XML 130 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
Schedule of Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status
The following table sets forth the plans’ projected benefit obligations, fair value of plan assets and funded status as of and for the years ended December 31, 2012 and 2011.
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Retirement Plans
At December 31,
2012
 
2011
 
2012
 
2011
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period

$57,257

 

$46,556

 

$11,321

 

$9,953

Service cost
2,574

 
2,314

 
150

 
71

Interest cost
2,823

 
2,578

 
503

 
495

Actuarial loss
9,535

 
7,298

 
1,315

 
1,534

Benefits paid
(1,440
)
 
(1,371
)
 
(720
)
 
(732
)
Administrative expenses
(134
)
 
(118
)
 

 

Benefit obligation at end of period

$70,615

 

$57,257

 

$12,569

 

$11,321

Change in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period

$38,330

 

$36,070

 

$—

 

$—

Actual return on plan assets
4,322

 
749

 

 

Employer contribution
10,000

 
3,000

 
720

 
732

Benefits paid
(1,440
)
 
(1,371
)
 
(720
)
 
(732
)
Administrative expenses
(134
)
 
(118
)
 

 

Fair value of plan assets at end of period

$51,078

 

$38,330

 

$—

 

$—

Unfunded status at end of period

($19,537
)
 

($18,927
)
 

($12,569
)
 

($11,321
)
Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Retirements Plans
The components of accumulated other comprehensive income related to the qualified pension plan and non-qualified retirement plans, on a pre-tax basis, are summarized below:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Retirement Plans
 
 
At December 31,
2012
 
2011
 
2012
 
2011
Net actuarial loss

$23,144

 

$15,928

 

$3,938

 

$2,743

Prior service credit
(221
)
 
(254
)
 
(5
)
 
(7
)
Total pre-tax amounts recognized in accumulated other comprehensive income

$22,923

 

$15,674

 

$3,933

 

$2,736

Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income
The components of net periodic benefit cost and other amounts recognized in other comprehensive income, on a pre-tax basis, were as follows:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Retirement Plans
Years ended December 31,
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost

$2,574

 

$2,314

 

$2,337

 

$150

 

$71

 

$93

Interest cost
2,823

 
2,578

 
2,507

 
503

 
495

 
515

Expected return on plan assets
(2,985
)
 
(2,794
)
 
(2,541
)
 

 

 

Amortization of prior service (credit) cost
(33
)
 
(33
)
 
(33
)
 
(1
)
 
(1
)
 
8

Recognized net actuarial loss
982

 
392

 
340

 
119

 
16

 
19

Net periodic benefit cost

$3,361

 

$2,457

 

$2,610

 

$771

 

$581

 

$635

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
 
 
 
 
 
 
 
 
 
 
 
Net loss (gain)

$7,216

 

$8,951

 

($1,104
)
 

$1,195

 

$1,517

 

$388

Prior service cost (credit)
33

 
33

 
33

 
1

 
1

 
(8
)
Recognized in other comprehensive income

$7,249

 

$8,984

 

($1,071
)
 

$1,196

 

$1,518

 

$380

Total recognized in net periodic benefit cost and other comprehensive income

$10,610

 

$11,441

 

$1,539

 

$1,967

 

$2,099

 

$1,015

Schedule of Assumptions Used
The measurement date and weighted-average assumptions used to determine benefit obligations at December 31, 2012 and 2011 were as follows:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
 
2012
 
2011
 
2012
 
2011
Measurement date
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2012
 
Dec 31, 2011
Discount rate
4.125%
 
5.000%
 
3.750%
 
4.625%
Rate of compensation increase
3.750%
 
3.750%
 
3.750%
 
3.750%

The measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2012, 2011 and 2010 were as follows:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Measurement date
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2009
 
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2009
Discount rate
5.000%
 
5.625%
 
6.000%
 
4.625%
 
5.125%
 
5.625%
Expected long-term return on plan assets
7.750%
 
8.000%
 
8.000%
 
 
 
Rate of compensation increase
3.750%
 
3.750%
 
4.250%
 
3.750%
 
3.750%
 
4.250%
Schedule of Allocation of Plan Assets
The asset allocations of the qualified pension plan at December 31, 2012 and 2011, by asset category were as follows:
December 31,
2012

 
2011

Asset Category:
 
 
 
Equity securities
55.0
%
 
56.2
%
Fixed securities
30.9
%
 
39.7
%
Cash and cash equivalents
14.1
%
 
4.1
%
Total
100.0
%
 
100.0
%
The following table presents the fair values of the qualified pension plan’s assets at December 31, 2012:
(Dollars in thousands)
 
 
 
 
Fair Value Measurements Using
 
Assets at
Fair Value
December 31, 2012
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents

$7,274

 

$—

 

$—

 

$7,274

Obligations of U.S. government agencies and U.S. government-sponsored enterprises

 
1,059

 

 
1,059

Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises

 

 

 

States and political subdivisions

 
2,218

 

 
2,218

Corporate bonds

 
10,378

 

 
10,378

Common stocks
15,892

 

 

 
15,892

Mutual funds
14,750

 

 

 
14,750

Total plan assets

$37,916

 

$13,655

 

$—

 

$51,571


The following table presents the fair values of the qualified pension plan’s assets at December 31, 2011:
(Dollars in thousands)
 
 
 
 
Fair Value Measurements Using
 
Assets at
Fair Value
December 31, 2011
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents

$1,595

 

$—

 

$—

 

$1,595

Obligations of U.S. government agencies and U.S. government-sponsored enterprises

 
1,786

 

 
1,786

Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises

 

 

 

States and political subdivisions

 
1,720

 

 
1,720

Corporate bonds

 
10,283

 

 
10,283

Common stocks
15,487

 

 

 
15,487

Mutual funds
7,459

 

 

 
7,459

Total plan assets

$24,541

 

$13,789

 

$—

 

$38,330

Schedule of Expected Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified
Plans
2013

$1,816

 

$731

2014
1,936

 
738

2015
2,191

 
767

2016
2,382

 
766

2017
2,510

 
759

Years 2018 - 2021
14,386

 
3,769