XML 54 R47.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Summary Of Stock Option Activity
A summary of the Company’s stock option activity and related information is presented below: 
 
2014
2013
2012
 
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
 
 
 
 
 
 
 
Outstanding at January 1
173,601

$
35.26

289,544

$
34.38

293,817

$
33.95

     Granted
13,953

44.43

15,475

37.74

16,876

35.39

     Exercised
(20,000
)
29.19

(126,168
)
33.57

(18,899
)
28.78

     Forfeited
—

—

(5,250
)
34.56

(2,250
)
33.28

Outstanding at December 31
167,554

36.74

173,601

35.26

289,544

34.38

 
 
 
 
 
 
 
Exercisable at end of year
89,750

36.73

76,832

37.97

183,584

34.70

 
 
 
 
 
 
 
Nonvested at beginning of year
96,769

33.10

105,960

33.81

108,500

34.38

Granted during the year
13,953

44.43

15,475

37.74

16,876

35.39

Vested during the year
(32,918
)
29.25

(23,166
)
39.64

(18,166
)
38.87

Forfeited during the year
—

—

(1,500
)
30.38

(1,250
)
30.38

Nonvested at end of year
77,804

$
36.76

96,769

$
33.10

105,960

$
33.81
Stock Options Outstanding And Exercisable
Additional information regarding stock options outstanding and exercisable at December 31, 2014, is provided in the following table:
  
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
39,250

30.84

44
$
616

23,750

$
30.02

31
$
392

35.09 - 44.43
128,304

38.55

58
1,024

66,000

39.15

25
487

 
167,554

 
 
$
1,640

89,750

 
 
$
879
Weighted Average Assumptions Estimate The Fair Value Of Options Granted
The following weighted average assumptions were used to estimate the fair value of options granted:
 
2014
2013
2012
 
 
 
 
Risk-free interest rate
2.42
%
1.88
%
2.51
%
Expected dividend yield
3.60
%
3.70
%
3.90
%
Volatility factor
48.75
%
41.35
%
48.40
%
Expected life of option
8.0 years
8.0 years
5.0 years
Restricted Shares Activity And Related Information
A summary of the Company’s restricted shares activity and related information is presented below:
 
 
2014
2013
2012
 
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
142,469

 
116,711

 
108,209

 
     Granted
27,162

$
39.72

35,083

$
38.07

23,336

$
34.94

     Forfeited/Vested
(6,200
)
 
(9,325
)
 
(14,834
)
 
Outstanding at December 31
163,431

 
142,469

 
116,711

 
Summary Of Activity Within The Defined Benefit Plan
The following table summarizes activity within the Defined Benefit Plans (dollars in thousands):

 
Pension Benefits
 
2014
2013
 
 
 
Change in fair value of plan assets:
 
 
Fair value at beginning of measurement period
$
14,726

$
9,663

Acquisition
—

4,558

Actual gain (loss) on plan assets
496

1,412

Contributions
409

538

Benefits paid
(964
)
(1,445
)
Fair value at end of measurement period
14,667

14,726

 
 
 
Change in benefit obligation:
 
 
   Benefit obligation at beginning of measurement period
(17,524
)
(13,827
)
Acquisition
—

(6,297
)
Interest cost
(836
)
(776
)
Actuarial loss
(3,994
)
1,931

Benefits paid
964

1,445

Benefit obligation at end of measurement period
(21,390
)
(17,524
)
Funded status
(6,723
)
(2,798
)
 
 
 
Unrecognized net actuarial gain
8,461

4,555

Other comprehensive loss
(8,461
)
(4,555
)
Accrued Benefit Cost
$
(6,723
)
$
(2,798
)
 
 
 
Weighted-average assumptions for balance sheet liability at end of year:
 
 
Discount rate
3.93
%
4.89
%
Expected long-term rate of return
6.92
%
7.35
%
 
 
 
Weighted-average assumptions for benefit cost at beginning of year:
 
 
Discount rate
4.89
%
4.31
%
Expected long-term rate of return
7.35
%
7.46
%
Net Periodic Pension Cost Of The Defined Benefit Plan
The following table presents the components of the net periodic pension cost of the Defined Benefit Plans (in thousands):
 
2014
2013
2012
 
 
 
 
Components of net periodic benefit:
 
 
 
Interest cost
$
836

$
776

$
635

Expected return on plan assets
(1,032
)
(979
)
(810
)
Net amortization and deferral
696

1,106

696

Net Periodic Pension Cost
$
500

$
903

$
521
Summary Of Current Allocation Percentages Of Plan Assets
The target, allowable, and current allocation percentages of plan assets are as follows:
 
Target Allocation 2014
Allowable- Allocation Range
Percentage of Plan Assets
At December 31
 
2014
2013
 
 
 
 
 
Equity securities
65
%
40-100%
53
%
53
%
Fixed income securities
18
%
20-40%
23
%
28
%
Cash and cash equivalents
2
%
3-10%
9
%
7
%
Alternative investments
15
%
0-15%
15
%
12
%
Total
100
%
 
100
%
100
%
The target, allowable, and current allocation percentages of plan assets are as follows:

 
Target Allocation 2014
Allowable- Allocation Range
Percentage of Plan Assets
At December 31
 
2014
2013
 
 
 
 
 
Equity securities
25
%
20%-30%
25
%
26
%
Fixed income securities
75
%
70%-80%
75
%
74
%
 
100
%
 
100
%
100
%
Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy
The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands).  Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Twenty).


 
Total
Level 1
Level 2
Level 3
2014
 
 
 
 
Cash and cash equivalents
$
959

$
959

$
—

$
—

Mutual funds
6,162

5,656

506

—

Investment funds
1,610

—

1,014

596

Common stocks
3,941

3,119

822

—

Mortgage-backed securities
53

—

53

—

Government and GSE bonds
1,171

—

1,171

—

Corporate Bonds
771

—

771

—

Total
$
14,667

$
9,734

$
4,337

$
596

 
 
 
 
 
2013
 
 
 
 
Cash and cash equivalents
$
714

$
714

$
—

$
—

Mutual funds
5,991

5,267

724

—

Investment funds
1,305

—

809

496

Common stocks
4,399

3,477

922

—

Mortgage-backed securities
151

—

151

—

Government and GSE bonds
1,367

—

1,367

—

Corporate Bonds
799

—

799

—

Total
$
14,726

$
9,458

$
4,772

$
496
Summary Of Expected Benefit Payments
The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands):
Plan Year Ending December 31,
Expected Benefits to be Paid
 
 
2015
$
1,272

2016
1,049

2017
1,147

2018
1,542

2019
1,092

2020 through 2024
5,714