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Pension And Postretirement Benefit Plans | 12 Months Ended
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Dec. 31, 2011
Pension And Postretirement Benefit Plans [Abstract] |
Pension And Postretirement Benefit Plans | NOTE 10. Pension and Postretirement Benefit Plans Effective December 31, 2006, the pension plan was amended and frozen so that no further benefits will accrue under the plan and no additional employees may become participants. The pension plan was terminated effective September 30, 2011 and after receiving final approval from the Internal Revenue Service, distributions in the form of lump-sum cash payments to plan participants, rollovers and purchasing annuity contracts were completed on December 19, 2011. The Company recognized a loss of $589,000 on the distribution of the plan's assets. The loss is included in salaries and employee benefits expense on the consolidated statements of income. An additional $141,000 in expense was incurred during 2011 for the purchase of employee retirement annuities. The expense is included in outside service fees on the consolidated statements of income. The Company provides certain health care and life insurance benefits for six retired employees who have met certain eligibility requirements. All other employees retiring after reaching age 65 and having at least 15 years of service with the Company will be allowed to stay on the Company's group life and health insurance policies, but will be required to pay premiums. The Company's share of the estimated costs that will be paid after retirement is generally being accrued by charges to expense over the employees' active service periods to the dates they are fully eligible for benefits, except that the Company's unfunded cost that existed at January 1, 1993 is being accrued primarily in a straight-line manner that will result in its full accrual by December 31, 2013. The following amounts that have not been recognized in the net periodic benefit cost of the postretirement benefit plan for the year ended December 31, 2011 and are included in other comprehensive income: unrecognized net actuarial gain of $50. The transition obligation included in other comprehensive income and expected to be recognized in the net periodic benefit cost of the postretirement benefit plan during 2012 is $0. The following tables provide a reconciliation of the changes in the benefit obligations and fair value of assets for 2011, 2010, and 2009 and a statement of the funded status at December 31, 2011, 2010 and 2009 for the pension and postretirement benefit plans of the Company. The Company uses a December 31st measurement date for its plans.
| Pension Plan | Postretirement Benefits Plan
|  | 2011 |  | 2010 |  |  | 2009 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
|  |  |  |  |  |  | (in thousands) |  |  |  |  |  |  |
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning | $ | 3,684 | $ | 3,801 |  | $ | 3,859 |  | $ | 144 |  | $ | 154 |  | $ | 254 |
Service cost |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Interest cost |  | 101 |  | 189 |  |  | 191 |  |  | 6 |  |  | 7 |  |  | 14 |
Actuarial loss (gain) |  | 143 |  | (246 | ) |  | 95 |  |  | 6 |  |  | (11 | ) |  | (105 | )
Benefits paid |  | (4,069 | ) | (60 | ) |  | (344 | ) |  | (6 | ) |  | (6 | ) |  | (9 | )
Settlement loss |  | 141 |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Benefit obligation, ending | $ | - | $ | 3,684 |  | $ | 3,801 |  | $ | 150 |  | $ | 144 |  | $ | 154 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning | $ | 3,252 | $ | 2,955 |  | $ | 2,691 |  | $ | - |  | $ | - |  | $ | - |
Actual return on plan assets |  | 87 |  | 78 |  |  | 498 |  |  | - |  |  | - |  |  | - |
Employer contributions |  | 730 |  | 279 |  |  | 110 |  |  | 6 |  |  | 6 |  |  | 9 |
Benefits paid |  | (4,069 | ) | (60 | ) |  | (344 | ) |  | (6 | ) |  | (6 | ) |  | (9 | )
Fair value of plan assets, ending | $ | - | $ | 3,252 |  | $ | 2,955 |  | $ | - |  | $ | - |  | $ | - |
| Pension Plan | Postretirement Benefits Plan
|  | 2011 |  | 2010 |  |  | 2009 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
|  |  |  |  |  |  | (in thousands) |  |  |  |  |  |  |
Funded Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded status | $ | - | $ | (432 | ) | $ | (846 | ) | $ | (150 | ) | $ | (144 | ) | $ | (154 | )
Unrecognized net actuarial loss |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Unrecognized net transition obligation |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Unrecognized prior service cost |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Prepaid (accrued) benefits | $ | - | $ | (432 | ) | $ | (846 | ) | $ | (150 | ) | $ | (144 | ) | $ | (154 | )
Amounts Recognized in Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance Sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost | $ | - | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
Accrued benefit (liability) |  | - |  | (432 | ) |  | (846 | ) |  | (150 | ) |  | (144 | ) |  | (154 | )
| $ | - | $ | (432 | ) | $ | (846 | ) | $ | (150 | ) | $ | (144 | ) | $ | (154 | )
Amounts Recognized in Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | - | $ | 434 |  | $ | 846 |  | $ | (76 | ) | $ | (93 | ) | $ | (92 | )
Net transition obligation |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |
Deferred tax (benefit)/liability |  | - |  | (147 | ) |  | (288 | ) |  | 26 |  |  | 30 |  |  | 31 |
| $ | - | $ | 287 |  | $ | 558 |  | $ | (50 | ) | $ | (63 | ) | $ | (59 | )
The accumulated benefit obligation for the pension plan was distributed during 2011, and as a result, there was no accumulated benefit obligation at December 31, 2011. The accumulated benefit obligation for the pension plan was $3,684,000, and $3,801,000 at December 31, 2010, and 2009, respectively. Due to the amendment of the pension plan, the accumulated benefit obligation and projected benefit obligation are equivalent at December 31, 2010 and 2009. The following tables provide the components of net periodic benefit cost of the pension plan and postretirement benefit plan for the years ended December 31, 2011, 2010, and 2009:
| Pension Plan | Postretirement Benefits Plan
|  | 2011 |  | 2010 |  |  | 2009 |  |  | 2011 |  |  | 2010 |  |  | 2009
|  |  |  |  |  |  | (in thousands) |  |  |  |  |  |
Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | - | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Interest cost |  | 101 |  | 189 |  |  | 191 |  |  | 6 |  |  | 7 |  |  | 14
Expected return on plan assets |  | (83 | ) | (146 | ) |  | (132 | ) |  | - |  |  | - |  |  | -
Amortization of prior service costs |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Amortization of transition obligation |  | - |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 3
Recognized net loss due to settlement |  | 141 |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Amortization of net actuarial loss |  | 572 |  | 235 |  |  | 365 |  |  | (11 | ) |  | (9 | ) |  | -
Net periodic benefit cost | $ | 731 | $ | 278 |  | $ | 424 |  | $ | (5 | ) | $ | - |  | $ | 17
The total recognized net periodic benefit cost and other comprehensive income for the pension plan was $(303,000), $(5,000), and $4,000 during 2011, 2010, and 2009, respectively. The total recognized net periodic benefit cost and other comprehensive income for the postretirement benefits plan was $(6,000), $2,000, and $(54,000) during 2011, 2010, and 2009, respectively. The benefit obligation for the pension plan was calculated using the following assumptions; weighted average discount rate of 6.10% for 2010 and 5.00% 2009. Due to the amendment of the pension plan, no rate of compensation increase was assumed for or 2010 and 2009. The net periodic benefit cost for the pension plan was calculated using the following assumptions; weighted average discount rate of 6.10% for 2011 and 5.00% for 2010 and 2009, expected long-term return on plan assets of 5.00% for 2011, 2010, and 2009. Due to the amendment of the pension plan, no rate of compensation increase was assumed for 2011, 2010, and 2009. The benefit obligation for the postretirement benefit plan was calculated using a weighted average discount rate of 4.25% for 2011, 5.00% for 2010, and 6.00% for 2009. For measurement purposes, a 10.00% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2012 and 2013, 8.00% for 2014 and 2015, and 6.00% for 2016 and thereafter. If these rates were increased by 1.00% in each year, the benefit obligation at December 31, 2011 would have increased by $6,000 and the net periodic benefit cost for 2011 would have increased by less than $500. If these rates were decreased by 1.00% in each year, the benefit obligation at December 31, 2011 would have decreased by $6,000 and the net periodic benefit cost for 2011 would have decreased by less than $500. The following table provides the pension plan's asset allocation as of December 31, 2010:
| December 31, 2010 |
Equity securities | - |
Debt securities | 57 | %
Other | 43 | %
Total | 100 | %
All plan assets were distributed to pension plan beneficiaries during 2011 and no future payments are expected. Estimated future benefit payments at December 31, 2011, which reflect expected future service, as appropriate, were as follows:
|  | Postretirement
|  | Benefits
|  | (in thousands)
2012 | $ | 14
2013 |  | 14
2014 |  | 14
2015 |  | 14
2016 |  | 14
2017 - 2020 |  | 60
The pension financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table presents balances of pension assets measured at fair value on December 31, 2010:
|  |  | Fair Value Measurements at December 31, 2010 Using
|  |  |  | Quoted Prices |  |  |  |
|  |  |  | in Active |  | Significant |  |
|  |  |  | Markets for |  | Other |  | Significant
|  | Balance as of |  | Identical |  | Observable |  | Unobservable
|  | December 31, |  | Assets |  | Inputs |  | Inputs
|  | 2010 |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  |  |  | (in thousands) |  |
Cash | $ | 1 | $ | 1 | $ | - | $ | -
Cash Equivalents |  | 1,406 |  | 1,406 |  | - |  | -
AA corporate bonds |  | 131 |  | - |  | 131 |  | -
Mutual Funds (a) |  | 1,714 |  | 1,714 |  | - |  | -
Total assets at fair value | $ | 3,252 | $ | 3,121 | $ | 131 | $ | -
(a) | 100% o f mutual funds are inves ted in fixed inco me co rpo rate bo nd s ecurities .
(b) | 70% o f mutual funds inves t in co mmo n s to ck o f large-cap co mpanies . 30% o f mutual funds inves t in co mmo n s to ck o f mid-cap co mpanies . 10% o f mutual funds inves t in co mmo n s to ck o f s mall-cap co mpanies .

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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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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