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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Employee Benefit Plans [Abstract]  
Summary Of Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

2010

 

 

Options

 

Weighted-Average Exercise Price

 

Options

 

Weighted-Average Exercise Price

Options

 

Weighted-Average Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1

 

293,817 

$

33.95 

 

287,393 

$

33.64 
280,605 

$

33.56 

    Granted

 

16,876 

 

35.39 

 

16,000 

 

35.09 
15,500 

 

32.09 

    Exercised

 

(18,899)

 

28.78 

 

(9,576)

 

26.63 
(7,962)

 

27.81 

    Forfeited

 

(2,250)

 

33.28 

 

 -

 

 -

(750)

 

33.54 

Outstanding at December 31

 

289,544 

 

34.38 

 

293,817 

 

33.95 
287,393 

 

33.64 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of year

 

183,584 

 

34.70 

 

185,317 

 

33.70 
178,393 

 

32.75 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested at beginning of year

 

108,500 

 

34.38 

 

109,000 

 

35.10 
111,375 

 

35.01 

Granted during the year

 

16,876 

 

35.39 

 

16,000 

 

35.09 
15,500 

 

32.09 

Vested during the year

 

(18,166)

 

38.87 

 

(16,500)

 

39.34 
(17,625)

 

31.88 

Forfeited during the year

 

(1,250)

 

30.38 

 

 -

 

 -

(250)

 

33.54 

Nonvested at end of eyar

 

105,960 

$

33.81 

 

108,500 

$

34.38 
109,000 

$

35.10 

 

Stock Options Outstanding And Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ranges of Exercise Prices

 

No. of Options Outstanding

 

Weighted-Average Exercise Price

 

Weighted-Average Remaining Contractual Life (Months)

 

Aggregate Intrinsic Value (in thousands)

No. of Options Currently Exercisable

 

Weighted-Average Exercise Price of Options Currently Exercisable

Weighted-Average Remaining Contractual Life (Months)

 

Aggregate Intrinsic Value of Options Currently Exercisable       (in thousands)

$26.62 - $33.90

 

165,168 

$

31.87 

 

40 

$

491 
114,584 

$

32.65 
23 

$

252 

$35.09 - $40.88

 

124,376 

 

37.70 

 

62 

 

 -

69,000 

 

38.11 
43 

 

 -

 

 

289,544 

 

 

 

 

$

491 
183,584 

 

 

 

$

252 

 

Weighted Average Assumptions Estimate The Fair Value Of Options Granted

 

 

 

 

 

 

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

Risk-free interest rate

 

2.51%

 

3.07%

 

3.24%

Expected dividend yield

 

3.90%

 

3.88%

 

4.24%

Volatility factor

 

48.40%

 

41.12%

 

42.70%

Expected life of option

 

5.0 years

 

8.0 years

 

8.0 years

 

Restricted Shares Activity And Related Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

2010

 

 

Restricted Awards

 

Average Market Price at Grant

 

Restricted Awards

 

Average Market Price at Grant

Restricted Awards

 

Average Market Price at Grant

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1

 

108,209 

 

 

 

96,060 

 

 

88,109 

 

 

    Granted

 

23,336 

$

34.94 

 

14,050 

$

35.08 

13,750 

$

31.47 

    Forfeited/Vested

 

(14,834)

 

 

 

(1,901)

 

 

(5,799)

 

 

Outstanding at December 31

 

116,711 

 

 

 

108,209 

 

 

96,060 

 

 

 

Summary Of Activity Within The Defined Benefit Plan

 

 

 

 

 

 

Pension Benefits

(in thousands)

 

2012

 

2011

 

 

 

 

 

Change in fair value of plan assets:

 

 

 

 

Fair value at beginning of measurement period

$

8,952 

$

9,668 

Actual gain (loss) on plan assets

 

734 

 

(379)

Contributions

 

736 

 

400 

Benefits paid

 

(759)

 

(737)

Fair value at end of measurement period

 

9,663 

 

8,952 

 

 

 

 

 

Change in benefit obligation:

 

 

 

 

  Benefit obligation at beginning of measurement period

 

(12,943)

 

(12,202)

Interest cost

 

(635)

 

(650)

Actuarial loss

 

(1,008)

 

(828)

Benefits paid

 

759 

 

737 

Benefit obligation at end of measurement period

 

(13,827)

 

(12,943)

Funded status

 

(4,164)

 

(3,991)

 

 

 

 

 

Unrecognized net actuarial gain

 

8,024 

 

7,637 

Other comprehensive loss

 

(8,024)

 

(7,637)

Accrued Benefit Cost

$

(4,164)

$

(3,991)

 

 

 

 

 

Weighted-average assumptions for balance sheet liability at end of year:

 

 

 

 

Discount rate

 

4.31%

 

5.06%

Expected long-term rate of return

 

7.46%

 

8.00%

 

 

 

 

 

Weighted-average assumptions for benefit cost at beginning of year:

 

 

 

 

Discount rate

 

5.06%

 

5.50%

Expected long-term rate of return

 

8.00%

 

8.00%

 

Net Periodic Pension Cost Of The Defined Benefit Plan

 

 

 

 

 

 

 

 

Pension Benefits

(in thousands)

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

Components of net periodic benefit:

 

 

 

 

 

 

Interest cost

$

635 

$

650 

$

674 

Expected return on plan assets

 

(810)

 

(811)

 

(812)

Net amortization and deferral

 

696 

 

547 

 

370 

Net Periodic Pension Cost

$

521 

$

386 

$

232 

 

Summary Of Current Allocation Percentages Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Target

 

Allowable-

 

Percentage of Plan Assets

 

 

Allocation

 

Allocation

 

At December 31

 

 

2012

 

Range

 

2012

 

2011 

 

 

 

 

 

 

 

 

 

Equity securities

 

60%

 

40-80%

 

39% 

 

54% 

Debt securities

 

30%

 

20-40%

 

36% 

 

35% 

Other

 

10%

 

 3-10%

 

25% 

 

11% 

Total

 

 

 

 

 

100% 

 

100% 

 

Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Heirarchy

 

 

 

 

 

 

 

 

 

(in thousands)

 

Total

 

Level 1

 

Level 2

 

Level 3

2012

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,023 

$

2,023 

$

 -

$

 -

Mutual funds

 

2,220 

 

1,139 

 

1,081 

 

 -

Common stocks

 

3,034 

 

2,552 

 

482 

 

 -

Mortgage-backed securities

 

524 

 

 -

 

524 

 

 -

Government and GSE bonds

 

1,344 

 

 -

 

1,344 

 

 -

Corporate Bonds

 

518 

 

 -

 

518 

 

 -

Total

$

9,663 

$

5,714 

$

3,949 

$

 -

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

430 

$

430 

$

 -

$

 -

Mutual funds

 

2,075 

 

1,062 

 

1,013 

 

 -

Common stocks

 

4,320 

 

3,879 

 

441 

 

 -

Mortgage-backed securities

 

445 

 

 -

 

445 

 

 -

Government and GSE bonds

 

1,242 

 

 -

 

1,242 

 

 -

Corporate Bonds

 

440 

 

 -

 

440 

 

 -

Total

$

8,952 

$

5,371 

$

3,581 

$

 -

 

Summary Of Expected Benefit Payments

 

 

 

Plan Year Ending December 31

 

Expected Benefits to be Paid

(in thousands)

 

 

 

 

 

2013

$

836 

2014

 

839 

2015

 

845 

2016

 

853 

2017

 

860 

2018 through 2022

 

4,411