Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Benefit Plans [Abstract]  
Funded Status of Plan

 

 

 

 

 

 

 

 

 

 

 

December 31

(Dollars in thousands)

2013

2012

Projected benefit obligation

$
(6,250)

$
(7,221)

Accumulated benefit obligation

 
(6,250)

 
(7,221)

Fair value of plan assets

 
5,274 

 
5,283 

Amounts recognized in the statement of financial position consist of:

 

 

 

 

Liabilities

$
(976)

$
(1,938)

Funded status

$
(976)

$
(1,938)

Amounts recognized in accumulated other comprehensive income (loss) consist of:

 

 

 

 

Net loss

$
1,104 

$
2,233 

Total

$
1,104 

$
2,233 

 

Changes in Benefit Obligation and Fair Value of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

(Dollars in thousands)

2013

2012

Change in benefit obligation

 

 

 

 

Benefit obligation at beginning of year

$
7,221 

$
6,777 

Interest cost

 
254 

 
276 

Actuarial (gain) loss

 
(728)

 
687 

Benefits paid

 
(497)

 
(563)

Service cost

 

 -

 
44 

Benefit obligation at end of year

$
6,250 

$
7,221 

Change in plan assets

 

 

 

 

Fair value of assets at beginning of year

$
5,283 

$
5,040 

Actual return on plan assets

 
507 

 
772 

Employer contribution

 

 -

 
90 

Benefits paid

 
(497)

 
(563)

Estimated expenses

 
(19)

 
(56)

Fair value of assets at end of year

$
5,274 

$
5,283 

 

Plan Asset Allocation

 

 

 

 

 

 

 

 

 

 

 

December 31

 

 

2013

2012

Cash and cash equivalents
14.4 

%
15.2 

%

Equity securities
34.2 

 
22.0 

 

Fixed income securities
51.4 

 
62.8 

 

Total
100.0 

%
100.0 

%

 

Net Periodic Pension Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31

 

(Dollars in thousands)

2013

2012

Service cost

$
43 

$
44 

 

Interest cost

 
254 

 
276 

 

Expected return on plan assets

 
(281)

 
(267)

 

Recognized net actuarial loss

 
151 

 
134 

 

Net periodic cost

$
167 

$
187 

 

Assumptions used:

 

 

 

 

 

Discount rate

 
4.50 

%
3.60 

%

Rate of increase in compensation level

 

N/A

 

N/A

 

Expected long-term rate of return on assets

 
5.5 

 
5.5 

 

 

Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

(Dollars in thousands)

Period

 

Benefits

 

2014

$
285 

 

2015

 
553 

 

2016

 
296 

 

2017

 
299 

 

2018

 
342 

 

2019-2023

 
2,861 

 

Fair Value of Plan Assets by Asset Categories

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

Assets at

 

 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$
872 

$

 -

$

 -

$
872 

International equities

 
839 

 

 -

 

 -

 
839 

Real estate

 
91 

 

 -

 

 -

 
91 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 
665 

 

 -

 

 -

 
665 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 
2,045 

 

 -

 
2,045 

Cash

 
762 

 

 -

 

 -

 
762 

Total assets measured at fair value on a recurring basis

$
3,229 

$
2,045 

$

 -

$
5,274 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

Assets at

 

 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$
431 

$

 -

$

 -

$
431 

International equities

 
648 

 

 -

 

 -

 
648 

Real estate

 
84 

 

 -

 

 -

 
84 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 
1,537 

 

 -

 

 -

 
1,537 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 
1,779 

 

 -

 
1,779 

Cash

 
804 

 

 -

 

 -

 
804 

Total assets measured at fair value on a recurring basis

$
3,504 

$
1,779 

$

 -

$
5,283 

 

Stock Option Activity

 

 

 

 

 

 

 

 

 

Number

Weighted Average

 

Outstanding

Exercise Price

Outstanding January 1, 2012
236,438 

$
15.98 

Issued

 -

 

-

Exercised

 -

 

-

Forfeited
(2,605)

 
9.69 

Expired
(19,215)

 
16.83 

Outstanding December 31, 2012
214,618 

$
15.98 

Issued

 -

 

-

Exercised

 -

 

-

Forfeited
(1,000)

 
10.31 

Expired
(6,315)

 
18.66 

Outstanding December 31, 2013
207,303 

$
15.92 

 

Weighted Average Price And Weighted Average Remaining Contractual Life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

 

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

 

Value

$  6.93-10.99
85,050 

 -

$
8.65 
4.15 

 years

$
1,029,000 

 14.00-19.99
55,401 
55,401 

 
17.51 
1.97 

 years

 
180,000 

 20.00-22.99
18,811 
18,811 

 
22.78 
0.97 

 years

 

 -

 23.00-24.27
48,041 
48,041 

 
24.27 
1.29 

 years

 

 -

Total
207,303 
122,253 

$
15.92 
2.62 

 years

$
1,209,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

 

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

 

Value

$  6.93-13.99
86,050 

 -

$
8.67 
5.16 

 years

$
588,000 

 14.00-19.99
61,715 
61,715 

 
17.62 
2.72 

 years

 

 -

 20.00-22.99
18,812 
18,812 

 
22.78 
1.97 

 years

 

 -

 23.00-24.27
48,041 
48,041 

 
24.27 
2.29 

 years

 

 -

Total
214,618 
128,568 

$
15.98 
3.54 

 years

$
588,000 

 

Stock Grant Activity

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Shares

Stock Price

Non-vested stock awards - January 1, 2012
29,200 

$
8.67 

Granted
19,070 

 
15.56 

Forfeited

 -

 

 -

Vested

 -

 

 -

Non-vested stock awards - December 31, 2012
48,270 

$
11.39 

Granted
17,125 

 
20.43 

Forfeited
(400)

 
15.56 

Vested
(14,200)

 
6.93 

Non-vested stock awards - December 31, 2013
50,795 

$
15.65