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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2011
Employee Benefit Plans [Abstract]  
Net Periodic Pension Cost
                         
(Dollars in thousands)    Year Ended December 31,  
         2011              2010              2009      

Service cost

     $    2,272         $    2,127         $    2,337   

Interest cost

     4,555         4,291         4,129   

Expected return on plan assets

     (8,343)         (7,138)         (5,328)   

Amortization of transition asset

     0         (131)         (175)   

Recognized net actuarial loss

     2,427         2,317         3,506   

Amortization of prior service cost

     1         1         1   
    

 

 

    

 

 

    

 

 

 

Net periodic pension cost

     $      912         $    1,467         $    4,470   
    

 

 

    

 

 

    

 

 

 
       

Weighted-Average Assumptions:

                          

Discount rate

     5.75%         6.25%         6.25%   

Expected return on assets

     8.00%         8.00%         8.00%   

Rate of Compensation Increase (prior to age 45)

     3.75%         3.75%         4.75%   

Rate of Compensation Increase (otherwise)

     2.75%         2.75%         3.25%  
Reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets and the accumulated benefit obligation
                 
(Dollars in thousands)    December 31,  
Change in Projected Benefit Obligation            2011                      2010          

Projected Benefit Obligation at the Beginning of the Year

     $    79,556         $    70,136   

Service Cost

     2,272         2,127   

Interest Cost

     4,555         4,291   

Actuarial (Gain) Loss

     11,288         5,142   

Benefits Paid

     (2,509)         (2,140)   
    

 

 

    

 

 

 

Projected Benefit at the End of the Year

     $    95,162         $    79,556   

Accumulated Benefit Obligation at the End of the Year

     $    86,661         $    72,577   
     

Change in Plan Assets

                 

Fair Value of Plan Assets at the Beginning of the Year

     $  105,504         $    87,507   

Actual Return on Plan Assets

     (1,612)         11,037   

Benefits Paid

     (2,509)         (2,140)   

Employer Contributions

     0         9,100   
    

 

 

    

 

 

 

Fair value of plan assets at end of year

     $  101,383         $  105,504   
     

Net Amount Recognized

                 

Funded Status

     $      6,221         $    25,949   

Unrecognized Transition Asset

     0         0   

Unrecognized Prior Service Cost

     4         5   

Unrecognized Net Loss

     50,590         31,773   
    

 

 

    

 

 

 

Net Amount Recognized

     $    56,815         $    57,727   
    

 

 

    

 

 

 
     

Weighted-Average Assumptions at the End of the Year

                 

Discount Rate

     5.15%         5.75%   

Rate of Compensation Increase (prior to age 45)

     3.75%         3.75%   

Rate of Compensation Increase (otherwise)

     2.75%         2.75%   
Asset allocation for the defined benefit pension plan as of the measurement date, by asset category
                                 
Plan Assets   

Target Allocation

2011

    

Allowable

Allocation Range

    

Percentage of

Plan Assets at

 
                   December 31,
2011
     December 31,
2010
 
                      

 

 

 

Equity Securities

     70%         50-80%         61%         59%   

Debt Securities

     25%         20-40%         32%         34%   

Other

     5%         3-10%         7%         7%   
                      

 

 

 

Total

                       100%         100%
Expected benefit payments
         

Year

     Amount    

    (In thousands)

        

2012

     $    2,757   

2013

     3,068   

2014

     3,419   

2015

     3,762   

2016

     4,194   

2017 through 2021

     26,209   
Balances of the plan assets, by fair value hierarchy level
Fair Value Measurements at December 31, 2011 Using

(In thousands)

 

Description

Balance as of
December 31,
2011
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)

Cash and Cash equivalents

$ 6,526 $ 6,526 $ 0 $ 0

Fixed Income Securities:

Mortgage backed securities

289 0 289 0

Collateralized mortgage obligations

232 0 232 0

Municipal obligations

879 0 879 0

Corporate bonds

3,391 3,103 288 0

Fixed Income Mutual Funds:

Fixed income-general

12,065 12,065 0 0

Domestic

10,442 10,442 0 0

Alternative

4,787 4,787 0 0

Equity Securities:

Preferred stock

198 198 0 0

Common stock

23,686 23,686 0 0

Equity Mutual Funds:

Global equity

3,816 3,816 0 0

Domestic equity large cap

4,592 4,592 0 0

Domestic equity small cap

12,117 12,117 0 0

International emerging equity

6,312 6,312 0 0

International equity developed

6,685 6,685 0 0

Alternative equity

4,604 4,604 0 0

Other Assets:

Partnerships

762 0 762 0

 

 

 

 

 

 

 

 

Total

$ 101,383 $ 98,933 $ 2,450 $ 0

Fair Value Measurements at December 31, 2010 Using

(In thousands)

 

Description

Balance as of
December 31,
2010
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)

Cash and Cash equivalents

$ 6,497 $ 6,497 $ 0 $ 0

Fixed Income Securities:

Mortgage backed securities

458 0 458 0

Collateralized mortgage obligations

413 0 413 0

Municipal obligations

815 0 815 0

Corporate bonds

4,257 3,913 344 0

Fixed Income Mutual Funds:

Fixed income - general

7,412 7,412 0 0

Domestic

16,174 16,174 0 0

Alternative

6,598 6,598 0 0

Equity Securities:

Preferred stock

185 185 0 0

Common stock

22,763 22,763 0 0

Equity Mutual Funds:

Global equity

3,879 3,879 0 0

Domestic equity large cap

4,641 4,641 0 0

Domestic equity small cap

11,018 11,018 0 0

International emerging equity

7,578 7,578 0 0

International equity developed

7,700 7,700 0 0

Alternative equity

4,223 4,223 0 0

Other Assets:

Partnerships

893 0 893 0

 

 

 

 

 

 

 

 

Total

$ 105,504 $ 102,581 $ 2,923 $ 0