XML 68 R56.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables) (Non-contributory defined benefit pension plan)
 12 Months Ended
Dec. 31, 2013
Non-contributory defined benefit pension plan
  
Retirement Plans  
Schedule of the pension plan's funded status and amounts recognized in the company's accompanying consolidated financial statements

 

 

 
   December 31,  
(Dollars in thousands)
   2013   2012   2011  

Change in benefit obligation:

                    

Benefit obligation at beginning of year

   $ 26,703   $ 25,015   $ 20,708  

Interest cost

     997     1,033     1,097  

Actuarial (gain) loss

     (2,359 )   1,308     3,801  

Benefits paid

     (733 )   (653 )   (591 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Benefit obligation at end of year

     24,608     26,703     25,015  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Change in plan assets:

                    

Fair value of plan assets at beginning of year

     22,219     19,233     19,083  

Actual return on plan assets

     4,347     2,439     (219 )

Employer contribution

     1,200     1,200     960  

Benefits paid

     (733 )   (653 )   (591 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets at end of year

     27,033     22,219     19,233  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Funded status

   $ 2,425   $ (4,484 ) $ (5,782 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income

 

 

 
   Years Ended
December 31,		  
(Dollars in thousands)
   2013   2012   2011  

Interest cost

   $ 997   $ 1,033   $ 1,097  

Expected return on plan assets

     (1,721 )   (1,631 )   (1,601 )

Recognized net actuarial loss

     1,206     1,069     549  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net periodic benefit cost

     482     471     45  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (gain) loss

     (4,986 )   500     5,621  

Amortization of net loss

     (1,206 )   (1,069 )   (549 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total amount recognized in other comprehensive income

     (6,192 )   (569 )   5,072  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recognized in net periodic benefit cost and other comprehensive income

   $ (5,710 ) $ (98 ) $ 5,117  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of accumulated benefit obligations in excess of plan assets

 

 

 
   December 31,  
(Dollars in thousands)
   2013   2012  

Projected benefit obligation

   $ 24,608   $ 26,703  

Accumulated benefit obligation

     24,608     26,703  

Fair value of plan assets

     27,033     22,219  
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost

 

 

 
   Years Ended
December 31,		  
 
   2013   2012   2011  

Discount rate

     3.80 %   4.20 %   5.40 %

Expected long-term return on plan assets

     7.75 %   7.75 %   8.00 %
Schedule of long-term rate of return and standard deviation assumptions used in developing long-term rate of return assumption for the pension plan

 

 

Asset Class
  Rate of
Return
Assumption		   Standard
Deviation
Assumption		  

Cash Equivalents

     3.00 %   0.55 %

High Grade Fixed Income

     6.57 %   3.38 %

High Yield Fixed Income

     8.51 %   9.57 %

International Fixed Income

     7.47 %   8.28 %

Large Cap Equity

     9.08 %   14.69 %

Mid Cap Equity

     10.63 %   17.75 %

Mid/Small Cap Equity

     9.34 %   18.79 %

Small Cap Equity

     8.05 %   19.82 %

Foreign Equity

     7.13 %   18.36 %
Schedule of fair values of the company's pension plan assets

 

 

(Dollars in thousands)
   Fair Value
December 31,
2013		   Quoted Prices
In Active
Markets
for Identical
Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  

Cash and cash equivalents

   $ 8   $ 8   $ —   $ —  

Money market funds

     1,599     1,599     —     —  

Broad market fixed income

     8,150     8,150     —     —  

Domestic equity

     14,740     14,740     —     —  

Foreign equity

     2,536     2,536     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 27,033   $ 27,033   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of estimated future benefit payments

 

 

(Dollars in thousands)
    
  

2014

   $ 939  

2015

     1,070  

2016

     1,167  

2017

     1,279  

2018

     1,373  

2019 - 2023

     7,609  
       
​ ​ ​ ​ ​

 

   $ 13,437  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
Schedule of expenses incurred and charged against operations with regard to all of the company's retirement plans

 

 

 
   Years Ended December 31,  
(Dollars in thousands)
   2013   2012   2011  

Pension

   $ 482   $ 471   $ 45  

Employee savings plan/ 401(k)

     3,508     1,741     915  

Supplemental executive retirement plan

     455     543     224  

Post-retirement benefits

     164     59     62  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 4,609   $ 2,814   $ 1,246  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​