Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v2.4.1.9
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2014
Employee Benefit Plans Tables  
Schedule of components of pension expense, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions

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.

 

 

(Dollars in Thousands)   2014     2013     2012  
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 115,285     $ 134,950     $ 116,173  
Service Cost     5,634       6,999       6,397  
Interest Cost     5,513       5,566       5,587  
Actuarial Loss (Gain)     22,632       (18,965 )     14,156  
Benefits Paid     (8,438 )     (12,946 )     (7,138 )
Expenses Paid     (267 )     (319 )     (225 )
Projected Benefit Obligation at End of Year   $ 140,359     $ 115,285     $ 134,950  
                         
Change in Plan Assets:                        
Fair Value of Plan Assets at Beginning of Year   $ 103,842     $ 94,164     $ 87,844  
Actual Return on Plan Assets     8,035       17,943       8,683  
Employer Contributions     5,000       5,000       5,000  
Benefits Paid     (8,438 )     (12,946 )     (7,138 )
Expenses Paid     (267 )     (319 )     (225 )
Fair Value of Plan Assets at End of Year   $ 108,172     $ 103,842     $ 94,164  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 32,186     $ 11,442     $ 40,786  
                         
Accumulated Benefit Obligation at End of Year   $ 119,750     $ 98,796     $ 110,985  
                         
Components of Net Periodic Benefit Costs:                        
Service Cost   $ 5,634     $ 6,999     $ 6,397  
Interest Cost     5,513       5,566       5,587  
Expected Return on Plan Assets     (7,487 )     (7,371 )     (6,793 )
Amortization of Prior Service Costs     309       317       359  
Net Loss Amortization     1,365       4,316       3,390  
Net Periodic Benefit Cost   $ 5,334     $ 9,827     $ 8,940  
                         
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     4.15 %     5.00 %     4.25 %
Rate of Compensation Increase     3.25 %     3.25 %     3.75 %
Measurement Date     12/31/14       12/31/13       12/31/12  
                         
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     5.00 %     4.25 %     5.00 %
Expected Return on Plan Assets     7.50 %     8.00 %     8.00 %
Rate of Compensation Increase     3.25 %     3.75 %     4.00 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial Loss (Gain)   $ 22,083     $ (29,534 )   $ 12,265  
Prior Service Cost     (309 )     (317 )     (359 )
Net Loss     (1,365 )     (4,316 )     (3,390 )
Deferred Tax (Benefit) Expense     (7,873 )     13,180       (3,285 )
Other Comprehensive Loss (Gain), net of tax   $ 12,536     $ (20,987 )   $ 5,231  
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Losses   $ 34,665     $ 13,947     $ 47,800  
Prior Service Cost     1,075       1,383       1,700  
Deferred Tax Benefit     (13,788 )     (5,914 )     (19,097 )
Accumulated Other Comprehensive Loss, net of tax   $ 21,952     $ 9,416     $ 30,403
Schedule of pension plan asset allocation and the target asset allocation

The Company’s pension plan asset allocation at year-end 2014 and 2013, and the target asset allocation for 2015 are as follows:

 

    Target
Allocation		     Percentage of Plan
Assets at Year-End(1)		  
    2015     2014     2013  
Equity Securities     70 %     74 %     72 %
Debt Securities     25 %     21 %     23 %
Cash and Cash Equivalents     5 %     5 %     5 %
Total     100 %     100 %     100 %

 

  (1) Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan.
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy

The major categories of assets in the Company’s 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).

 

(Dollars in Thousands)   2014     2013  
Level 1:                
   U.S. Government Treasury   $ —     $ 768  
   Equities     23,199       21,564  
   Mutual Funds     75,421       70,993  
   Cash and Cash Equivalents     5,626       5,571  
                 
Level 2:                
   U.S. Government Agency     3,926       4,946  
                 
       Total Fair Value of Plan Assets   $ 108,172     $ 103,842  
Schedule of expected benefit payments related to the defined benefit pension plan

As of December 31, expected benefit payments related to the defined benefit pension plan were as follows:

 

(Dollars in Thousands)   2014  
2015   $ 8,090  
2016     8,340  
2017     8,969  
2018     10,213  
2019     10,867  
2020 through 2024     54,919  
Total   $ 101,398  
Schedule of amounts contributed to the pension plan and the expected amount to be contributed

The following table details the amounts contributed to the pension plan in 2013 and 2014, and the expected amount to be contributed in 2015.

 

 

 

(Dollars in Thousands)

   2013(2)     2014(2)     Expected Range of
Contribution
2015(1) 		 
Actual Contributions   $ 5,000     $ 5,000       $5,000 - $10,000  

 

  (1) For 2015, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
  (2) For the 2012 and 2013 plan years, the Company made the contributions during the 2013 and 2014 calendar years. As of December 31, 2014, no contributions were made for the 2014 plan year.
Schedule of components of SERP's periodic benefit cost, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions

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.

 

 

(Dollars in Thousands)   2014     2013     2012  
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 2,379     $ 3,492     $ 3,030  
Interest Cost     104       137       140  
Actuarial Loss (Gain)     520       (1,250 )     322  
Projected Benefit Obligation at End of Year   $ 3,003     $ 2,379     $ 3,492  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 3,003     $ 2,379     $ 3,492  
Accumulated Benefit Obligation at End of Year   $ 2,982     $ 2,379     $ 3,492  
                         
Components of Net Periodic Benefit Costs:                        
Interest Cost   $ 104     $ 137     $ 140  
Amortization of Prior Service Cost     164       187       189  
Net Gain Amortization     (661 )     (237 )     (369 )
Net Periodic Benefit Cost   $ (393 )   $ 87     $ (40 )
                         
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     4.15 %     5.00 %     4.25 %
Rate of Compensation Increase     3.25 %     3.25 %     3.75 %
Measurement Date     12/31/14       12/31/13       12/31/12  
                         
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     5.00 %     4.25 %     5.00 %
Rate of Compensation Increase     3.25 %     3.75 %     4.00 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial Loss (Gain)   $ 520     $ (1,250 )   $ 322  
Prior Service Cost     (164 )     (187 )     (189 )
Net Gain     660       237       369  
Deferred Tax (Benefit) Expense     (392 )     463       (194 )
Other Comprehensive Loss (Gain), net of tax   $ 624     $ (737 )   $ 308  
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Gain   $ (632 )   $ (1,812 )   $ (799 )
Prior Service Cost     7       171       358  
Deferred Tax Liability     241       633       170  
Accumulated Other Comprehensive Gain, net of tax   $ (384 )   $ (1,008 )   $ (271 )
Schedule of expected benefit payments related to the SERP

As of December 31, expected benefit payments related to the SERP were as follows:

 

(Dollars in Thousands)   2014  
2015   $ 979  
2016     522  
2017     231  
2018     215  
2019     230  
2020 through 2024     —  
 Total   $ 2,177