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RETIREMENT PLANS: (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule of Net Benefit Costs

Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components:

 

(Dollar amounts in thousands) 2012  2011  2010 
Service cost - benefits earned $4,872  $3,542  $3,093 
Interest cost on projected benefit obligation  3,667   3,688   3,313 
Expected return on plan assets  (3,258)  (4,003)  (3,400)
Net amortization and deferral  2,434   1,152   964 
Net periodic pension cost  7,715   4,379   3,970 
             
Net loss (gain) during the period  3,842   17,868   4,466 
Curtailment gain  (5,700)  -   - 
Amortization of prior service cost  (166)  (166)  18 
Amortization of unrecognized gain (loss)  (2,270)  (986)  (982)
Total recognized in other comprehensive income (loss)  (4,294)  16,716   3,502 
Total recognized net periodic pension cost and other comprehensive income $3,421  $21,095  $7,472
Schedule of Defined Benefit Plans Disclosures

The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation's retirement program. Actuarial present value of benefits is based on service to date and present pay levels.

 

(Dollar amounts in thousands) 2012  2011 
Change in benefit obligation:        
Benefit obligation at January 1 $84,908  $67,006 
Service cost  4,872   3,542 
Interest cost  3,667   3,688 
Actuarial (gain) loss  (4,747)  12,689 
Benefits paid  (1,893)  (2,017)
Benefit obligation at December 31  86,807   84,908 
         
Reconciliation of fair value of plan assets:        
Fair value of plan assets at January 1  53,935   48,464 
Actual return on plan assets  371   (1,176)
Employer contributions  5,078   8,664 
Benefits paid  (1,893)  (2,017)
Fair value of plan assets at December 31  57,491   53,935 
         
Funded status at December 31 (plan assets less benefit obligation) $(29,316) $(30,973)
Schedule of Assumptions Used

The accumulated benefit obligation for the defined benefit pension plan was $79,869 and $73,560 at year-end

2012 and 2011.

 

Principal assumptions used:   2012     2011  
Discount rate     4.05 %     4.40 %
Rate of increase in compensation levels     3.50       3.50  
Expected long-term rate of return on plan assets     6.00       6.00
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other comprehensive income (loss) components and related taxes were as follows:

 

  December 31, 
(Dollar amounts in thousands) 2012  2011  2010 
Unrealized holding gains and (losses) on securities available-for-sale $(2,590) $11,441  $(6,291)
Change in unrealized gains (losses) on securities available-for-sale for which a portion of OTTI has been recognized in earnings $2,867  $3,216  $4,101 
Reclassification adjustments for (gains) and losses later recognized in income  875   104   2,939 
             
Net unrealized gains and (losses)  1,152   14,761   749 
Tax effect  (461)  (5,904)  (300)
Other comprehensive income (loss) $691  $8,857  $449 
             
Unrecognized gains and (losses) on benefit plans $1,309  $(17,885) $(4,376)
Amortization of prior service cost included in net periodic pension cost  226   300   116 
Amortization of unrecognized gains (losses) included in net periodic pension cost  2,349   947   1,069 
Benefit plans, net  3,884   (16,638)  (3,191)
Tax Effect  (1,553)  6,656   1,277 
Other comprehensive income (loss) $2,331  $(9,982) $(1,914)
Schedule of Allocation of Plan Assets

Plan Assets — The Corporation's pension plan weighted-average asset allocation for the years 2012 and 2011 by asset category are as follows:

 

        Pension  ESOP 
  Pension Plan  ESOP  Pecentage of Plan  Pecentage of Plan 
  Target Allocation  Target Allocation  Assets at December 31,  Assets at December 31, 
ASSET CATEGORY 2012  2012  2012  2011  2012  2011 
Equity securities  61-63%  99-100%  55%  49%  98%  99%
Debt securities  33-36%  0-0   33%  36%  0%  0%
Other  1-6%  0-1   12%  15%  2%  1%
TOTAL          100%  100%  100%  100%
Schedule Of Fair Value Of Plan Assets

The fair value of the plan assets at December 31, 2012 and 2011, by asset category, is as follows:

 

     Fair Value Measurments at 
     December 31, 2012 Using: 
     Quoted Prices  Significant    
     in Active  Other  Significant 
     Markets for  Obsevable  Obsevable 
     Identical Assets  Inputs  Inputs 
(Dollar amounts in thousands) Total  (Level 1)  (Level 2)  (Level 3) 
Plan assets                
Equity securities $43,393  $43,393  $-  $- 
Debt securities  10,597   -   10,597   - 
Investment Funds  3,501   3,501   -   - 
Total plan assets $57,491  $46,894  $10,597  $- 

 

     Fair Value Measurments at 
     December 31, 2011 Using: 
     Quoted Prices  Significant    
     in Active  Other  Significant 
     Markets for  Obsevable  Obsevable 
     Identical Assets  Inputs  Inputs 
(Dollar amounts in thousands) Total  (Level 1)  (Level 2)  (Level 3) 
Plan assets                
Equity securities $40,475  $40,475  $-  $- 
Debt securities  8,566   -   8,566   - 
Investment Funds  4,894   4,894   -   - 
Total plan assets $53,935  $45,369  $8,566  $- 
Schedule Of Weighted Average Assumptions

Weighted average assumptions at December 31:

 

  December 31, 
  2012  2011 
Discount rate  4.05%  4.40%
Initial weighted health care cost trend rate  7.50   7.50 
Ultimate health care cost trend rate  5.00   5.00 
Year that the rate is assumed to stabilize and remain unchanged  2015   2015 
Schedule of Expected Benefit Payments

Estimated Future Payments— The following benefit payments, which reflect expected future service, are expected:

 

PENSION BENEFITS
(Dollar amounts in thousands)
2013 $2,009 
2014  2,312 
2015  2,564 
2016  2,872 
2017  5,068 
2018-2022  18,374 
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in the assumed health care cost trend rates would have the following effects:

 

  1% Point  1% Point 
(Dollar amounts in thousands) Increase  Decrease 
Effect on total of service and interest cost components $71  $(63)
Effect on post-retirement benefit obligation  3   (3)

 
Supplemental Employee Retirement Plans, Defined Benefit [Member]
  
Schedule of Net Benefit Costs

The amounts recognized in other comprehensive income in the current year are as follows:

 

(Dollar amounts in thousands) 2012  2011  2010 
Net loss (gain) during the period $442  $486  $(90)
Amortization of prior service cost  -   (74)  (74)
Amortization of unrecognized gain (loss)  (79)  39   66 
Total recognized in other comprehensive income (loss) $363  $451  $(98)
Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:

 

(Dollar amounts on thousands)
2013 $- 
2014  - 
2015  253 
2016  250 
2017  248 
2018-2022  1,191
Estimated Future Payments [Member]
  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income at December 31, 2012 and 2011 consist of:

 

(Dollar amounts in thousands) 2012  2011 
Net loss (gain) $3,842  $17,867 
Prior service cost (credit)  166   166 
  $4,008  $18,033 
Post Retirement Health Benefit Expense [Member]
  
Schedule of Defined Benefit Plans Disclosures

The Corporation uses a measurement date of December 31. Accrued post-retirement benefits as of December 31, 2012 and 2011 are as follows: 

 

 

 

December 31,

 

(Dollar amounts in thousands)

 

2012

 

 

2011

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at January 1

 

$

4,057

 

 

$

4,500

 

Service cost

 

 

60

 

 

 

61

 

Interest cost

 

 

173

 

 

 

194

 

Plan participants' contributions

 

 

62

 

 

 

62

 

Actuarial (gain) loss

 

 

311

 

 

 

(472

)

Benefits paid

 

 

(268

)

 

 

(288

)

Benefit obligation at December 31

 

$

4,395

 

 

$

4,057

 

 

 

 

 

 

 

 

 

 

Funded status at December 31

 

$

4,395

 

 

$

4,057

 

Post-retirement health benefit expense included the following components: 

 

 

 

Years Ended December 31,

 

(Dollar amounts in thousands)

 

2012

 

 

2011

 

 

2010

 

Service cost

 

$

60

 

 

$

59

 

 

$

64

 

Interest cost

 

 

173

 

 

 

194

 

 

 

218

 

Amortization of transition obligation

 

 

60

 

 

 

60

 

 

 

60

 

Recognized actuarial loss

 

 

-

 

 

 

-

 

 

 

12

 

Net periodic benefit cost

 

$

293

 

 

$

313

 

 

$

354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain) during the period

 

$

311

 

 

$

(469

)

 

$

-

 

Amortization of prior service cost

 

 

(60

)

 

 

(60

)

 

 

(60

)

Amortization of unrecognized gain (loss)

 

 

-

 

 

 

-

 

 

 

(153

)

Total recognized in other comprehensive income (loss)

 

$

251

 

 

$

(529

)

 

$

(213

)

Total recognized net periodic benefit cost and other comprehensive income

 

$

544

 

 

$

(216

)

 

$

141

 

 
Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:

 

(Dollar amounts in thousands)
2013 $234 
2014  242 
2015  255 
2016  268 
2017  270 
2018-2022  1,348