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The target asset allocations for the two plans for the years ended December 31, 2011 and 2010 are as
<br />follows:
<br />Equity
<br />Fixed Income
<br />Other
<br />Total
<br />Bank of the
<br />West Plan
<br />2011 2010
<br />50% 45%
<br />45 50
<br />5 5
<br />100% 100%
<br />UCB Plan
<br />2011 2010
<br />45% 45%
<br />50 50
<br />5 5
<br />100% 100%
<br />Concentration of Risk
<br />The Bank describes "risk" as the possibility of not achieving the Plans' actuarial rates of return. Risks
<br />associated with the Plans' investments include systematic and nonsystematic risk, interest rate, yield curve,
<br />reinvestment and credit risk and the combination of these risks. The Bank mitigates the credit risk of
<br />investments by establishing guidelines with the investment managers. Both the Bank and our investment
<br />managers monitor the diversity of the plans to ensure that they meet ERISA requirements. Equity securities
<br />in the Plans did not include BancWest or BNP Paribas stock at December 31, 2011 and 2010.
<br />The tables below summarize the Bank's pension plan assets by investment category at December 31,
<br />2011 and 2010. The three -level hierarchy that describes the inputs used to measure assets at fair value is
<br />discussed in Note 1:
<br />(dollars in thousands)
<br />Asset Category
<br />Cash and equivalents
<br />Fixed income:
<br />U.S. Government agency securities and corporate securities
<br />Mutual funds
<br />Other
<br />Equity securities:
<br />Mutual funds
<br />Exchange traded funds
<br />Separate assets
<br />Multi strategy mutual funds
<br />Total plan assets
<br />(dollars in thousands)
<br />Asset Category
<br />Cash and equivalents
<br />Fixed income:
<br />U.S. Government agency securities and corporate securities
<br />Mutual funds
<br />Other
<br />Equity securities:
<br />Mutual funds
<br />Exchange traded funds
<br />Separate assets
<br />Multi strategy mutual funds
<br />Total plan assets
<br />-52-
<br />2011 Bank of the West Annual Report
<br />2011
<br />Fair Value Level 1 Level 2 Level 3
<br />$ 1,039 $ 1,039 $ - $
<br />125,713
<br />19,300
<br />20,184
<br />125,713
<br />19,300
<br />9,762 - 10,422
<br />120,322 120,322
<br />33,603 33,603
<br />29,254 29,254 -
<br />16,565 10,464 6,101
<br />$365,980 $349,457 $6,101 $10,422
<br />2010
<br />Fair Value Level 1 Level 2 Level 3
<br />$ 2,760 $ 2,760 $ - $
<br />122,686
<br />27,850
<br />17,492
<br />122,686
<br />27,850
<br />7,487 - 10,005
<br />119,951 119,951
<br />26,276 26,276
<br />29,197 29,197
<br />17,995 12,184 5,811
<br />$364,207 $348,391 $ 5,811 $10,005
<br />
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