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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]  
Schedule of Changes in Plan Benefit Obligation and Fair Value of Assets

The following table provides a reconciliation of the changes in the plan benefit obligation and the fair value of assets for the periods ended December 31, 2013, 2012 and 2011.

 

     (in thousands)  
     2013     2012     2011  

Change in Benefit Obligation

      

Benefit obligation, beginning of year

   $ 7,244      $ 5,995      $ 5,588   

Service cost

     470        427        359   

Interest cost

     279        269        307   

Actuarial (gain) loss

     (1,327     725        871   

Benefits paid

     (961     (172     (1,097

Gain due to settlement

     (204     —          (33
  

 

 

   

 

 

   

 

 

 

Benefit obligation, end of year

   $ 5,501      $ 7,244      $ 5,995   
  

 

 

   

 

 

   

 

 

 

Changes in Plan Assets

      

Fair value of plan assets, beginning of year

   $ 4,046      $ 3,454      $ 4,284   

Actual return on plan assets

     744        458        27   

Employer contributions

     500        306        240   

Benefits paid

     (961     (172     (1,097
  

 

 

   

 

 

   

 

 

 

Fair value of assets, end of year

   $ 4,329      $ 4,046      $ 3,454   
  

 

 

   

 

 

   

 

 

 

Funded Status, end of year

   $ (1,172   $ (3,198   $ (2,541
  

 

 

   

 

 

   

 

 

 

Amount Recognized in Other Liabilities

   $ (1,172   $ (3,198   $ (2,541
  

 

 

   

 

 

   

 

 

 
Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax

Amounts Recognized in Accumulated Other Comprehensive Loss, net of tax

      

Net loss

   $ 265      $ 2,629      $ 2,173   

Prior service cost

     —          —          2   

Deferred income tax benefit

     (90     —          —     
  

 

 

   

 

 

   

 

 

 

Amount recognized

   $ 175      $ 2,629      $ 2,175   
  

 

 

   

 

 

   

 

 

 
Weighted Average Assumptions Used to Determine Benefit Obligation

Weighted Average Assumptions Used to Determine Benefit Obligation

      

Discount rate used for disclosure

     5.00     4.00     4.50

Expected return on plan assets

     8.00     8.00     8.00

Rate of compensation increase

     3.00     3.00     4.00 %
Components of Net Periodic Benefit Cost
     (in thousands)  
     2013     2012     2011  

Components of Net Periodic Benefit Cost

      

Service cost

   $ 470      $ 427      $ 359   

Interest cost

     279        269        307   

Expected return on plan assets

     (303     (275     (342

Amortization of prior service cost

     —          2        4   

Amortization of net obligation at transition

     —          —          —     

Recognized net loss due to settlement

     284        —          212   

Recognized net actuarial loss

     109        86        38   
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 839      $ 509      $ 578   
  

 

 

   

 

 

   

 

 

 
Other Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive (Income) Loss

Other Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive (Income) Loss

      

Net (gain) loss

   $ (2,364   $ 456      $ 902   

Amortization of prior service cost

     —          (2     (4

Amortization of net obligation at transition

     —          —          —     
  

 

 

   

 

 

   

 

 

 

Total recognized in accumulated other comprehensive income (loss)

   $ (2,364   $ 454      $ 898   
  

 

 

   

 

 

   

 

 

 

Total Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive Income (Loss)

   $ (1,525   $ 963      $ 1,476   
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

      

Discount rate

     4.00     4.50     5.50

Expected return on plan assets

     8.00     8.00     8.00

Rate of compensation increase

     3.00     3.00     4.00 %
Schedule of Pension Plan's Weighted-Average Asset Allocations

The pension plan’s weighted-average asset allocations at the end of the plan year for 2013 and 2012, by asset category were as follows:

 

     2013     2012  

Asset Category

    

Mutual funds - fixed income

     39     25

Mutual funds - equity

     61     75
  

 

 

   

 

 

 

Total

     100     100
  

 

 

   

 

 

 
Schedule of Fair Value Hierarchy, the Company's Pension Plan Assets

The following tables set forth by level, within the fair value hierarchy, the Company’s pension plan assets at fair value as of December 31, 2013, 2012 and 2011:

 

     Fair Value Measurements at December 31, 2013
(in thousands)
 
     Total      Level 1      Level 2      Level 3  

Fixed income funds

   $ 1,697       $ 1,697         —           —     

Equity funds

     2,632         2,632         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,329       $ 4,329         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurements at December 31, 2012
(in thousands)
 
     Total      Level 1      Level 2      Level 3  

Fixed income funds

   $ 1,023       $ 1,023         —           —     

Equity funds

     3,023         3,023         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,046       $ 4,046       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurements at December 31, 2011
(in thousands)
 
     Total      Level 1      Level 2      Level 3  

Fixed income funds

   $ 1,409       $ 1,409         —           —     

Equity funds

     2,045         2,045         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 3,454       $ 3,454       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Estimated Future Benefit Payments, Which Reflect Expected Future Service

Estimated future benefit payments, which reflect expected future service, as appropriate, were as follows at December 31, 2013:

 

     (in thousands)  

2014

   $ 262   

2015

     181   

2016

     275   

2017

     271   

2018

     23   

Years 2019-2023

     1,465