EMPLOYEE BENEFIT PLANS
|12 Months Ended|
Dec. 31, 2012
|Compensation and Retirement Disclosure [Abstract]|
|EMPLOYEE BENEFIT PLANS||
EMPLOYEE BENEFIT PLANS
The Company sponsors a noncontributory pension plan covering substantially all of its associates. Benefits under this plan generally are based on the associate's total years of service and average of the five highest years of compensation during the ten years immediately preceding their departure. The Companys general funding policy is to contribute amounts sufficient to meet minimum funding requirements as set by law and to ensure deductibility for federal income tax purposes.
The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
The Company expects to recognize approximately $4.6 million of the net actuarial loss reflected in accumulated other comprehensive income at December 31, 2012 as a component of net periodic benefit cost during 2013.
Plan Assets. The Companys pension plan asset allocation at year-end 2012 and 2011, and the target asset allocation for 2013 are as follows:
The Companys pension plan assets are overseen by the CCBG Retirement Committee. Capital City Trust Company acts as the investment manager for the plan. The investment strategy is to maximize return on investments while minimizing risk. The Company believes the best way to accomplish this goal is to take a conservative approach to its investment strategy by investing in high-grade equity and debt securities. The overall expected long-term rate of return on assets is a weighted-average expectation for the return on plan assets. The Company considers historical performance data and economic/financial data to arrive at expected long-term rates of return for each asset category.
The major categories of assets in the Companys pension plan as of December 31 are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 18 Fair Value Measurements).
Expected Benefit Payments. As of December 31, 2012, expected benefit payments related to the defined benefit pension plan were as follows:
Contributions. The following table details the amounts contributed to the pension plan in 2012 and 2011, and the expected amount to be contributed in 2013.
Supplemental Executive Retirement Plan
The Company has a Supplemental Executive Retirement Plan (SERP) covering selected executive officers. Benefits under this plan generally are based on the same service and compensation as used for the pension plan, except the benefits are calculated without regard to the limits set by the Internal Revenue Code on compensation and benefits. The net benefit payable from the SERP is the difference between this gross benefit and the benefit payable by the pension plan.
The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts.
The Company expects to recognize approximately $0.1 million of the net actuarial gain reflected in accumulated other comprehensive income at December 31, 2012 as a component of net periodic benefit cost during 2013.
Expected Benefit Payments. As of December 31, expected benefit payments related to the SERP were as follows:
The Company has a 401(k) Plan which enables associates to defer a portion of their salary on a pre-tax basis. The plan covers substantially all associates of the Company who meet minimum age requirements. The plan is designed to enable participants to elect to have an amount from 1% to 15% of their compensation withheld in any plan year placed in the 401(k) Plan trust account. Matching contributions of 50% from the Company are made up to 6% of the participant's compensation for eligible associates. During 2012, 2011, and 2010, the Company made matching contributions of $0.4 million for each respective year. The participant may choose to invest their contributions into twenty-seven investment options available to 401(k) participants, including the Companys common stock. A total of 50,000 shares of CCBG common stock have been reserved for issuance. Shares issued to participants have historically been purchased in the open market.
The Company has a Dividend Reinvestment and Optional Stock Purchase Plan. A total of 250,000 shares have been reserved for issuance. In recent years, shares for the Dividend Reinvestment and Optional Stock Purchase Plan have been acquired in the open market and, thus, the Company did not issue any shares under this plan in 2012, 2011 and 2010.
The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
No definition available.