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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Emplyee Benefit Plans [Abstract]  
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

SERP

(In thousands)

 

2012

 

2011

 

2012

 

2011

Change in Benefit Obligation

 

 

 

 

 

 

 

 

Obligation at the beginning of the year

$

26,540 

$

22,600 

$

4,814 

$

4,404 

Service cost

 

 

 

114 

 

322 

Interest cost

 

1,380 

 

1,430 

 

245 

 

233 

Change in discount rate assumption

 

3,933 

 

3,442 

 

 

(54)

Actuarial (gains)/losses

 

(437)

 

 

(100)

 

(47)

Benefits paid

 

(1,076)

 

(932)

 

(83)

 

(44)

Obligation at the end of the year

 

30,340 

 

26,540 

 

4,990 

 

4,814 

Change in Plan Assets

 

 

 

 

 

 

 

 

Fair value at the beginning of the year

 

29,037 

 

29,152 

 

 

Actual return on plan assets

 

3,193 

 

817 

 

 

Employer contribution

 

 

 

83 

 

44 

Benefits paid

 

(1,076)

 

(932)

 

(83)

 

(44)

Fair value at the end of the year

 

31,154 

 

29,037 

 

 

Funded Status

$

814 

$

2,497 

$

(4,990)

$

(4,814)

 

Components Of The Net Periodic Pension Plan Cost [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

SERP

 

 

2012

 

2011

 

2012

 

2011

Components of Net Pension Cost

 

 

 

 

 

 

 

 

Service cost

$

$

$

114 

$

322 

Interest cost

 

1,380 

 

1,430 

 

245 

 

233 

Expected return on assets

 

(2,211)

 

(2,225)

 

 

Amortization of transition asset

 

(39)

 

(39)

 

 

Amortization of recognized loss

 

379 

 

279 

 

15 

 

20 

Amortization of prior service cost

 

12 

 

12 

 

123 

 

123 

Net pension (income)/expense in employee benefits

$

(479)

$

(543)

$

497 

$

698 

 

 

 

 

 

 

 

 

 

Weighted Average Assumptions used to

 

 

 

 

 

 

 

 

determine benefit obligations:

 

 

 

 

 

 

 

 

Discount rate for benefit obligations

 

4.00% 

 

5.00% 

 

5.25% 

 

5.25% 

Discount rate for net pension cost

 

5.00% 

 

6.00% 

 

 

Expected long-term return on assets

 

7.75% 

 

7.75% 

 

 

Rate of compensation increase

 

3.00% 

 

4.00% 

 

3.00% 

 

3.00% 

 

Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

Asset Class

Normalized Target

Range

Cash

5%

0% - 20%

Fixed Income

40%

30% - 50%

Equities

55%

45% - 65%

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

Fair Value Hierarchy

(Dollars in thousands)

 

Assets at Fair Value

% of Portfolio

 

Level 1

 

Level 2

Cash and cash equivalents

$

3,377 
10.8% 

$

3,377 

$

Fixed income securities:

 

 

 

 

 

 

 

    U.S. Government and Agencies

 

138 
0.4% 

 

 

138 

    Taxable municipal bonds and notes

 

1,882 
6.0% 

 

 

1,882 

    Corporate bonds and notes

 

7,990 
25.7% 

 

 

7,990 

    Preferred stock

 

736 
2.4% 

 

 

736 

    Fixed income mutual funds

 

2,826 
9.1% 

 

2,826 

 

       Total fixed income

 

13,572 
43.6% 

 

2,826 

 

10,746 

Equities:

 

 

 

 

 

 

 

    Large Cap

 

11,132 
35.7% 

 

11,132 

 

    Mid Cap

 

1,543 
5.0% 

 

1,543 

 

    Small Cap

 

840 
2.7% 

 

840 

 

    International

 

690 
2.2% 

 

690 

 

       Total equities

 

14,205 
45.6% 

 

14,205 

 

Total market value

$

31,154 
100.0% 

$

20,408 

$

10,746 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

Fair Value Hierarchy

(Dollars in thousands)

 

Assets at Fair Value

% of Portfolio

 

Level 1

 

Level 2

Cash and cash equivalents

$

367 
1.4% 

$

367 

$

Fixed income securities:

 

 

 

 

 

 

 

    U.S. Government and Agencies

 

473 
1.6% 

 

 

473 

    Taxable municipal bonds and notes

 

1,483 
5.1% 

 

 

1,483 

    Corporate bonds and notes

 

7,031 
24.2% 

 

 

7,031 

    Preferred stock

 

710 
2.4% 

 

 

710 

    Fixed income mutual funds

 

2,206 
7.6% 

 

2,206 

 

       Total fixed income

 

11,903 
40.9% 

 

2,206 

 

9,697 

Equities:

 

 

 

 

 

 

 

    Large Cap

 

12,446 
42.9% 

 

12,446 

 

    Mid Cap

 

2,183 
7.5% 

 

2,183 

 

    Small Cap

 

1,230 
4.2% 

 

1,230 

 

    International

 

908 
3.1% 

 

908 

 

       Total equities

 

16,767 
57.7% 

 

16,767 

 

Total market value

$

29,037 
100.0% 

$

19,340 

$

9,697 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Pension Plan

 

SERP

2013

$

1,053 

$

127 

2014

 

1,085 

 

194 

2015

 

1,119 

 

187 

2016

 

1,203 

 

179 

2017

 

1,235 

 

237 

2018-2022

 

7,830 

 

1,901 

 

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Amounts included in accumulated other comprehensive loss as of December 31, 2012 and 2011, net of tax, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

(In thousands)

 

Pension

 

SERP

 

Pension

 

SERP

Unrecognized net actuarial loss

$

8,278 

$

13 

$

6,977 

$

83 

Unrecognized prior service costs

 

42 

 

39 

 

49 

 

113 

Net transition asset

 

(58)

 

 

(81)

 

 

$

8,262 

$

52 

$

6,945 

$

196 

 

            Other changes in plan assets and benefit obligations recognized in other comprehensive loss during the year ended December 31, 2012 were as follows:

 

 

 

 

 

 

 

 

Defined Benefit Pension Plan

 

 

  Net actuarial loss during the period

$

(2,435)

 Reclassification into income:

 

 

    Amortization of prior service costs

 

12 

    Amortization of transition asset

 

(39)

    Amortization of unrecognized loss

 

379 

 

 

(2,083)

Supplemental Executive Retirement Plan

 

 

  Net actuarial gain during the period

 

15 

 Reclassification into income:

 

 

    Amortization of prior service costs

 

123 

 

 

138 

Change in Plan Assets and Benefit Costs

 

(1,945)

  Tax effect

 

772 

Amount included in other comprehensive loss, net of tax

$

(1,173)

 

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Pension

 

SERP

Prior service costs

$

12 

$

123 

Net transition asset

 

(39)

 

Net actuarial loss

 

506 

 

15 

 

$

479 

$

138