Note 9 - Benefit Plans

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 9 – Benefit Plans:

Defined Benefit Plans

The Company is the sponsor of two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). Periodic benefit payments on retirement are determined based on a fixed amount applied to service or determined as a percentage of earnings prior to retirement. The Company is also the sponsor of an unfunded supplemental executive retirement plan (SERP) in which several of its employees are participants. Pension plan assets for retirement benefits consist primarily of fixed income securities and common stock equities.

Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the company’s primary defined benefit pension plan. The curtailment gain included in the table in this note was recognized as a result of this change.

The Company recognizes the funded status of its defined benefit post retirement plans in the Company’s consolidated balance sheets.

At December 31, 2013, the Company’s projected benefit obligation under its pension plans exceeded the fair value of the plans’ assets by $3,617,000 and thus the plans are underfunded.

It is our policy to make contributions to the various plans in accordance with statutory funding requirements and any additional funding that may be deemed appropriate.

The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company's consolidated balance sheets at December 31, 2013 and 2012:

	December 31,
	2013			2012
Changes in benefit obligation
Benefit obligation at beginning of year	$	27,819,000		$	23,897,000
Service cost		364,000			595,000
Interest cost		1,016,000			1,023,000
Actuarial (gain) loss		(2,810,000	)		3,469,000
Curtailment gain		(1,990,000	)		-
Benefits paid		(2,766,000	)		(1,165,000	)
Benefit obligation at end of year		21,633,000			27,819,000
Changes in plan assets
Fair value of plan assets at beginning of year		17,351,000			15,811,000
Actual return on assets		2,431,000			2,155,000
Employer contributions		1,000,000			550,000
Benefits paid		(2,766,000	)		(1,165,000	)
Fair value of plan assets at end of year		18,016,000			17,351,000
Funded status at end of year	$	(3,617,000	)	$	(10,468,000	)
Amounts recognized in consolidated balance sheet
Long-term pension liability	$	(3,617,000	)	$	(10,468,000	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	4,903,000		$	12,223,000
Prior service cost		-			13,000
	$	4,903,000		$	12,236,000

Information for pension plans with projected benefit obligation in excess of plan assets
	December 31,
	2013			2012
Projected benefit obligation	$	21,633,000		$	27,819,000
Fair value of plan assets		(18,016,000	)		(17,351,000	)
	$	3,617,000		$	10,468,000

Components of net periodic benefit cost
Net periodic benefits cost	2013			2012
Service cost - benefits earned during the period	$	364,000		$	595,000
Interest cost on projected benefit obligation		1,016,000			1,023,000
Expected return on plan assets		(1,325,000	)		(1,270,000	)
Amortization of prior service cost		13,000			17,000
Recognized actuarial loss		938,000			957,000
Settlement loss		476,000			-
Net periodic pension cost after settlements	$	1,482,000		$	1,322,000

The pension settlement loss included in the table above relates to lump sum payments made to various employees upon their retirement or termination each year.

The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $324,000 and $-0-, respectively.

The table below presents various assumptions used in determining the benefit obligation for each year and reflects the percentages for the various plans.

Weighted-average assumptions used to determine benefit obligations at December 31,

	Discount Rate						Long Term Rate of Return						Salary Scale
	Corp.			Plants			Corp.			Plants			Corp.			Plants
2012		3.93	%		3.77	%		8.00	%		8.00	%		3.00	%	N/A
2013		4.82	%		4.66	%		8.00	%		8.00	%		0.00	%	N/A

Weighted-average assumptions used to determine net periodic benefit cost for years ending December 31,

	Discount Rate						Long Term Rate of Return						Salary Scale
	Corp.			Plants			Corp.			Plants			Corp.			Plants
2012		4.35	%		4.23	%		8.00	%		8.00	%		3.50	%	N/A
2013		3.93	%		3.77	%		8.00	%		8.00	%		3.00	%	N/A

The methodology used to determine the expected rate of return on the pension plan assets was based on a review of actual returns in the past and consideration of projected returns based upon our projected asset allocation. Our strategy with respect to our investments in pension plan assets is to be invested with a long-term outlook. Therefore, the risk and return balance of our asset portfolio should reflect a long-term horizon. Our pension plan asset allocation at December 31, 2012, 2013 and target allocation for 2014 are as follows:

	Percentage of Plan Assets at December 31,							Target Allocation
	2013			2012			2014
Investment description
Equity securities		59	%		73	%		62	%
Fixed income		16	%		22	%		18	%
Other		25	%		5	%		20	%
Total		100	%		100	%		100	%

The Company plans to contribute $50,000 to our defined benefit pension plans in 2014.

The following table includes projected benefit payments for the years indicated:

Year	Projected Benefit Payments
2014	$	1,301,000
2015	$	2,616,000
2016	$	2,218,000
2017	$	2,281,000
2018	$	1,483,000
2019-2023	$	10,384,000

Defined Contribution Plan

The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401(k) of the Internal Revenue Code. The plan provides for the Company to make a guaranteed match equal to 25% of each employee’s eligible contributions. The plan also provides the Company with the option of making an additional discretionary contribution to the plan each year. Currently the discretionary contribution is set at 3% of eligible employees’ payroll. The Company contributions for the years ended December 31, 2013 and 2012 were approximately $292,000 and $120,000, respectively.