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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Share-based Compensation [Abstract]  
Summary Of Stock Option Activity
A summary of the Company’s stock option activity and related information is presented below:
 
 
2013
2012
2011
 
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
 
 
 
 
 
 
 
Outstanding at January 1
289,544

$
34.38

293,817

$
33.95

287,393

$
33.64

     Granted
15,475

37.74

16,876

35.39

16,000

35.09

     Exercised
(126,168
)
33.57

(18,899
)
28.78

(9,576
)
26.63

     Forfeited
(5,250
)
34.56

(2,250
)
33.28

—

—

Outstanding at December 31
173,601

35.26

289,544

34.38

293,817

33.95

 
 
 
 
 
 
 
Exercisable at end of year
76,832

37.97

183,584

34.70

185,317

33.70

 
 
 
 
 
 
 
Nonvested at beginning of year
105,960

33.81

108,500

34.38

109,000

35.10

Granted during the year
15,475

37.74

16,876

35.39

16,000

35.09

Vested during the year
(23,166
)
39.64

(18,166
)
38.87

(16,500
)
39.34

Forfeited during the year
(1,500
)
30.38

(1,250
)
30.38

—

—

Nonvested at end of year
96,769

$
33.10

105,960

$
33.81

108,500

$
34.38
Stock Options Outstanding And Exercisable
Additional information regarding stock options outstanding and exercisable at December 31, 2013, is provided in the following table:
  
Ranges of Exercise Prices
No. of Options Outstanding
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Life (Months)
Aggregate Intrinsic Value
(in thousands)
No. of Options Currently Exercisable
Weighted-Average Exercise Price of Options Currently Exercisable
Weighted-Average Remaining Contractual Life (Months)
Aggregate Intrinsic Value of Options Currently Exercisable 
(in thousands)
26.62 - 33.90
58,750

30.23

57
$
946

10,332

$
30.52

21
$
163

35.09 - 40.88
114,851

37.83

63
976

66,500

39.13

37
479

 
173,601

 
 
$
1,922

76,832

 
 
$
642
Weighted Average Assumptions Estimate The Fair Value Of Options Granted
The following weighted average assumptions were used to estimate the fair value of options granted:
 
2013
2012
2011
 
 
 
 
Risk-free interest rate
1.88
%
2.51
%
3.07
%
Expected dividend yield
3.70
%
3.90
%
3.88
%
Volatility factor
41.35
%
48.40
%
41.12
%
Expected life of option
8.0 years
5.0 years
8.0 years
Restricted Shares Activity And Related Information
A summary of the Company’s restricted shares activity and related information is presented below:
 
 
2013
2012
2011
 
Restricted Awards
Average Market Price at Grant
Restricted Awards
Average Market Price at Grant
Restricted Awards
Average Market Price at Grant
 
 
 
 
 
 
 
Outstanding at January 1
116,711

 
108,209

 
96,060

 
     Granted
35,083

$
38.07

23,336

$
34.94

14,050

$
35.08

     Forfeited/Vested
(9,325
)
 
(14,834
)
 
(1,901
)
 
Outstanding at December 31
142,469

 
116,711

 
108,209

 
Summary Of Activity Within The Defined Benefit Plan
The following table summarizes activity within the Defined Benefit Plans (dollars in thousands):

 
Pension Benefits
 
2013
2012
 
 
 
Change in fair value of plan assets:
 
 
Fair value at beginning of measurement period
$
9,663

$
8,952

Acquisition
4,558

—

Actual gain (loss) on plan assets
1,412

734

Contributions
538

736

Benefits paid
(1,445
)
(759
)
Fair value at end of measurement period
14,726

9,663

 
 
 
Change in benefit obligation:
 
 
   Benefit obligation at beginning of measurement period
(13,827
)
(12,943
)
Acquisition
(6,297
)
—

Interest cost
(776
)
(635
)
Actuarial loss
1,931

(1,008
)
Benefits paid
1,445

759

Benefit obligation at end of measurement period
(17,524
)
(13,827
)
Funded status
(2,798
)
(4,164
)
 
 
 
Unrecognized net actuarial gain
4,555

8,024

Other comprehensive loss
(4,555
)
(8,024
)
Accrued Benefit Cost
$
(2,798
)
$
(4,164
)
 
 
 
Weighted-average assumptions for balance sheet liability at end of year:
 
 
Discount rate
4.89
%
4.31
%
Expected long-term rate of return
7.35
%
7.46
%
 
 
 
Weighted-average assumptions for benefit cost at beginning of year:
 
 
Discount rate
4.31
%
5.06
%
Expected long-term rate of return
7.46
%
8.00
%
Net Periodic Pension Cost Of The Defined Benefit Plan
The following table presents the components of the net periodic pension cost of the Defined Benefit Plans (in thousands):
 
Pension Benefits
 
2013
2012
2011
 
 
 
 
Components of net periodic benefit:
 
 
 
Interest cost
$
776

$
635

$
650

Expected return on plan assets
(979
)
(810
)
(811
)
Net amortization and deferral
1,106

696

547

Net Periodic Pension Cost
$
903

$
521

$
386
Summary Of Current Allocation Percentages Of Plan Assets
The target, allowable, and current allocation percentages of plan assets are as follows:

 
Target Allocation 2013
Allowable- Allocation Range
Percentage of Plan Assets
At December 31
 
2013
2012
 
 
 
 
 
Equity securities
58
%
40-100%
53
%
39
%
Fixed income securities
30
%
20-40%
28
%
36
%
Cash and cash equivalents
2
%
3-10%
7
%
25
%
Alternative investments
10
%
0-15%
12
%
—
%
Total
100
%
 
100
%
100
%
The target, allowable, and current allocation percentages of plan assets are as follows:

 
Target Allocation 2013
Allowable- Allocation Range
Percentage of Plan Assets at December 31, 2013
 
 
 
 
Equity securities
25
%
20%-30%
26
%
Fixed income securities
75
%
70%-80%
74
%
 
100
%
 
100
%
Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy
The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands).  Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Twenty).


 
Total
Level 1
Level 2
Level 3
2013
 
 
 
 
Cash and cash equivalents
$
714

$
714

$
—

$
—

Mutual funds
5,991

5,267

724

—

Investment funds
1,305

—

809

496

Common stocks
4,399

3,477

922

—

Mortgage-backed securities
151

—

151

—

Government and GSE bonds
1,367

—

1,367

—

Corporate Bonds
799

—

799

—

Total
$
14,726

$
9,458

$
4,772

$
496

 
 
 
 
 
2012
 
 
 
 
Cash and cash equivalents
$
2,023

$
2,023

$
—

$
—

Mutual funds
2,220

1,139

1,081

—

Common stocks
3,034

2,552

482

—

Mortgage-backed securities
524

—

524

—

Government and GSE bonds
1,344

—

1,344

—

Corporate Bonds
518

—

518

—

Total
$
9,663

$
5,714

$
3,949

$
—
Summary Of Expected Benefit Payments
The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter:

Plan Year Ending December 31
Expected Benefits to be Paid
(in thousands)
 
 
 
2014
$
970

2015
990

2016
1,005

2017
1,023

2018
1,056

2019 through 2023
5,501