XML 56 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Benefit Plans [Abstract]  
Schedule Of Accumulated And Projected Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

(Dollars in thousands)

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Change in projected benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of measurement year

$

18,648 

 

$

17,138 

 

$

14,252 

Service cost

 

456 

 

 

460 

 

 

358 

Interest cost

 

715 

 

 

716 

 

 

729 

Actuarial loss  

 

(1,798)

 

 

1,093 

 

 

2,570 

Benefits paid

 

(740)

 

 

(759)

 

 

(771)

Benefit obligation at end of measurement year

 

17,281 

 

 

18,648 

 

 

17,138 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of measurement year

 

18,764 

 

 

11,658 

 

 

9,056 

Actual return on plan assets net of expenses

 

576 

 

 

1,082 

 

 

1,261 

Employer contribution

 

 -

 

 

6,783 

 

 

2,112 

Benefits paid

 

(740)

 

 

(759)

 

 

(771)

Fair value of plan assets at end of measurement year

 

18,600 

 

 

18,764 

 

 

11,658 

 

 

 

 

 

 

 

 

 

Funded status of projected benefit obligation

$

1,319 

 

$

116 

 

$

(5,480)

 

Schedule Of Amounts Recognized In Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive

For the Years Ended December 31

income (loss), net of tax

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Net actuarial loss

$

(6,159)

 

$

(8,047)

 

$

(8,059)

Prior service cost obligation

 

345 

 

 

471 

 

 

597 

 

 

(5,814)

 

 

(7,576)

 

 

(7,462)

Tax effect

 

1,977 

 

 

2,576 

 

 

2,537 

Net amount recognized in accumulated other comprehensive loss

$

(3,837)

 

$

(5,000)

 

$

(4,925)

 

Schedule Of Net Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

Components of net periodic pension cost

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Service cost

$

456 

 

$

460 

 

$

358 

Interest cost

 

715 

 

 

716 

 

 

729 

Expected return on plan assets

 

(1,247)

 

 

(788)

 

 

(757)

Amortization of prior service cost

 

(125)

 

 

(125)

 

 

(126)

Recognized net actuarial loss

 

761 

 

 

810 

 

 

501 

Net periodic pension cost

$

560 

 

$

1,073 

 

$

705 

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

 

2013

 

2012

 

2011

Assumptions used to determine benefit obligations:

 

 

 

 

 

 

 

 

Discount rate

 

4.76% 

 

 

3.89% 

 

 

4.18% 

Rate of compensation increase

 

4.00% 

 

 

4.00% 

 

 

4.00% 

 

 

 

 

 

 

 

 

 

Assumptions used to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

Discount rate

 

3.89% 

 

 

4.18% 

 

 

5.28% 

Expected long-term return on plan assets

 

7.00% 

 

 

7.00% 

 

 

7.50% 

Rate of compensation increase

 

4.00% 

 

 

4.00% 

 

 

4.50% 

 

 

 

 

 

 

 

 

 

Asset allocations:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

10% 

 

 

35% 

 

 

3% 

Common stocks

 

33% 

 

 

22% 

 

 

25% 

Corporate bonds

 

6% 

 

 

3% 

 

 

7% 

Municipal bonds

 

43% 

 

 

38% 

 

 

62% 

Investment fund - debt

 

7% 

 

 

 -

 

 

 -

Insurance contracts

 

1% 

 

 

2% 

 

 

3% 

Total

 

100% 

 

 

100% 

 

 

100% 

 

 

 

 

 

 

 

 

 

Shares of the Corporation's common stock held in the plan

 

 

 

 

 

 

 

 

Value of shares  (in thousands)

$

49 

 

$

40 

 

$

36 

Percent of total plan assets

 

0.3% 

 

 

0.2% 

 

 

0.3% 

 

Schedule Of Net Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

Reconciliation of Funded Status

2013

 

2012

 

2011

Funded Status

$

1,319 

 

$

116 

 

$

(5,480)

Unrecognized net actuarial loss

 

6,159 

 

 

8,047 

 

 

8,059 

Unrecognized prior service cost

 

(345)

 

 

(471)

 

 

(597)

Net Asset recognized

$

7,133 

 

$

7,692 

 

$

1,982 

 

 

 

 

 

 

 

 

 

Accumulated Benefit Obligation

$

16,596 

 

$

17,859 

 

$

16,532 

 

Schedule Of Amounts Recognized In Balance Sheet

The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2013 and 2012. For more information on the levels within the fair value hierarchy, please refer to Note 20.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31, 2013

Asset  Description

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Cash and cash equivalents

 

$

1,753 

 

$

1,753 

 

$

 -

 

$

 -

Common stocks

 

 

6,210 

 

 

6,210 

 

 

 -

 

 

 -

Corporate bonds

 

 

1,162 

 

 

 -

 

 

1,162 

 

 

 -

Municipal bonds

 

 

8,041 

 

 

 -

 

 

8,041 

 

 

 -

Investment fund - debt

 

 

1,312 

 

 

 -

 

 

1,312 

 

 

 -

Cash value of life insurance

 

 

91 

 

 

 -

 

 

 -

 

 

91 

Deposit in immediate participation guarantee contract

 

 

31 

 

 

 -

 

 

 -

 

 

31 

Total assets

 

$

18,600 

 

$

7,963 

 

$

10,515 

 

$

122 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31, 2012

Asset  Description

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Cash and cash equivalents

 

$

6,506 

 

$

6,506 

 

$

 -

 

$

 -

Common stocks

 

 

4,128 

 

 

4,128 

 

 

 -

 

 

 -

Corporate bonds

 

 

603 

 

 

 -

 

 

603 

 

 

 -

Municipal bonds

 

 

7,213 

 

 

 -

 

 

7,213 

 

 

 -

Cash value of life insurance

 

 

87 

 

 

 -

 

 

 -

 

 

87 

Deposit in immediate participation guarantee contract

 

 

227 

 

 

 -

 

 

 -

 

 

227 

Total assets

 

$

18,764 

 

$

10,634 

 

$

7,816 

 

$

314 

 

Schedule Of Changes In Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits in

 

 

 

 

Immediate

 

Cash Value

 

Participation

 

of  Life

 

Guarantee

 

Insurance

 

Contract

Balance - January 1, 2013

$

87 

 

$

227 

Unrealized gain (loss)  relating to investments held at the reporting date

 

 

 

10 

Purchases, sales, issuances and settlement, net

 

 -

 

 

(206)

Balance - December 31, 2013

$

91 

 

$

31 

 

 

 

 

 

 

Balance - January 1, 2012

$

83 

 

$

240 

 Unrealized gain (loss)  relating to investments held at the reporting date

 

 

 

 Purchases, sales, issuances and settlement, net

 

 -

 

 

(16)

Balance - December 31, 2012

$

87 

 

$

227 

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

 

2014

 

$

915 

2015

 

 

896 

2016

 

 

974 

2017

 

 

968 

2018

 

 

959 

2019-2022

 

 

5,010 

 

 

$

9,722