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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans

Summary of employee benefits charged to operating expenses

(in thousands)		2013			2012			2011
Payroll taxes		$	1,106		$	1,127		$	1,098
Medical plans		1,915			1,772			1,676
401k match		309			298			291
Pension plan		1,173			1,224			907
Profit-sharing		118			58			0
Other		219			317			250
Total employee benefits		$	4,840		$	4,796		$	4,222

Schedule of obligations and funded status

(in thousands)		2013			2012
Change in projected benefit obligation:
Balance, January 1		$	15,342		$	14,217
Service cost		1,174			1,168
Interest cost		646			667
Actuarial gain		(1,991		)	(458		)
Benefits paid		(319		)	(252		)
Balance, December 31		$	14,852		$	15,342
Change in plan assets:
Fair value, January 1		$	11,707		$	10,034
Actual return on plan assets		2,220			1,193
Employer contribution		0			766
Expenses paid		(76		)	(34		)
Benefits paid		(319		)	(252		)
Fair value, December 31		$	13,532		$	11,707
Funded status at end of year		$	(1,320	)	$	(3,635	)
Accumulated benefit obligation		$	12,298		$	12,564

Components of net pension cost

(in thousands)		2013			2012			2011
Service cost—benefits earned during the year		$	1,174		$	1,168		$	931
Interest costs on projected benefit obligations		646			667			604
Expected return on plan assets		(797		)	(776		)	(706		)
Expected administrative expenses		40			40			0
Amortization of prior service cost		79			79			78
Amortization of unrecognized net loss		31			46			0
Net periodic pension expense		$	1,173		$	1,224		$	907

Schedule of amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss), including amounts recognized in other comprehensive income

(in thousands)		2013			2012
Prior service costs		$	(522	)	$	(600	)
Net accumulated actuarial net loss		1,560			(1,849		)
Accumulated other comprehensive gain (loss)		1,038			(2,449		)
Net periodic benefit cost in excess of cumulative employer contributions		(2,358		)	(1,186		)
Net amount recognized at December 31, balance sheet		$	(1,320	)	$	(3,635	)
Net gain arising during period		$	3,378		$	881
Prior service cost amortization		79			79
Amortization of net actuarial loss		31			46
Total recognized in other comprehensive income (loss)		$	3,488		$	1,006
Total recognized in net periodic pension cost and other comprehensive income (loss)		$	(2,315	)	$	218

Schedule of assumptions utilized to determine benefit obligations and to determine pension expense

		2013		2012		2011
Determination of benefit obligation at year end:
Discount rate		5.00	%	4.25	%	4.75	%
Annual rate of compensation increase		3.73	%	3.61	%	4.50	%
Determination of pension expense for year ended:
Discount rate for the service cost		5.00	%	4.75	%	5.75	%
Annual rate of compensation increase		3.73	%	3.61	%	4.50	%
Expected long-term rate of return on plan assets		7.00	%	7.00	%	7.00	%

Schedule of fair value of the Company's pension plan assets, by asset category

					Fair Value Measurements
					Quoted Prices
					in Active
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(in thousands)		Fair Value			(Level 1)			(Level 2)			(Level 3)
December 31, 2013
Cash equivalents		$	675		$	675		$	0		$	0
Equity securities:
U.S. large-cap (a)		6,506			6,506			0			0
U.S. mid-cap (b)		820			820			0			0
U.S. small-cap (c)		1,151			1,151			0			0
International (d)		2,016			2,016			0			0
Real estate (e)		387			387			0			0
Commodities (f)		319			319			0			0
Fixed income securities:
U.S. gov’t agency obligations (g)		1,450			0			1,450			0
Corporate investment grade (g)		209			0			209			0
Corporate non-investment grade (g)		0			0			0			0
Total		$	13,533		$	11,874		$	1,659		$	0
December 31, 2012
Cash equivalents		$	485		$	485		$	0		$	0
Equity securities:
U.S. large-cap (a)		4,335			4,335			0			0
U.S. mid-cap (b)		575			575			0			0
U.S. small-cap (c)		635			635			0			0
International (d)		1,670			1,670			0			0
Real estate (e)		395			395			0			0
Commodities (f)		370			370			0			0
Fixed income securities:
U.S. gov’t agency obligations (g)		2,726			0			2,726			0
Corporate investment grade (g)		416			0			416			0
Corporate non-investment grade (g)		100			0			100			0
Total		$	11,707		$	8,465		$	3,242		$	0

(a) This category is comprised of low-cost equity index funds not actively managed that track the S&P 500.

(b) This category is comprised of low-cost equity index funds not actively managed that track the MSCI U.S. mid-cap 450.

(c) This category is comprised of actively managed mutual funds.

(d) 32% and 37% at December 31, 2013 and 2012, respectively, of this category is comprised of low-cost equity index funds not actively managed that track the MSCI EAFE.

(e) This category is comprised of low-cost real estate index exchange traded funds.

(f) This category is comprised of exchange traded funds investing in agricultural and energy commodities.

(g) This category is comprised of individual bonds.

Schedule of future benefit payments expected to be paid

Year		Pension benefits
(in thousands)
2014		$	438
2015		462
2016		483
2017		583
2018		609
2019 to 2023		4,184

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss, which have not yet been recognized as components of net periodic benefit cost. Also includes amount of net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

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Summary of employee benefits charged to operating expenses.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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