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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2012
Schedule of Components of Net Periodic Benefit Cost

Net periodic benefit cost of these plans for the years ended December 31, was as follows:

 

     2012     2011     2010  
     (dollars in thousands)  

Service cost

   $ 0      $ 0      $ 0   

Interest cost on projected benefit obligation

     75        86        128   

Amortization of transition obligation

     2        2        2   

Gain amortization

     (32     (50     (10
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 45      $ 38      $ 120   
  

 

 

   

 

 

   

 

 

 
Schedule of Changes in Benefit Obligations and Plan Assets

The following table sets forth the change in the benefit obligation and plan assets as of December 31:

 

         2012             2011      
     (dollars in thousands)  

Change in Benefit Obligation

    

Benefit obligation at beginning of year

   $ 1,892      $ 1,897   

Service cost

     0        0   

Interest cost

     75        86   

Amendments

     0        0   

Actuarial gain

     269        210   

Net benefits paid

     (250     (301
  

 

 

   

 

 

 

Benefit obligation at end of year

     1,986        1,892   

Change in Plan Assets

    

Fair value of plan assets at beginning of year

     0        0   

Actual return on plan assets

     0        0   

Employer contributions

     250        301   

Net benefits paid

     (250     (301
  

 

 

   

 

 

 

Fair value of plan assets at end of year

     0        0   

Funded Status at End of Year

     1,986        1,892   

Unrecognized transition obligation

     0        (2

Unrecognized net gain

     212        513   
  

 

 

   

 

 

 

Amounts recognized in retained earnings

   $ 2,198      $ 2,403   
  

 

 

   

 

 

 
Schedule of Amounts Recognized as Other Liabilities

As of December 31, the funded status of the plan is:

 

         2012              2011      
     (dollars in thousands)  

Amounts Recognized in the Statement of Financial Condition as Other liabilities

   $ 1,986       $ 1,892   
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income

The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31:

 

         2012             2011             2010      
     (dollars in thousands)  

Amounts recognized in accumulated other comprehensive income, net of tax:

      

Net (gain) loss

   $ (138   $ (333   $ (502

Transition obligation

     0        1        2   
  

 

 

   

 

 

   

 

 

 

Total

   $ (138   $ (332   $ (500
  

 

 

   

 

 

   

 

 

 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation

Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows:

 

         2012             2011             2010      

Weighted-average Assumptions

      

Discount rate

     3.31     4.22     4.71

Health care cost trend: Initial

     7.00     8.00     9.00

Health care cost trend: Ultimate

     4.75     4.75     4.75

Year ultimate reached

     2022        2016        2016   
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost

Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows:

 

         2012             2011             2010      

Weighted Average Assumptions for Net Periodic Cost

      

Discount rate

     4.22     4.71     4.71

Health care cost trend: Initial

     8.00     9.00     10.00

Health care cost trend: Ultimate

     4.75     4.75     4.75

Year ultimate reached

     2016        2016        2016   

Corridor

     10.00     10.00     10.00

Recognition period for gains and losses

     12.00        12.7        12.7   
Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The health care cost trend rate assumption can have a significant impact on the amounts reported for this plan. A one-percentage-point change in assumed health care cost trend rates would have the following effects:

 

     One-Percentage-
Point Increase
     One-Percentage-
Point Decrease
 
     (dollars in thousands)  

Effect on total of service and interest cost components

   $ 65       $ (59

Effect on postretirement benefit obligation

     2         (2
Schedule of Projected Benefit Payments

As of December 31, 2012, the projected benefit payments for the next ten years are as follows:

 

     Projected Benefit
        Payments         
 
     (dollars in thousands)  

2013

   $ 219   

2014

     213   

2015

     206   

2016

     200   

2017

     193   

2018 - 2022

     671   
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income

The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2013 are as follows (dollars in thousands):

 

     Postretirement
Benefits
 
     (dollars in thousands)  

Net gain

   $ (7

Transition obligation

     0   
  

 

 

 

Total

   $ (7