XML 86 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit and Deferred Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Information relating to the defined benefit pension plan and post-retirement health and life plans
Information relating to the defined benefit pension plan (“Pension Benefits”) and post-retirement health and life plans (“Other Benefits”) as of December 31, 2013 and 2012 is as follows:
 
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
Change in benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
19,428

 
$
17,815

 
$
1,543

 
$
1,764

Service cost
—

 
—

 
28

 
23

Interest cost
899

 
863

 
70

 
65

Plan participants’ contributions
—

 
—

 
95

 
96

Actuarial loss (gain)
(1,344
)
 
1,914

 
505

 
(235
)
Benefits paid
(1,372
)
 
(1,164
)
 
(159
)
 
(170
)
Addition from business combination
9,753

 
—

 
—

 
—

Benefit obligation at end of year
$
27,364

 
$
19,428

 
$
2,082

 
$
1,543

Change in fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
16,008

 
$
15,426

 
 
 
 
Actual return on plan assets
3,776

 
1,646

 
 
 
 
Contribution by employer
—

 
100

 
 
 
 
Benefits paid
(1,372
)
 
(1,164
)
 
 
 
 
Addition from business combination
9,577

 
—

 
 
 
 
Fair value of plan assets at end of year
$
27,989

 
$
16,008

 
 
 
 
Funded status at end of year
$
625

 
$
(3,420
)
 
$
(2,082
)
 
$
(1,543
)
Weighted-average assumptions as of December 31
 
 
 
 
 
 
 
Discount rate used to determine the benefit obligation
4.83
%
 
3.90
%
 
4.66
%
 
3.04
%
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans
The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2013, 2012 and 2011 are as follows: 
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Service cost
$
—

 
$
—

 
$
—

 
$
28

 
$
23

 
$
36

Interest cost
899

 
863

 
914

 
70

 
65

 
80

Expected return on plan assets
(1,445
)
 
(1,193
)
 
(1,230
)
 
—

 
—

 
—

Prior service cost recognized
—

 
—

 
—

 
—

 
—

 
—

Recognized actuarial loss
427

 
355

 
303

 
195

 
73

 
140

Net periodic benefit cost
(119
)
 
25

 
(13
)
 
293

 
161

 
256

Net actuarial (gain)/loss arising during the period
(3,675
)
 
1,460

 
1,882

 
505

 
(235
)
 
(114
)
Amortization of net actuarial loss recognized in net periodic pension cost
(427
)
 
(355
)
 
(303
)
 
(195
)
 
(73
)
 
(140
)
Total recognized in other comprehensive income
(4,102
)
 
1,105

 
1,579

 
310

 
(308
)
 
(254
)
Total recognized in net periodic benefit cost and other comprehensive income
$
(4,221
)
 
$
1,130

 
$
1,566

 
$
603

 
$
(147
)
 
$
2

Weighted-average assumptions as of December 31
 
 
 
 
 
 
 
 
 
 
 
Discount rate used to determine net periodic pension cost
3.90
%
 
5.06
%
 
5.50
%
 
3.04
%
 
4.61
%
 
4.75
%
Expected return on plan assets
8.00
%
 
8.00
%
 
8.00
%
 
N/A

 
N/A

 
N/A
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan are as follows:
 
Pension
Benefits
 
Other
Benefits
2014
$
2,037

 
$
233

2015
2,014

 
244

2016
2,088

 
215

2017
2,048

 
201

2018
2,069

 
203

2019 - 2023
10,166

 
789
Amounts recognized in accumulated other comprehensive income, net of tax
Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2013 are as follows:
 
Pension
Benefits
 
Other
Benefits
Prior service cost
$
—

 
$
—

Actuarial loss
(7,046
)
 
(895
)
Total
$
(7,046
)
 
$
(895
)
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost
The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost over the next fiscal year are as follows:
 
Pension
Benefits
 
Other
Benefits
Prior service cost
$
—

 
$
—

Actuarial loss
182

 
109

Total
$
182

 
$
109
Fair values of defined benefit pension plan assets by category of the firm
The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2).
 
 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Totals
December 31, 2013
 
 
 
 
 
 
 
Cash and cash equivalents
$
10,971

 
$
—

 
$
—

 
$
10,971

Equity securities:
 
 
 
 
 
 
 
U.S. large cap companies
3,622

 
—

 
—

 
3,622

U.S. mid cap companies
4,079

 
—

 
—

 
4,079

U.S. small cap companies
2,237

 
—

 
—

 
2,237

International companies
1,212

 
—

 
—

 
1,212

Fixed income securities:
 
 
 
 
 
 
 
U.S. government bonds
—

 
2,673

 
—

 
2,673

Other corporate bonds
—

 
3,195

 
—

 
3,195

 
$
22,121

 
$
5,868

 
$
—

 
$
27,989

 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Totals
December 31, 2012
 
 
 
 
 
 
 
Cash and cash equivalents
$
430

 
$
—

 
$
—

 
$
430

Equity securities:
 
 
 
 
 
 
 
U.S. large cap companies
3,059

 
—

 
—

 
3,059

U.S. mid cap companies
3,490

 
—

 
—

 
3,490

U.S. small cap companies
1,980

 
—

 
—

 
1,980

International companies
1,177

 
—

 
—

 
1,177

Fixed income securities:
 
 
 
 
 
 
 
U.S. government bonds
—

 
2,458

 
—

 
2,458

Other corporate bonds
—

 
3,414

 
—

 
3,414

 
$
10,136

 
$
5,872

 
$
—

 
$
16,008
Stock option grants assumptions
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions for each option grant:
 
2013 Grant
 
2012 Grant
 
2011 Grant
Dividend yield
3.55
%
 
4.55
%
 
4.02
%
Expected volatility
37
%
 
37
%
 
36
%
Risk-free interest rate
0.76
%
 
0.79
%
 
1.97
%
Expected lives
6 years

 
6 years

 
6 years

Weighted average fair value
$
4.47

 
$
3.10

 
$
3.93
Summarizes information about options issued under the long-term equity incentive plan
The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2013: 
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
Outstanding at January 1, 2011
1,228,290

 
$
18.88

 
 
 
 
Granted
170,000

 
16.91

 
 
 
 
Exercised
(1,265
)
 
8.29

 
 
 
 
Forfeited
(69,750
)
 
16.40

 
 
 
 
Outstanding at December 31, 2011
1,327,275

 
$
18.77

 
4.90
 
$
927

Exercisable at December 31, 2011
1,028,442

 
$
19.54

 
3.87
 
$
848

Granted
172,000

 
14.96

 
 
 
 
Exercised
(163,652
)
 
13.54

 
 
 
 
Forfeited
(56,375
)
 
21.81

 
 
 
 
Outstanding at December 31, 2012
1,279,248

 
$
18.79

 
5.14
 
$
2,838

Exercisable at December 31, 2012
949,082

 
$
19.92

 
4.01
 
$
1,646

Assumed in acquisition
11,557

 
21.16

 
 
 
 
Granted
52,500

 
19.14

 
 
 
 
Exercised
(272,957
)
 
19.22

 
 
 
 
Forfeited
(10,000
)
 
27.20

 
 
 
 
Outstanding at December 31, 2013
1,060,348

 
$
18.64

 
4.89
 
$
13,592

Exercisable at December 31, 2013
843,237

 
$
19.21

 
4.08
 
$
10,331
Summary of the changes in restricted stock
The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2013:
 
Performance-
Based
Restricted
Stock
 
Weighted
Average
Grant-Date
Fair Value
 
Time-
Based
Restricted
Stock
 
Weighted
Average
Grant-Date
Fair Value
Nonvested at beginning of year
—

 
$
—

 
9,684

 
$
15.49

Granted
93,526

(1) 
19.14

 
32,338

 
22.70

Vested
(93,526
)
 
19.14

 
(19,038
)
 
17.41

Cancelled
—

 
—

 
(646
)
 
15.49

Nonvested at end of year
—

 
$
—

 
22,338

 
$
24.30

 
(1)
In January 2013, the Company awarded 69,850 shares of performance-based restricted stock based on the target level of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 23,676 shares were issued for a total award of 93,526 shares.