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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2013
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to IRS-determined limits and the Bank may provide a match to employee contributions not to exceed 3.0% of compensation depending on contribution level. Subject to a vote of the Board of Directors, the Bank may also make a profit-sharing contribution to the Plan. Such contribution equaled 2.0% of each eligible employee's compensation in 2013, 2012, and 2011. The expense related to the 401(k) plan was $414,000, $363,000, and $341,000 in 2013, 2012, and 2011, respectively. Supplemental Retirement Plan The Bank also provides unfunded, non-qualified supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental plans was $309,000 in 2013, $289,000 in 2012, and $307,000 in 2011. As of December 31, 2013 and 2012, the accrued liability of these plans was $2,333,000 and $2,080,000, respectively. Post-Retirement Benefit Plans The Bank sponsors two post-retirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees and a future subsidy for seven active employees who were age 50 and over in 1996. These subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees. The Bank also provides health insurance for retired directors. None of these plans are pre-funded. The Company utilizes FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits", to recognize the overfunded or underfunded status of a defined benefit post-retirement plan (other than a multiemployer plan) as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income (loss) of a business entity. The following table sets forth the accumulated postretirement benefit obligation and funded status:
At December 31, | 2013 |  | 2012 |  | 2011
Change in benefit obligations |  |  |  |  |
Benefit obligation at beginning of year: | $ | 1,954,000 |  |  | $ | 1,848,000 |  |  | $ | 1,796,000 |
Service cost | 21,000 |  |  | 16,000 |  |  | 12,000 |
Interest cost | 86,000 |  |  | 107,000 |  |  | 112,000 |
Benefits paid | (107,000 | ) |  | (103,000 | ) |  | (134,000 | )
Actuarial (gain) loss | (475,000 | ) |  | 86,000 |  |  | 62,000 |
Benefit obligation at end of year: | $ | 1,479,000 |  |  | $ | 1,954,000 |  |  | $ | 1,848,000 |
Funded status |  |  |  |  |  |  |
Benefit obligation at end of year | $ | (1,479,000 | ) |  | $ | (1,954,000 | ) |  | $ | (1,848,000 | )
Unamortized (gain) loss | (289,000 | ) |  | 186,000 |  |  | 100,000 |
Unrecognized transition obligation | — |  |  | 5,000 |  |  | 34,000 |
Accrued benefit cost | $ | (1,768,000 | ) |  | $ | (1,763,000 | ) |  | $ | (1,714,000 | )
Weighted average discount rate as of December 31 | 5.0 | % |  | 4.5 | % |  | 6.5 | %
The following table sets forth the net periodic pension cost:
For the years ended December 31, | 2013 |  | 2012 |  | 2011
Components of net periodic benefit cost |  |  |  |  |
Service cost | $ | 21,000 |  |  | $ | 16,000 |  |  | $ | 12,000 |
Interest cost | 86,000 |  |  | 107,000 |  |  | 112,000 |
Amortization of unrecognized transition obligation | 5,000 |  |  | 29,000 |  |  | 29,000 |
Amortization of accumulated losses | — |  |  | — |  |  | 11,000 |
Net periodic benefit cost | $ | 112,000 |  |  | $ | 152,000 |  |  | $ | 164,000 |
Weighted average discount rate for net periodic cost | 4.5 | % |  | 6.5 | % |  | 6.5 | %
The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2014 is $102,000. For years ending 2015 through 2018, the estimated amount of benefits to be paid is $103,000, $117,000, $118,000 and $119,000 respectively, and the total estimated amount of benefits to be paid for years ended 2019 through 2023 is $551,000. Plan expense for 2014 is estimated to be $59,000. In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) are as follows:
At December 31, | 2013 |  | 2012 |  | Portion to Be Recognized in Income in 2014
Unamortized net actuarial gain (loss) | $ | 289,000 |  |  | $ | (186,000 | ) |  | $ | 12,000 |
Unrecognized transition obligation | — |  |  | (5,000 | ) |  | — |
| 289,000 |  |  | (191,000 | ) |  | 12,000 |
Deferred tax benefit (expense) at 35% | (101,000 | ) |  | 68,000 |  |  | (4,000 | )
Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) | $ | 188,000 |  |  | $ | (123,000 | ) |  | $ | 8,000 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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