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14. Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2013
Employee Benefits |
Reconciliation of the change in the plan's benefit obligations |
|  | December 31, |
|  | 2013 |  |  | 2012 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 21,792 |  |  | $ | 19,443 |
Service cost |  |  | – |  |  |  | – |
Interest cost |  |  | 823 |  |  |  | 875 |
Assumption changes |  |  | (2,420 | ) |  |  | 2,332 |
Actuarial (gain) loss |  |  | (113 | ) |  |  | 2 |
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,241 | ) |  |  | (860 | )
Projected benefit obligation, end of year |  | $ | 18,841 |  |  | $ | 21,792 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 16,612 |  |  | $ | 10,613 |
Return on assets |  |  | 6,009 |  |  |  | 5,439 |
Employer contribution |  |  | 389 |  |  |  | 1,473 |
Expenses |  |  | (105 | ) |  |  | (53 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,241 | ) |  |  | (860 | )
Fair value of plan assets, end of year |  | $ | 21,664 |  |  | $ | 16,612 |
Funded Status at end of year |  | $ | 2,823 |  |  | $ | (5,180 | )
Weighted average assumptions used to determine pension benefit obligations |
|  | December, 31 |
|  | 2013 |  |  | 2012 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |
Discount rate |  |  | 4.75% |  |  |  | 3.91% |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 3.91% |  |  |  | 4.60% |
Expected return on plan assets |  |  | 8.25% |  |  |  | 8.50% |
Schedule of accumulated pension benefit obligation |
|  | December 31, |
|  | 2013 |  |  | 2012 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |
Other assets |  | $ | 2,823 |  |  | $ | – |
Other liabilities |  |  | – |  |  |  | (5,180 | )
Net amount recognized |  | $ | 2,823 |  |  | $ | (5,180 | )
Amounts recognized in accumulated other comprehensive income consists of: |  |  |  |  |  |  |  |
Net gain |  | $ | 1,367 |  |  | $ | 8,953 |
Unrecognized transition asset |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 1,367 |  |  | $ | 8,953 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ | 823 |  |  | $ | 875 |
Expected return on assets |  |  | (1,335 | ) |  |  | (928 | )
Amortization of transition asset |  |  | – |  |  |  | – |
Amortization of net loss |  |  | 484 |  |  |  | 680 |
Net periodic benefit cost |  |  | (28 | ) |  |  | 627 |
Settlement (gain)/loss |  |  | – |  |  |  | – |
Total |  | $ | (28 | ) |  | $ | 627 |
Benefit Obligation Recognized in Other Comprehensive Income |  |  |  |  |  |  |  |
Net gain |  | $ | (7,586 | ) |  | $ | (2,748 | )
Prior service cost (credit) |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive income |  | $ | (7,586 | ) |  | $ | (2,748 | )
Accumulated Pension Benefit Obligation |  | $ | (1,095 | ) |  | $ | (5,637 | )
Weighted average asset allocation of our pension benefits |
|  | December 31, |
|  | 2013 |  |  | 2012 |
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 87% |  |  |  | 83% |
Debt securities |  |  | 13% |  |  |  | 16% |
Cash and cash equivalents |  |  | 0% |  |  |  | 1% |
Total |  |  | 100% |  |  |  | 100% |
Estimated Future Benefit Payments |
Cash Flows |  |  |
Estimated Future Benefit Payments (In thousands) |  |  |
2014 |  | $ | 722 |
2015 |  |  | 816 |
2016 |  |  | 828 |
2017 |  |  | 862 |
2018 |  |  | 894 |
Years 2019 - 2023 |  |  | 5,075 |
Anticipated Contributions in 2014 |  | $ | 562 |
Fair value of plan assets |
|  | December 31, 2013 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  |  | (in thousands) |
Company Common Stock |  | $ | 8,319 |  |  | $ | – |  |  | $ | – |  |  | $ | 8,319 |
Fundamental Value |  |  | – |  |  |  | 2,384 |  |  |  | – |  |  |  | 2,384 |
Mid Cap Growth |  |  | – |  |  |  | 709 |  |  |  | – |  |  |  | 709 |
Focus Value |  |  | – |  |  |  | 692 |  |  |  | – |  |  |  | 692 |
Small Co. Value |  |  | – |  |  |  | 693 |  |  |  | – |  |  |  | 693 |
Growth |  |  | – |  |  |  | 3,237 |  |  |  | – |  |  |  | 3,237 |
International Growth |  |  | – |  |  |  | 2,855 |  |  |  | – |  |  |  | 2,855 |
Core Bond |  |  | – |  |  |  | 1,870 |  |  |  | – |  |  |  | 1,870 |
High Yield |  |  | – |  |  |  | 387 |  |  |  | – |  |  |  | 387 |
Inflation Protected Bond |  |  | – |  |  |  | 487 |  |  |  | – |  |  |  | 487 |
Money Market |  |  | – |  |  |  | 31 |  |  |  | – |  |  |  | 31 |
Total |  | $ | 8,319 |  |  | $ | 13,345 |  |  | $ | – |  |  | $ | 21,664 |
|  | December 31, 2012 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  |  | (in thousands) |
Company Common Stock |  | $ | 4,791 |  |  | $ | – |  |  | $ | – |  |  | $ | 4,791 |
Fundamental Value |  |  | – |  |  |  | 2,049 |  |  |  | – |  |  |  | 2,049 |
Mid Cap Growth |  |  | – |  |  |  | 596 |  |  |  | – |  |  |  | 596 |
Focus Value |  |  | – |  |  |  | 607 |  |  |  | – |  |  |  | 607 |
Small Co. Value |  |  | – |  |  |  | 604 |  |  |  | – |  |  |  | 604 |
Growth |  |  | – |  |  |  | 2,681 |  |  |  | – |  |  |  | 2,681 |
International Growth |  |  | – |  |  |  | 2,431 |  |  |  | – |  |  |  | 2,431 |
Core Bond |  |  | – |  |  |  | 1,780 |  |  |  | – |  |  |  | 1,780 |
Income |  |  | – |  |  |  | 363 |  |  |  | – |  |  |  | 363 |
Inflation Protected Bond |  |  | – |  |  |  | 472 |  |  |  | – |  |  |  | 472 |
Money Market |  |  | – |  |  |  | 238 |  |  |  | – |  |  |  | 238 |
Total |  | $ | 4,791 |  |  | $ | 11,821 |  |  | $ | – |  |  | $ | 16,612 |
________________________
| (1) | Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
| (2) | All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
| (3) | There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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