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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS | Note 12 EMPLOYEE BENEFIT PLANS Pension Plan The Company sponsors a noncontributory pension plan covering substantially all of its associates. Benefits under this plan generally are based on the associate's total years of service and average of the five highest years of compensation during the ten years immediately preceding their departure. The Company's general funding policy is to contribute amounts sufficient to meet minimum funding requirements as set by law and to ensure deductibility for federal income tax purposes. The following table details on a consolidated basis the components of pension expense, the funded status of the plan, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) | 2011 |  |  | 2010 |  |  | 2009 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year | $ | 97,393 |  |  | $ | 83,749 |  |  | $ | 79,607 |
Service Cost |  | 6,027 |  |  |  | 5,691 |  |  |  | 5,593 |
Interest Cost |  | 5,243 |  |  |  | 4,733 |  |  |  | 4,588 |
Actuarial Loss/(Gain) |  | 9,430 |  |  |  | 5,201 |  |  |  | (2,977 | )
Benefits Paid |  | (1,846 | ) |  |  | (1,776 | ) |  |  | (2,829 | )
Expenses Paid |  | (245 | ) |  |  | (205 | ) |  |  | (233 | )
Plan Amendment |  | 171 |  |  |  | - |  |  |  | - |
Projected Benefit Obligation at End of Year | $ | 116,173 |  |  | $ | 97,393 |  |  | $ | 83,749 |
Accumulated Benefit Obligation at End of Year | $ | 94,121 |  |  | $ | 77,100 |  |  | $ | 64,889 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets at Beginning of Year | $ | 84,658 |  |  | $ | 79,547 |  |  | $ | 66,363 |
Actual Return on Plan Assets |  | 277 |  |  |  | 7,092 |  |  |  | 8,246 |
Employer Contributions |  | 5,000 |  |  |  | - |  |  |  | 8,000 |
Benefits Paid |  | (1,846 | ) |  |  | (1,776 | ) |  |  | (2,829 | )
Expenses Paid |  | (245 | ) |  |  | (205 | ) |  |  | (233 | )
Fair Value of Plan Assets at End of Year | $ | 87,844 |  |  | $ | 84,658 |  |  | $ | 79,547 |
Amounts Recognized in the Consolidated Statements of Financial Condition: |  |  |  |  |  |  |  |  |  |  |
Other Assets | $ | - |  |  | $ | - |  |  | $ | - |
Other Liabilities |  | 28,330 |  |  |  | 12,735 |  |  |  | 4,202 |
Amounts (Pre-Tax) Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Losses | $ | 38,924 |  |  | $ | 25,438 |  |  | $ | 23,224 |
Prior Service Cost |  | 2,060 |  |  |  | 2,351 |  |  |  | 2,860 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |
Service Cost | $ | 6,027 |  |  | $ | 5,691 |  |  | $ | 5,593 |
Interest Cost |  | 5,243 |  |  |  | 4,733 |  |  |  | 4,588 |
Expected Return on Plan Assets |  | (6,555 | ) |  |  | (6,194 | ) |  |  | (5,060 | )
Amortization of Prior Service Costs |  | 462 |  |  |  | 509 |  |  |  | 509 |
Net Loss Amortization |  | 2,223 |  |  |  | 2,088 |  |  |  | 2,954 |
Net Periodic Benefit Cost | $ | 7,400 |  |  | $ | 6,827 |  |  | $ | 8,584 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Weighted-average used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  | 5.00 | % |  |  | 5.55 | % |  |  | 5.75 | %
Rate of Compensation Increase |  | 4.00 | % |  |  | 4.25 | % |  |  | 4.50 | %
Measurement Date | 12/31/11 |  |  | 12/31/10 |  |  | 12/31/09 |
Weighted-average used to determine net cost: |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  | 5.55 | % |  |  | 5.75 | % |  |  | 6.00 | %
Expected Return on Plan Assets |  | 8.00 | % |  |  | 8.00 | % |  |  | 8.00 | %
Rate of Compensation Increase |  | 4.25 | % |  |  | 4.50 | % |  |  | 5.50 | %
Other Comprehensive Income. The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2012 are as follows:
(Dollars in Thousands) |  |  | 2012 |
Actuarial Loss |  | $ | 3,430 |
Prior Service Cost |  |  | 359 |
Total |  | $ | 3,789 |
Plan Assets. The Company’s pension plan asset allocation at year-end 2011 and 2010, and the target asset allocation for 2012 is as follows:
| Target Allocation |  |  | Percentage of Plan Assets at Year-End(1) |
| 2012 |  |  | 2011 |  |  | 2010 |
Equity Securities | 65 | % |  |  | 51 | % |  |  | 50 | %
Debt Securities | 30 | % |  |  | 33 | % |  |  | 36 | %
Cash Equivalent | 5 | % |  |  | 16 | % |  |  | 14 | %
Total | 100 | % |  |  | 100 | % |  |  | 100 | %
| (1) | Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan.
The Company’s pension plan assets are overseen by the CCBG Retirement Committee. Capital City Trust Company acts as the investment manager for the plan. The investment strategy is to maximize return on investments while minimizing risk. The Company believes the best way to accomplish this goal is to take a conservative approach to its investment strategy by investing in high-grade equity and debt securities. The overall expected long-term rate of return on assets is a weighted-average expectation for the return on plan assets. The Company considers historical performance data and economic/financial data to arrive at expected long-term rates of return for each asset category. The major categories of assets in the Company’s pension plan as of year-end are presented in the following table. 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 19 – Fair Value Measurements).
(Dollars in Thousands) | 2011 |  | 2010
Level 1: |  |  |  |  |  |
U.S. Treasury |  | $ | 4,039 |  |  | $ | 4,837 |
Common Stocks |  |  | 14,084 |  |  |  | 11,935 |
Mutual Funds |  |  | 44,382 |  |  |  | 40,267 |
Cash and Cash Equivalents |  |  | 12,287 |  |  |  | 11,374 |
Level 2: |  |  |  |  |  |  |  |
U.S. Government Agencies and Corporations |  |  | 13,052 |  |  |  | 16,245 |
Total Fair Value of Plan Assets |  | $ | 87,844 |  |  | $ | 84,658 |
Expected Benefit Payments. As of December 31, 2011, expected benefit payments related to the defined benefit pension plan were as follows:
(Dollars in Thousands) |  |  |  |
2012 |  | $ | 5,509 |
2013 |  |  | 6,207 |
2014 |  |  | 7,291 |
2015 |  |  | 9,071 |
2016 |  |  | 7,775 |
2017 through 2021 |  |  | 46,669 |
Total |  | $ | 82,522 |
Contributions. The following table details the amounts contributed to the pension plan in 2011 and 2010, and the expected amount to be contributed in 2012.
(Dollars in Thousands) | 2011 |  | 2010(1) |  | Expected Range of Contribution 2012(2)
Actual Contributions | $ 5,000 |  | $ - |  | $ 6,000 - $8,000
| (1) | For 2010, the Company did not make a contribution to its pension plan due to adequacy of its funding level.
| (2) | For 2012, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
Supplemental Executive Retirement Plan The Company has a Supplemental Executive Retirement Plan ("SERP") covering selected executive officers. Benefits under this plan generally are based on the same service and compensation as used for the pension plan, except the benefits are calculated without regard to the limits set by the Internal Revenue Code on compensation and benefits. The net benefit payable from the SERP is the difference between this gross benefit and the benefit payable by the pension plan. The following table details the components of the SERP’s periodic benefit cost, the funded status of the plan, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) | 2011 |  |  | 2010 |  |  | 2009 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year | $ | 3,001 |  |  | $ | 3,174 |  |  | $ | 5,033 |
Service Cost |  | - |  |  |  | - |  |  |  | 20 |
Interest Cost |  | 147 |  |  |  | 150 |  |  |  | 178 |
Actuarial Gain |  | (151 | ) |  |  | (323 | ) |  |  | (2,057 | )
Plan Amendment |  | 33 |  |  |  | - |  |  |  | - |
Projected Benefit Obligation at End of Year | $ | 3,030 |  |  | $ | 3,001 |  |  | $ | 3,174 |
Accumulated Benefit Obligation at End of Year | $ | 3,030 |  |  | $ | 2,996 |  |  | $ | 2,889 |
Amounts Recognized in the Consolidated Statements of Financial Condition: |  |  |  |  |  |  |  |  |  |  |
Other Liabilities | $ | 3,030 |  |  | $ | 3,001 |  |  | $ | 3,174 |
Amounts (Pre-Tax) Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Gain | $ | (1,490 | ) |  | $ | (1,753 | ) |  | $ | (1,854 | )
Prior Service Cost |  | 547 |  |  |  | 694 |  |  |  | 874 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |
Service Cost | $ | - |  |  | $ | - |  |  | $ | 20 |
Interest Cost |  | 147 |  |  |  | 150 |  |  |  | 178 |
Amortization of Prior Service Cost |  | 180 |  |  |  | 180 |  |  |  | 180 |
Net Gain Amortization |  | (413 | ) |  |  | (424 | ) |  |  | (350 | )
Net Periodic Benefit Cost | $ | (86 | ) |  | $ | (94 | ) |  | $ | 28 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Weighted-average used to determine the benefit obligations: |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  | 5.00 | % |  |  | 5.55 | % |  |  | 5.75 | %
Rate of Compensation Increase |  | 4.00 | % |  |  | 4.25 | % |  |  | 4.50 | %
Measurement Date | 12/31/11 |  |  | 12/31/10 |  |  | 12/31/09 |
Weighted-average used to determine the net cost: |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  | 5.50 | % |  |  | 5.75 | % |  |  | 6.00 | %
Rate of Compensation Increase |  | 4.25 | % |  |  | 4.50 | % |  |  | 5.50 | %
Expected Benefit Payments. As of December 31, 2011, expected benefit payments related to the SERP were as follows:
(Dollars in Thousands) |  |
2012 |  | $ | 337 |
2013 |  |  | 330 |
2014 |  |  | 386 |
2015 |  |  | 398 |
2016 |  |  | 184 |
2017 through 2021 |  |  | 175 |
Total |  | $ | 1,810 |
401(k) Plan The Company has a 401(k) Plan which enables associates to defer a portion of their salary on a pre-tax basis. The plan covers substantially all associates of the Company who meet minimum age requirements. The plan is designed to enable participants to elect to have an amount from 1% to 15% of their compensation withheld in any plan year placed in the 401(k) Plan trust account. Matching contributions of 50% from the Company are made up to 6% of the participant's compensation for eligible associates. During 2011, 2010, and 2009, the Company made matching contributions of $0.4 million, $0.4 million, and $0.4 million, respectively. The participant may choose to invest their contributions into twenty-four investment options available to 401(k) participants, including the Company’s common stock. A total of 50,000 shares of CCBG common stock have been reserved for issuance. These shares have historically been purchased in the open market. Other Plans The Company has a Dividend Reinvestment and Optional Stock Purchase Plan. A total of 250,000 shares have been reserved for issuance. In recent years, shares for the Dividend Reinvestment and Optional Stock Purchase Plan have been acquired in the open market and, thus, the Company did not issue any shares under this plan in 2011, 2010 and 2009.

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