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Employee Benefit Plans (Tables)

12 Months Ended

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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