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Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2013
Retirement Benefit Plans [Abstract]  
Retirement Benefit Plans

Note 13: Retirement Benefit Plans

The Company has non-qualified supplemental executive retirement agreements with certain retired officers. The agreements provide supplemental retirement benefits payable in installments over a period of years upon retirement or death. The Company also has a supplemental executive retirement agreement with a current executive officer. This agreement provides a stream of future payments in accordance with individually defined vesting schedules upon retirement, termination, or in the event that the participating executive leaves the Company following a change of control event.

The after tax components of accumulated other comprehensive (loss) income, which have not yet been recognized in net periodic benefit cost, related to post-retirement benefits are net actuarial losses related to supplemental retirement plans of $373 and $401, as of December 31, 2013 and 2012, respectively.

A December 31 measurement date is used for the supplemental executive retirement plans. The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plans as of and for the years ended December 31:
    Supplemental Executive  
    Retirement Plans  
    Fiscal Year Ending  
    2013     2012  
Obligations and Funded Status            
 
Change in Benefit Obligation            
Benefit obligation at beginning of year $ 3,916   $ 3,349  
Service cost   209     173  
Interest cost   120     131  
Actuarial (gain) loss on supplemental retirement plans   (147 )   469  
Benefits and expenses paid   (216 )   (206 )
Benefit obligation at end of year $ 3,882   $ 3,916  
 
Change in plan assets            
Fair value of plan assets at beginning of year $ --    $ --  
Benefits and expenses paid   (216 )   (206 )
Contributions   216     206  
Fair value of plan assets at end of year $ --    $ --  
 
Funded status at end of year $ (3,882 ) $ (3,916 )

 

As of December 31, 2013 and 2012, the Company had recognized liabilities of $3,882 and $3,916, respectively, for the supplemental executive retirement plans. These amounts are reported within other liabilities on the consolidated balance sheets.

The following table summarizes the assumptions used to determine the benefit obligations and net periodic benefit costs for the years ended December 31, 2013, 2012, and 2011:

  Supplemental Executive
  Retirement Plans
Assumptions Fiscal Year Ending
  2013   2012   2011  
 
Weighted-average discount rate beginning of the year 3.14 % 3.76 % 5.75 %
Weighted-average discount rate end of the year 4.02 % 3.14 % 3.76 %

 

 

The net periodic benefit cost for the years ended December 31 included the following components:

    Supplemental Executive  
    Retirement Plans  
    Fiscal Year Ending  
    2013     2012     2011  
Components of Net Periodic Benefit Cost and Other                  
Amounts Recognized in the Consolidated Income Statements                  
 
Service cost $ 209   $ 173   $ 49  
Interest cost   120     131     190  
Recognition of net actuarial (gain) loss   (105 )   (139 )   4  
Total recognized in the consolidated income statements $ 224   $ 165   $ 243  
 
Other Changes and Benefit Obligations Recognized in Other                  
Comprehensive Income (pre-tax)                  
Recognition of net actuarial loss (gain)   42     582     (4 )
Total recognized in other comprehensive income (pre-tax)   42     582     (4 )
Total recognized in the consolidated income statements                  
and other comprehensive income (pre-tax) $ 266   $ 747   $ 239  

 

The estimated net actuarial loss for the supplemental executive retirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $28.

The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:

2014 $ 331
2015   291
2016   291
2017   291
2018   373
2019 and thereafter $ 3,970

 

401(k) Plan: The Company maintains a Section 401(k) savings plan for substantially all of its employees. Employees are eligible to participate in the 401(k) Plan on the first day of any quarter following their date of hire and attainment of age 21 ½ . Under the plan, the Company makes a matching contribution of a portion of the amount contributed by each participating employee, up to a percentage of the employee's annual salary. The plan allows for supplementary profit sharing contributions by the Company, at its discretion, for the benefit of participating employees. The total expense for this plan in 2013, 2012, and 2011 was $356, $321, and $299, respectively.