
Benefit obligation at end of year		19,039			18,752			18,326
Change in plan assets:
Fair value of plan assets at beginning of year		12,200			11,377			10,950
Actual return (loss) on plan assets		992			818			(28	)
Employer contribution		725			1,500			600
Benefits paid		(106	)		(1,495	)		(145	)
Fair value of plan assets at end of year		13,811			12,200			11,377
Funded status and accrued benefit at end of year	$	5,228		$	6,552		$	6,949
Accumulated benefit obligation at end of year	$	13,192		$	13,297		$	11,964

Actuarial Assumptions used in Determining Pension Benefit Obligation

The following actuarial assumptions were used in determining the pension benefit obligation:

	December 31,
	2013			2012
Discount rate		5.00	%		4.00	%
Rate of compensation increase		4.00			4.00

Net Pension Cost

Net pension cost includes the following components for the years ended December 31:

	2013			2012			2011
	(In thousands)
Service cost	$	1,170		$	1,094		$	989
Interest cost		763			800			890
Expected return on assets		(948	)		(867	)		(876	)
Amortization of transition asset		(12	)		(12	)		(12	)
Amortization of actuarial loss		117			175			116
Net periodic pension cost	$	1,090		$	1,190		$	1,107

Actuarial Assumptions used in Determining Service Costs

The following actuarial assumptions were used in determining the service costs for the years ended December 31:

	2013			2012			2011
Discount rate		4.00	%		4.50	%		5.50	%
Expected return on plan assets		8.00			8.00			8.00
Rate of compensation increase		4.00			4.00			5.00

Fair Value of Major Categories of Pension Plan Assets

The fair value of major categories of our pension plan assets are summarized below:

	December 31, 2013
Plan Assets	Level 1		Level 2		Level 3		Fair Value
	(In thousands)
Large U.S. equity	$	-	$	3,325	$	-	$	3,325
Small/mid U.S. equity		-		831		-		831
International equity		-		1,394		-		1,394
Balanced/asset allocation		-		693		-		693
Short-term fixed income		-		1,519		-		1,519
Fixed income		-		6,049		-		6,049
	$	-	$	13,811	$	-	$	13,811
	December 31, 2012
	Level 1		Level 2		Level 3		Fair Value
	(In thousands)
Large U.S. equity	$	-	$	2,987	$	-	$	2,987
Small/mid U.S. equity		-		755		-		755
International equity		-		1,286		-		1,286
Balanced/asset allocation		-		603		-		603
Short-term fixed income		-		711		-		711
Fixed income		-		5,858		-		5,858
	$	-	$	12,200	$	-	$	12,200

Reconciliation of Level Three Investments for which Significant Unobservable Inputs were used to Determine Fair Value

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Year Ended December 31, 2012
Balance at beginning of year	$	844
Unrealized appreciation		-
Reductions for assets transferred during the year		(844	)
Balance at end of year	$	-

Estimated Benefits to be Paid from Pension Plan

We estimate that the benefits to be paid from the pension plan for years ended December 31 are as follows:

Year	Benefit Payments to Participants
	(In thousands)
2014	$	1,210
2015		863
2016		1,878
2017		595
2018		1,120
In aggregate for 2019 – 2023		5,418