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Retirement Plans (Tables)
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12 Months Ended |
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Dec. 31, 2013
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Pension plan
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Summary of changes in benefit obligations and plan assets |
The following accumulated benefit information is as of December 31: | | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | Change in benefit obligation - Pension | | | | | Benefit obligation at beginning of year | | $ | 10,215 |
| | $ | 8,701 |
| Service cost | | 359 |
| | 284 |
| Interest cost | | 402 |
| | 375 |
| Actuarial gain/assumption changes | | (1,379 | ) | | 1,344 |
| Benefits paid | | (271 | ) | | (489 | ) | Benefit obligation at end of year | | $ | 9,326 |
| | $ | 10,215 |
| Accumulated benefit obligation at end of year | | $ | 8,427 |
| | $ | 9,195 |
| Change in Plan Assets | | | | | Fair value of plan assets at beginning of year | | $ | 6,799 |
| | $ | 5,722 |
| Actual return on plan assets | | 1,105 |
| | 706 |
| Employer contribution | | 1,000 |
| | 860 |
| Benefits/expenses paid | | (271 | ) | | (489 | ) | Fair value of plan assets at end of year | | $ | 8,633 |
| | $ | 6,799 |
| Funded status - liability | | $ | (693 | ) | | $ | (3,416 | ) | | | | | | Amounts recorded in equity | | | | | Net actuarial (gain) | | $ | (1,961 | ) | | $ | (4,110 | ) | Prior service cost | | 148 |
| | 176 |
| Total amount recorded | | $ | (1,813 | ) | | $ | (3,934 | ) | Amount recorded, net taxes | | $ | (1,088 | ) | | $ | (2,360 | ) |
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| Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income |
Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | Net (gain) loss | | $ | (1,867 | ) | | $ | (1,092 | ) | Recognition of net actuarial gain or (loss) | | (282 | ) | | 218 |
| Recognized prior service cost | | 28 |
| | (29 | ) | Total changes | | $ | (2,121 | ) | | $ | (903 | ) | Changes, net of taxes | | $ | (1,271 | ) | | $ | (542 | ) |
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| Summary of amounts expected to be recognized as component of net periodic pension costs during the next fiscal year |
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | | | | | ($ in thousands) | | Amortization net actuarial gain or (loss) | $ | 61 |
| Amortization prior service cost | $ | (29 | ) |
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| Schedule of expected annual benefit payments |
Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 - 2021 | $ | 1,119 |
| | $ | 309 |
| | $ | 393 |
| | $ | 389 |
| | $ | 427 |
| | $ | 2,364 |
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| Schedule of fair value of plan assets by investment type |
See the following table for fair value hierarchy by investment type at December 31: | | | | | | | | | | | | ($ in thousands) | | Fair Value Hierarchy | | December 31, 2013 | | December 31, 2012 | Pension Plan Assets: | | | | | | | Cash and Cash Equivalents | | Level 1 | | $ | 1,336 |
| | $ | 231 |
| Collective Funds | | Level 2 | | 3,851 |
| | 3,449 |
| Treasury/Corporate Notes | | Level 2 | | 1,357 |
| | 1,129 |
| Corporate Equities | | Level 1 | | 2,089 |
| | 1,990 |
| | | | | $ | 8,633 |
| | $ | 6,799 |
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| Components of net periodic pension cost |
Total pension and retirement expense was as follows for each of the years ended December 31: | | | | | | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | | 2011 | Cost components: | | | | | | | Service cost | | $ | (359 | ) | | $ | (284 | ) | | $ | (251 | ) | Interest cost | | (402 | ) | | (375 | ) | | (384 | ) | Expected return on plan assets | | 542 |
| | 454 |
| | 446 |
| Net amortization and deferral | | (253 | ) | | (190 | ) | | (220 | ) | Total net periodic pension cost | | $ | (472 | ) | | $ | (395 | ) | | $ | (409 | ) |
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SERP
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Summary of changes in benefit obligations and plan assets |
The following SERP benefit information is as of December 31: | | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | Change in benefit obligation - SERP | | | | | Benefit obligation at beginning of year | | $ | 6,507 |
| | $ | 5,474 |
| Service cost | | 318 |
| | 525 |
| Interest cost | | 219 |
| | 208 |
| Actuarial gain/assumption changes | | (913 | ) | | 300 |
| Benefit obligation at end of year | | $ | 6,131 |
| | $ | 6,507 |
| Accumulated benefit obligation at end of year | | $ | 6,099 |
| | $ | 6,339 |
| Funded status - liability | | $ | (6,131 | ) | | $ | (6,507 | ) |
| | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | Amounts recorded in stockholders’ equity | | | | | Net actuarial (gain) | | $ | 696 |
| | $ | 1,671 |
| Prior service cost | | — |
| | — |
| Total amount recorded | | $ | 696 |
| | $ | 1,671 |
| Amount recorded, net taxes | | $ | 418 |
| | $ | 1,003 |
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| Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income |
Other changes in benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | | | | | | | | | | ($ in thousands) | | 2013 | | 2012 | Net (gain) loss | | $ | (745 | ) | | $ | 133 |
| Recognition of net actuarial gain or (loss) | | (229 | ) | | (287 | ) | Recognized prior service cost | | — |
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| Total changes | | $ | (974 | ) | | $ | (154 | ) | Changes, net of taxes | | $ | (584 | ) | | $ | (92 | ) |
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| Summary of amounts expected to be recognized as component of net periodic pension costs during the next fiscal year |
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | | | | | Amortization net actuarial gain or (loss) | $ | 23 |
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| Schedule of expected annual benefit payments |
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 - 2021 | $ | 550 |
| | $ | 621 |
| | $ | 697 |
| | $ | 688 |
| | $ | 715 |
| | $ | 3,680 |
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| Components of net periodic pension cost |
Total pension and retirement expense was as follows for each of the years ended December 31: | | | | | | | | | | | | | | ($ in thousands) | | 2012 | | 2011 | | 2010 | Cost components: | | | | | | | Service cost | | $ | 318 |
| | $ | 525 |
| | $ | (172 | ) | Interest cost | | 219 |
| | 208 |
| | (215 | ) | Net amortization and deferral | | 229 |
| | 287 |
| | (66 | ) | Total net periodic pension cost | | $ | 766 |
| | $ | 1,020 |
| | $ | (453 | ) |
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