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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Pension Plan |
Schedule of reconciliation of benefit obligation | The following table reconciles the beginning and ending balances of the Pension Plan’s benefit obligation, as computed by the Company’s independent actuarial consultants, and its plan assets, with the difference between the two amounts representing the funded status of the Pension Plan as of the end of the respective year.
($ in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 32,272 |  |  |  | 40,084 |  |  |  | 31,140 |
Service cost |  |  | — |  |  |  | 1,835 |  |  |  | 1,782 |
Interest cost |  |  | 1,284 |  |  |  | 1,451 |  |  |  | 1,638 |
Actuarial (gain) loss |  |  | (2,343 | ) |  |  | (4,006 | ) |  |  | 6,004 |
Benefits paid |  |  | (665 | ) |  |  | (503 | ) |  |  | (480 | )
Curtailment gain |  |  | — |  |  |  | (6,589 | ) |  |  | — |
Benefit obligation at end of year |  |  | 30,548 |  |  |  | 32,272 |  |  |  | 40,084 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at beginning of year |  |  | 30,124 |  |  |  | 24,466 |  |  |  | 22,431 |
Actual return on plan assets |  |  | 6,874 |  |  |  | 3,661 |  |  |  | 15 |
Employer contributions |  |  | — |  |  |  | 2,500 |  |  |  | 2,500 |
Benefits paid |  |  | (665 | ) |  |  | (503 | ) |  |  | (480 | )
Plan assets at end of year |  |  | 36,333 |  |  |  | 30,124 |  |  |  | 24,466 |
Funded status at end of year |  | $ | 5,785 |  |  |  | (2,148 | ) |  |  | (15,618 | )
Schedule of amounts recognized in balance sheet | The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2013 and 2012 as it relates to the Pension Plan, excluding the related deferred tax assets.
($ in thousands) |  | 2013 |  |  | 2012 |
Other assets |  | $ | 5,785 |  |  |  | 1,232 |
Other liabilities |  |  | — |  |  |  | (3,380 | )
|  | $ | 5,785 |  |  |  | (2,148 | )
Schedule of amounts recognized in other comprehensive income | The following table presents information regarding the amounts recognized in accumulated other comprehensive income (AOCI) at December 31, 2013 and 2012, as it relates to the Pension Plan.
($ in thousands) |  | 2013 |  |  | 2012 |
Net gain (loss) |  | $ | 3,579 |  |  |  | (3,380 | )
Prior service cost |  |  | — |  |  |  | — |
Amount recognized in AOCI before tax effect |  |  | 3,579 |  |  |  | (3,380 | )
Tax (expense) benefit |  |  | (1,396 | ) |  |  | 1,317 |
Net amount recognized as increase (decrease) to AOCI |  | $ | 2,183 |  |  |  | (2,063 | )
Schedule of reconciliation of balances in AOCI | The following table reconciles the beginning and ending balances of accumulated other comprehensive income (AOCI) at December 31, 2013 and 2012, as it relates to the Pension Plan:
($ in thousands) |  | 2013 |  |  | 2012 |
Accumulated other comprehensive loss at beginning of fiscal year |  | $ | (2,063 | ) |  |  | (9,855 | )
Net gain (loss) arising during period |  |  | 6,910 |  |  |  | 12,288 |
Prior service cost |  |  | — |  |  |  | 32 |
Transition Obligation |  |  | — |  |  |  | 30 |
Amortization of unrecognized actuarial loss |  |  | 49 |  |  |  | 545 |
Amortization of prior service cost and transition obligation |  |  | — |  |  |  | 14 |
Tax (expense) benefit of changes during the year, net |  |  | (2,713 | ) |  |  | (5,117 | )
Accumulated other comprehensive gain (loss) at end of fiscal year |  | $ | 2,183 |  |  |  | (2,063 | )
Schedule of reconciliation of prepaid pension costs | The following table reconciles the beginning and ending balances of the prepaid pension cost related to the Pension Plan:
($ in thousands) |  | 2013 |  |  | 2012 |
Prepaid pension cost as of beginning of fiscal year |  | $ | 1,232 |  |  |  | 671 |
Net periodic pension income (cost) for fiscal year |  |  | 974 |  |  |  | (1,876 | )
Actual employer contributions |  |  | — |  |  |  | 2,500 |
Effect of curtailment |  |  | — |  |  |  | (63 | )
Prepaid pension asset as of end of fiscal year |  | $ | 2,206 |  |  |  | 1,232
Schedule of net pension costs | Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2013, 2012, and 2011:
($ in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost – benefits earned during the period |  | $ | — |  |  |  | 1,835 |  |  |  | 1,782 |
Interest cost on projected benefit obligation |  |  | 1,284 |  |  |  | 1,451 |  |  |  | 1,638 |
Expected return on plan assets |  |  | (2,307 | ) |  |  | (1,969 | ) |  |  | (1,716 | )
Net amortization and deferral |  |  | 49 |  |  |  | 559 |  |  |  | 395 |
Net periodic pension (income) cost |  | $ | (974 | ) |  |  | 1,876 |  |  |  | 2,099
Schedule of expected benefit payments | The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan during the indicated time periods:
($ in thousands) |  | Estimated benefit payments |
Year ending December 31, 2014 |  | $ | 866 |
Year ending December 31, 2015 |  |  | 966 |
Year ending December 31, 2016 |  |  | 1,127 |
Year ending December 31, 2017 |  |  | 1,225 |
Year ending December 31, 2018 |  |  | 1,350 |
Years ending December 31, 2019-2023 |  |  | 8,248 |
Schedule of targeted mix of the pension plan's assets | The following table presents the targeted mix of the Pension Plan’s assets as of December 31, 2013, as set out by the Plan’s investment policy:
Investment type |  | Targeted % of Total Assets |  | Acceptable Range % of Total Assets
Fixed income investments |  |  |  |
Cash/money market account |  | 2% |  | 1%-5%
US government bond fund |  | 10% |  | 10%-20%
US corporate bond fund |  | 10% |  | 5%-15%
US corporate high yield bond fund |  | 5% |  | 0%-10%
Equity investments |  |  |  |
Large cap value fund |  | 20% |  | 20%-30%
Large cap growth fund |  | 20% |  | 20%-30%
Mid cap equity fund |  | 10% |  | 5%-15%
Small cap growth fund |  | 8% |  | 5%-15%
Foreign equity fund |  | 10% |  | 5%-15%
Company stock |  | 5% |  | 0%-10%
Schedule of investment category benchmarks | The investment category benchmarks as of December 31, 2013 are as follows:
Investment Category |  | Investment Category Benchmark |  | Range of Acceptable Deviation from Investment Category Benchmark
Fixed income investments |  |  |  |
Cash/money market account |  | Citigroup Treasury Bill Index – 3 month |  | 0-50 basis points
US government bond fund |  | Barclays Intermediate Government Bond Index |  | 0-200 basis points
US corporate bond fund |  | Barclays Aggregate Index |  | 0-200 basis points
US corporate high yield bond fund |  | Barclays High Yield Index |  | 0-200 basis points
Equity investments |  |  |  |
Large cap value fund |  | Russell 1000 Value Index |  | 0-300 basis points
Large cap growth fund |  | Russell 1000 Growth Index |  | 0-300 basis points
Mid cap equity fund |  | Russell Mid Cap Index |  | 0-300 basis points
Small cap growth fund |  | Russell 2000 Growth Index |  | 0-300 basis points
Foreign equity fund |  | MSCI EAFE Index |  | 0-300 basis points
Company stock |  | Russell 2000 Index |  | 0-300 basis points
Schedule of fair value of plan assets | The fair values of the Company’s pension plan assets at December 31, 2013, by asset category, are as follows:
($ in thousands) |  |  |  |  |  |
|  | Total Fair Value at December 31, 2013 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Fixed income investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 292 |  |  |  | — |  |  |  | 292 |  |  |  | — |
US government bond fund |  |  | 3,257 |  |  |  | 3,257 |  |  |  | — |  |  |  | — |
US corporate bond fund |  |  | 3,231 |  |  |  | 3,231 |  |  |  | — |  |  |  | — |
US corporate high yield bond fund |  |  | 1,688 |  |  |  | 1,688 |  |  |  | — |  |  |  | — |
Equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large cap value fund |  |  | 7,512 |  |  |  | 7,512 |  |  |  | — |  |  |  | — |
Large cap growth fund |  |  | 7,740 |  |  |  | 7,740 |  |  |  | — |  |  |  | — |
Small cap growth fund |  |  | 3,142 |  |  |  | 3,142 |  |  |  | — |  |  |  | — |
Mid cap growth fund |  |  | 3,783 |  |  |  | 3,783 |  |  |  | — |  |  |  | — |
Foreign equity fund |  |  | 3,696 |  |  |  | 3,696 |  |  |  | — |  |  |  | — |
Company stock |  |  | 1,992 |  |  |  | 1,992 |  |  |  | — |  |  |  | — |
Total |  | $ | 36,333 |  |  |  | 36,041 |  |  |  | 292 |  |  |  | — |
The fair values of the Company’s pension plan assets at December 31, 2012, by asset category, are as follows:
($ in thousands) |  |  |  |  |  |
|  | Total Fair Value at December 31, 2012 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Fixed income investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 441 |  |  |  | — |  |  |  | 441 |  |  |  | — |
US government bond fund |  |  | 2,995 |  |  |  | 2,995 |  |  |  | — |  |  |  | — |
US corporate bond fund |  |  | 3,008 |  |  |  | 3,008 |  |  |  | — |  |  |  | — |
US corporate high yield bond fund |  |  | 1,563 |  |  |  | 1,563 |  |  |  | — |  |  |  | — |
Equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large cap value fund |  |  | 6,101 |  |  |  | 6,101 |  |  |  | — |  |  |  | — |
Large cap growth fund |  |  | 6,020 |  |  |  | 6,020 |  |  |  | — |  |  |  | — |
Small cap growth fund |  |  | 2,514 |  |  |  | 2,514 |  |  |  | — |  |  |  | — |
Mid cap growth fund |  |  | 3,153 |  |  |  | 3,153 |  |  |  | — |  |  |  | — |
Foreign equity fund |  |  | 3,147 |  |  |  | 3,147 |  |  |  | — |  |  |  | — |
Company stock |  |  | 1,182 |  |  |  | 1,182 |  |  |  | — |  |  |  | — |
Total |  | $ | 30,124 |  |  |  | 29,683 |  |  |  | 441 |  |  |  | — |
SERP |
Schedule of reconciliation of benefit obligation | The following table reconciles the beginning and ending balances of the SERP’s benefit obligation, as computed by the Company’s independent actuarial consultants:
($ in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 6,813 |  |  |  | 8,064 |  |  |  | 7,433 |
Service cost |  |  | 304 |  |  |  | 303 |  |  |  | 292 |
Interest cost |  |  | 203 |  |  |  | 280 |  |  |  | 351 |
Actuarial (gain) loss |  |  | (1,856 | ) |  |  | (1,201 | ) |  |  | 93 |
Benefits paid |  |  | (172 | ) |  |  | (146 | ) |  |  | (105 | )
Curtailment gain |  |  | — |  |  |  | (487 | ) |  |  | — |
Projected benefit obligation at end of year |  |  | 5,292 |  |  |  | 6,813 |  |  |  | 8,064 |
Plan assets |  |  | — |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | (5,292 | ) |  |  | (6,813 | ) |  |  | (8,064 | )
Schedule of amounts recognized in balance sheet | The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2013 and 2012 as it relates to the SERP, excluding the related deferred tax assets.
($ in thousands) |  | 2013 |  |  | 2012 |
Other assets – prepaid pension asset (liability) |  | $ | (6,848 | ) |  |  | (6,614 | )
Other assets (liabilities) |  |  | 1,556 |  |  |  | (199 | )
|  | $ | (5,292 | ) |  |  | (6,813 | )
Schedule of amounts recognized in other comprehensive income | The following table presents information regarding the amounts recognized in AOCI at December 31, 2013 and 2012.
($ in thousands) |  | 2013 |  |  | 2012 |
Net gain (loss) |  | $ | 1,556 |  |  |  | (199 | )
Prior service cost |  |  | — |  |  |  | — |
Amount recognized in AOCI before tax effect |  |  | 1,556 |  |  |  | (199 | )
Tax (expense) benefit |  |  | (607 | ) |  |  | 79 |
Net amount recognized as increase (decrease) to AOCI |  | $ | 949 |  |  |  | (120 | )
Schedule of reconciliation of balances in AOCI | The following table reconciles the beginning and ending balances of accumulated other comprehensive income (AOCI) at December 31, 2013 and 2012, as it relates to the SERP:
($ in thousands) |  | 2013 |  |  | 2012 |
Accumulated other comprehensive loss at beginning of fiscal year |  | $ | (120 | ) |  |  | (1,203 | )
Net gain (loss) arising during period |  |  | 1,856 |  |  |  | 1,687 |
Prior service cost |  |  | — |  |  |  | 83 |
Amortization of unrecognized actuarial loss |  |  | (101 | ) |  |  | — |
Amortization of prior service cost and transition obligation |  |  | — |  |  |  | 19 |
Tax expense related to changes during the year, net |  |  | (686 | ) |  |  | (706 | )
Accumulated other comprehensive income (loss) at end of fiscal year |  | $ | 949 |  |  |  | (120 | )
Schedule of reconciliation of prepaid pension costs | The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands) |  | 2013 |  |  | 2012 |
Prepaid pension cost (liability) as of beginning of fiscal year |  | $ | (6,614 | ) |  |  | (6,075 | )
Net periodic pension cost for fiscal year |  |  | (406 | ) |  |  | (602 | )
Benefits paid |  |  | 172 |  |  |  | 146 |
Effect of curtailment |  |  | — |  |  |  | (83 | )
Prepaid pension cost (liability) as of end of fiscal year |  | $ | (6,848 | ) |  |  | (6,614 | )
Schedule of net pension costs | Net pension cost for the SERP included the following components for the years ended December 31, 2013, 2012, and 2011:
($ in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost – benefits earned during the period |  | $ | 304 |  |  |  | 303 |  |  |  | 292 |
Interest cost on projected benefit obligation |  |  | 203 |  |  |  | 280 |  |  |  | 351 |
Net amortization and deferral |  |  | (101 | ) |  |  | 19 |  |  |  | 30 |
Net periodic pension cost |  | $ | 406 |  |  |  | 602 |  |  |  | 673
Schedule of expected benefit payments | The following table is an estimate of the benefits that will be paid in accordance with the SERP during the indicated time periods:
($ in thousands) |  | Estimated benefit payments |
Year ending December 31, 2014 |  | $ | 237 |
Year ending December 31, 2015 |  |  | 288 |
Year ending December 31, 2016 |  |  | 341 |
Year ending December 31, 2017 |  |  | 350 |
Year ending December 31, 2018 |  |  | 397 |
Years ending December 31, 2019-2023 |  |  | 2,140 |
Schedule of assumptions used in determining actuarial information | The following assumptions were used in determining the actuarial information for the Pension Plan and the SERP for the years ended December 31, 2013, 2012, and 2011:
|  | 2013 |  | 2012 |  | 2011
|  | Pension Plan |  | SERP |  | Pension Plan |  | SERP |  | Pension Plan |  | SERP
Discount rate used to determine net periodic pension cost |  | 3.97% |  | 3.97% |  | 4.39% |  | 4.39% |  | 5.59% |  | 5.59%
Discount rate used to calculate end of year liability disclosures |  | 4.78% |  | 4.78% |  | 3.97% |  | 3.97% |  | 4.39% |  | 4.39%
Expected long-term rate of return on assets |  | 7.75% |  | n/a |  | 7.75% |  | n/a |  | 7.75% |  | n/a
Rate of compensation increase |  | n/a |  | n/a |  | 3.50% |  | 3.50% |  | 5.00% |  | 5.00%

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