EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2013

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

NOTE K—EMPLOYEE BENEFITS

Savings Plan

The Company maintains a 401(k) Savings and Retirement plan that covers all of the employees of the Company. Under this 401(k) plan, employees may defer such amounts of their compensation up to the levels permitted by the Internal Revenue Service. The Company recorded matching contributions of $6.0 million, $4.2 million and $3.9 million under this plan during 2013, 2012 and 2011, respectively, which were included in Personnel costs on the Company's Consolidated Statements of Income and Comprehensive Income.

Supplemental Executive Retirement Plan (SERP)

Effective January 2004, the Company implemented an unfunded noncontributory defined benefit plan (the "Plan") for certain senior executives. The Plan, which is administered by the Company, calls for fifteen annual payments upon retirement with the payment amount based on years of service and final average salary. The Company has engaged an actuary to calculate the benefit obligation and net benefits cost at December 31, 2013 and has utilized such to establish the benefit obligation liability. Net periodic benefit expense is also actuarially determined. As of December 31, 2013, the average remaining service period of plan participants is 7.6 years.

The Plan's net benefit cost is as follows:

(In thousands)
Change in Benefit Obligation
Benefit obligation at December 31, 2010	$	17,510
Service cost		986
Interest cost		807
Payments		(526	)
Actuarial loss		1,453
Benefit obligation at December 31, 2011	$	20,230
Service cost		878
Interest cost		761
Amortization of loss		40
Payments		(706	)
Actuarial loss		1,174
Benefit obligation at December 31, 2012	$	22,377
Service cost		556
Interest cost		696
Amortization of loss		121
Payments		(1,247	)
Actuarial gain		(1,551	)
Benefit obligation at December 31, 2013	$	20,952
Unfunded status	$	20,952
Unamortized net (gain) loss		—
Net amount recognized	$	20,952
Amounts Recognized in the Consolidated Balance Sheet
Current accrued expenses and other current liabilities		1,247
Non-Current other liabilities		19,705
Total Accrued liabilities	$	20,952

The Company recorded a comprehensive gain of $1.6 million, a comprehensive loss of $(1.2) million and a comprehensive loss of $(1.4) million for the years 2013, 2012 and 2011, respectively. The Company recorded a tax obligation of $0.5 million on the unrealized gain for the plan years 2013 and a tax benefit of $0.4 and $0.5 million on the unrealized loss for the plan years 2012 and 2011, respectively. The Company also amortized the loss of $0.1 million and $0.04 million for the plan years 2013 and 2012, respectively within Personnel costs on the Consolidated Statements of Income and Comprehensive Income. As of December 31, 2013, the Company does not expect to recognize amounts from Accumulated other comprehensive income as a component of net periodic benefit cost in 2014. There were no other components such as prior service costs or transition obligations relating to the Plan costs recorded within accumulated other comprehensive loss during 2013, 2012 or 2011. Accumulated other comprehensive loss was comprised of actuarial gain of $0.9 million, actuarial loss of $(0.7) million and actuarial loss of $(0.9) million, net of tax, for the years ended 2013, 2012 and 2011, respectively.

The following weighted average assumptions were used to determine the benefit obligation and net benefit cost at December 31:

	2013			2012			2011
Discount rate		4.03	%		3.25	%		3.90	%
Average rate of increase in compensation		3.00	%		3.00	%		3.00	%

At December 31, 2013, the estimated accumulated benefit obligation is $21.0 million. Future payments under the Plan are as follows:

(In thousands)
2014	$	1,247
2015		1,585
2016		1,585
2017		1,585
2018		1,928
Thereafter		13,022
	$	20,952