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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS | Note 11 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 changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) |  |  | 2013 |  |  |  | 2012 |  |  |  | 2011 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 134,950 |  |  | $ | 116,173 |  |  | $ | 97,393 |
Service Cost |  |  | 6,999 |  |  |  | 6,397 |  |  |  | 6,027 |
Interest Cost |  |  | 5,566 |  |  |  | 5,587 |  |  |  | 5,243 |
Actuarial (Gain)Loss |  |  | (18,965 | ) |  |  | 14,156 |  |  |  | 9,430 |
Benefits Paid |  |  | (12,946 | ) |  |  | (7,138 | ) |  |  | (1,846 | )
Expenses Paid |  |  | (319 | ) |  |  | (225 | ) |  |  | (245 | )
Plan Amendment |  |  | — |  |  |  | — |  |  |  | 171 |
Projected Benefit Obligation at End of Year |  | $ | 115,285 |  |  | $ | 134,950 |  |  | $ | 116,173 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets at Beginning of Year |  | $ | 94,164 |  |  | $ | 87,844 |  |  | $ | 84,658 |
Actual Return on Plan Assets |  |  | 17,943 |  |  |  | 8,683 |  |  |  | 277 |
Employer Contributions |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |
Benefits Paid |  |  | (12,946 | ) |  |  | (7,138 | ) |  |  | (1,846 | )
Expenses Paid |  |  | (319 | ) |  |  | (225 | ) |  |  | (245 | )
Fair Value of Plan Assets at End of Year |  | $ | 103,842 |  |  | $ | 94,164 |  |  | $ | 87,844 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: |  |  |  |  |  |  |  |  |  |  |  |
Other Liabilities |  | $ | 11,442 |  |  | $ | 40,786 |  |  | $ | 28,330 |
Accumulated Benefit Obligation at End of Year |  | $ | 98,796 |  |  | $ | 110,985 |  |  | $ | 94,121 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 6,999 |  |  | $ | 6,397 |  |  | $ | 6,027 |
Interest Cost |  |  | 5,566 |  |  |  | 5,587 |  |  |  | 5,243 |
Expected Return on Plan Assets |  |  | (7,371 | ) |  |  | (6,793 | ) |  |  | (6,555 | )
Amortization of Prior Service Costs |  |  | 317 |  |  |  | 359 |  |  |  | 462 |
Net Loss Amortization |  |  | 4,316 |  |  |  | 3,390 |  |  |  | 2,223 |
Net Periodic Benefit Cost |  | $ | 9,827 |  |  | $ | 8,940 |  |  | $ | 7,400 |
Weighted-Average Assumptions Used to Determine Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.00 | % |  |  | 4.25 | % |  |  | 5.00 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.75 | % |  |  | 4.00 | %
Measurement Date |  |  | 12/31/13 |  |  |  | 12/31/12 |  |  |  | 12/31/11 |
Weighted-Average Assumptions Used to Determine Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 4.25 | % |  |  | 5.00 | % |  |  | 5.55 | %
Expected Return on Plan Assets |  |  | 8.00 | % |  |  | 8.00 | % |  |  | 8.00 | %
Rate of Compensation Increase |  |  | 3.75 | % |  |  | 4.00 | % |  |  | 4.25 | %
Amortization Amounts from Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial (Gain) Loss |  | $ | (33,850 | ) |  | $ | 8,875 |  |  | $ | 13,690 |
Prior Service Cost |  |  | (317 | ) |  |  | (359 | ) |  |  | (496 | )
Deferred Tax Expense (Benefit) |  |  | 13,180 |  |  |  | (3,285 | ) |  |  | (5,090 | )
Other Comprehensive (Gain) Loss, net of tax |  | $ | (20,987 | ) |  | $ | 5,231 |  |  | $ | 8,104 |
Amounts Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Losses |  | $ | 13,947 |  |  | $ | 47,800 |  |  | $ | 38,924 |
Prior Service Cost |  |  | 1,383 |  |  |  | 1,700 |  |  |  | 2,060 |
Deferred Tax Benefit |  |  | (5,914 | ) |  |  | (19,097 | ) |  |  | (15,812 | )
Accumulated Other Comprehensive Loss, net of tax |  | $ | 9,416 |  |  | $ | 30,403 |  |  | $ | 25,172 |
The Company expects to recognize $1.3 million of the net actuarial loss and $0.3 million of the prior service cost reflected in accumulated other comprehensive income at December 31, 2013 as a component of net periodic benefit cost during 2014. Plan Assets. The Company’s pension plan asset allocation at year-end 2013 and 2012, and the target asset allocation for 2014 are as follows:
|  | Target Allocation |  | Percentage of Plan Assets at Year-End(1)
|  | 2014 |  | 2013 |  | 2012
Equity Securities |  |  | 77 | % |  |  | 72 | % |  |  | 61 | %
Debt Securities |  |  | 20 | % |  |  | 23 | % |  |  | 29 | %
Cash and Cash Equivalents |  |  | 3 | % |  |  | 5 | % |  |  | 10 | %
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 December 31 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 18 – Fair Value Measurements).
(Dollars in Thousands) |  | 2013 |  | 2012
Level 1: |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 768 |  |  | $ | 2,143 |
Common Stocks |  |  | 21,564 |  |  |  | 16,799 |
Mutual Funds |  |  | 70,993 |  |  |  | 58,480 |
Cash and Cash Equivalents |  |  | 5,571 |  |  |  | 7,819 |
Level 2: |  |  |  |  |  |  |  |
U.S. Government Agency |  |  | 4,946 |  |  |  | 8,923 |
Total Fair Value of Plan Assets |  | $ | 103,842 |  |  | $ | 94,164 |
Expected Benefit Payments. As of December 31, expected benefit payments related to the defined benefit pension plan were as follows:
(Dollars in Thousands) |  | 2013
2014 |  | $ | 6,495 |
2015 |  |  | 7,536 |
2016 |  |  | 6,998 |
2017 |  |  | 7,347 |
2018 |  |  | 8,701 |
2019 through 2023 |  |  | 44,814 |
Total |  | $ | 81,891 |
Contributions. The following table details the amounts contributed to the pension plan in 2013 and 2012, and the expected amount to be contributed in 2014.
(Dollars in Thousands) |  | 2013(2) |  | 2012(2) |  | Expected Range of Contribution 2014(1)
Actual Contributions |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $5,000 - $10,000
(1) | For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
(2) | For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year.
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 on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) |  | 2013 |  | 2012 |  | 2011
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 3,492 |  |  | $ | 3,030 |  |  | $ | 3,001 |
Service Cost |  |  | — |  |  |  | — |  |  |  | — |
Interest Cost |  |  | 137 |  |  |  | 140 |  |  |  | 147 |
Actuarial Loss(Gain) |  |  | (1,250 | ) |  |  | 322 |  |  |  | (151 | )
Plan Amendment |  |  | — |  |  |  | — |  |  |  | 33 |
Projected Benefit Obligation at End of Year |  | $ | 2,379 |  |  | $ | 3,492 |  |  | $ | 3,030 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: |  |  |  |  |  |  |  |  |  |  |  |
Other Liabilities |  | $ | 2,379 |  |  | $ | 3,492 |  |  | $ | 3,030 |
Accumulated Benefit Obligation at End of Year |  | $ | 2,379 |  |  | $ | 3,492 |  |  | $ | 3,030 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest Cost |  |  | 137 |  |  |  | 140 |  |  |  | 147 |
Amortization of Prior Service Cost |  |  | 187 |  |  |  | 189 |  |  |  | 180 |
Net Gain Amortization |  |  | (237 | ) |  |  | (369 | ) |  |  | (413 | )
Net Periodic Benefit Cost |  | $ | 87 |  |  | $ | (40 | ) |  | $ | (86 | )
Weighted-Average Assumptions Used to Determine Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.00 | % |  |  | 4.25 | % |  |  | 5.00 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.75 | % |  |  | 4.00 | %
Measurement Date |  |  | 12/31/13 |  |  |  | 12/31/12 |  |  |  | 12/31/11 |
Weighted-Average Assumptions Used to Determine Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 4.25 | % |  |  | 5.00 | % |  |  | 5.50 | %
Rate of Compensation Increase |  |  | 3.75 | % |  |  | 4.00 | % |  |  | 4.25 | %
Amortization Amounts from Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial (Gain)Loss |  | $ | (1,013 | ) |  | $ | 691 |  |  | $ | 263 |
Prior Service Cost |  |  | (187 | ) |  |  | (189 | ) |  |  | (147 | )
Deferred Tax Expense (Benefit) |  |  | 463 |  |  |  | (194 | ) |  |  | (45 | )
Other Comprehensive (Gain) Loss, net of tax |  | $ | (737 | ) |  | $ | 308 |  |  | $ | 71 |
Amounts Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Gain |  | $ | (1,812 | ) |  | $ | (799 | ) |  | $ | (1,490 | )
Prior Service Cost |  |  | 171 |  |  |  | 358 |  |  |  | 547 |
Defined Tax Liability |  |  | 633 |  |  |  | 170 |  |  |  | 364 |
Accumulated Other Comprehensive Gain, net of tax |  | $ | (1,008 | ) |  | $ | (271 | ) |  | $ | (579 | )
The Company expects to recognize approximately $0.7 million of the net actuarial gain and $0.2 million of the prior service cost reflected in accumulated other comprehensive income at December 31, 2013 as a component of net periodic benefit cost during 2014. Expected Benefit Payments. As of December 31, 2013, expected benefit payments related to the SERP were as follows:
(Dollars in Thousands) |  |
2014 |  | $ | 496 |
2015 |  |  | 563 |
2016 |  |  | 293 |
2017 |  |  | 109 |
2018 |  |  | 90 |
2019 through 2023 |  |  | 82 |
Total |  | $ | 1,633 |
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 2013, 2012, and 2011, the Company made matching contributions of $0.4 million for each respective year. The participant may choose to invest their contributions into twenty-seven 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. Shares issued to participants 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 2013, 2012 and 2011.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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