Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.6.0.2
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of components of pension expense, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions
(Dollars in Thousands) 2016 2015 2014
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 141,039 $ 140,359 $ 115,285
Service Cost 6,453 6,859 5,634
Interest Cost 5,587 5,750 5,513
Actuarial Loss (Gain) 9,118 (6,880) 22,632
Benefits Paid (9,412) (4,825) (8,438)
Expenses Paid (200) (224) (267)
Projected Benefit Obligation at End of Year $ 152,585 $ 141,039 $ 140,359
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year $ 105,792 $ 108,172 $ 103,842
Actual Return on Plan Assets 7,633 (2,331) 8,035
Employer Contributions 10,000 5,000 5,000
Benefits Paid (9,412) (4,825) (8,438)
Expenses Paid (200) (224) (267)
Fair Value of Plan Assets at End of Year $ 113,813 $ 105,792 $ 108,172
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 38,772 $ 35,247 $ 32,186
Accumulated Benefit Obligation at End of Year $ 130,109 $ 121,609 $ 119,750
Components of Net Periodic Benefit Costs:
Service Cost $ 6,453 $ 6,859 $ 5,634
Interest Cost 5,587 5,750 5,513
Expected Return on Plan Assets (7,736) (7,820) (7,487)
Amortization of Prior Service Costs 278 309 309
Net Loss Amortization 3,201 3,564 1,365
Net Periodic Benefit Cost $ 7,783 $ 8,662 $ 5,334
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 4.21% 4.52% 4.15%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Measurement Date 12/31/16 12/31/15 12/31/14
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 4.52% 4.15% 5.00%
Expected Return on Plan Assets 7.50% 7.50% 7.50%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 9,221 $ 3,272 $ 22,083
Prior Service Cost (278) (309) (309)
Net Loss (3,201) (3,564) (1,365)
Deferred Tax (Benefit) Expense (2,216) 232 (7,873)
Other Comprehensive Loss (Gain), net of tax $ 3,526 $ (369) $ 12,536
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses $ 40,392 $ 34,373 $ 34,665
Prior Service Cost 488 766 1,075
Deferred Tax Benefit (15,772) (13,556) (13,788)
Accumulated Other Comprehensive Loss, net of tax $ 25,108 $ 21,583 $ 21,952
Schedule of pension plan asset allocation and the target asset allocation
Target Percentage of Plan
Allocation Assets at Year-End(1)
2017 2016 2015
Equity Securities 70 % 66 % 68 %
Debt Securities 25 % 20 % 20 %
Cash and Cash Equivalents 5 % 14 % 12 %
Total 100 % 100 % 100 %
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy
(Dollars in Thousands) 2016 2015
Level 1:
Equities $ - $ 18,197
Mutual Funds - Real Estate 4,731 3,442
Mutual Funds - Fixed Income 16,189 14,738
Mutual Funds - Equity 75,159 53,649
Cash and Cash Equivalents 15,345 12,402
Level 2:
U.S. Government Agency 2,389 3,364
Total Fair Value of Plan Assets $ 113,813 $ 105,792
Schedule of expected benefit payments related to the defined benefit pension plan
Expected Benefit Payments. As of December 31, expected benefit payments related to the defined benefit pension plan were as follows:
(Dollars in Thousands) 2016
2017 $ 9,190
2018 11,076
2019 10,913
2020 10,290
2021 11,748
2022 through 2026 56,735
Total $ 109,952
Schedule of amounts contributed to the pension plan and the expected amount to be contributed
2015 2016 Expected
Contribution
(Dollars in Thousands) 2017(1)
Actual Contributions $ 5,000 $ 10,000 $ 5,000
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
(Dollars in Thousands) 2016 2015 2014
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 4,842 $ 3,003 $ 2,379
Service Cost - 3 -
Interest Cost 162 133 104
Actuarial Loss 737 1,703 520
Projected Benefit Obligation at End of Year $ 5,741 $ 4,842 $ 3,003
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 5,741 $ 4,842 $ 3,003
Accumulated Benefit Obligation at End of Year $ 4,913 $ 4,348 $ 2,982
Components of Net Periodic Benefit Costs:
Service Cost $ - $ 3 $ -
Interest Cost 162 133 104
Amortization of Prior Service Cost - 7 164
Net Loss (Gain) Amortization 759 179 (661)
Net Periodic Benefit Cost $ 921 $ 322 $ (393)
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 3.92% 4.13% 4.15%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Measurement Date 12/31/16 12/31/15 12/31/14
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 4.13% 4.15% 5.00%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 737 $ 1,703 $ 520
Prior Service Cost - (7) (164)
Net (Loss) Gain (759) (179) 660
Deferred Tax Expense (Benefit) 8 (585) (392)
Other Comprehensive Loss (Gain), net of tax $ (14) $ 932 $ 624
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain) $ 870 $ 892 $ (632)
Prior Service Cost - - 7
Deferred Tax (Benefit) Liability (336) (344) 241
Accumulated Other Comprehensive Loss (Gain), net of tax $ 534 $ 548 $ (384)
Schedule of expected benefit payments related to the SERP
(Dollars in Thousands) 2016
2017 $ 1,649
2018 2,193
2019 2,142
2020 -
2021 -
2022 through 2026 -
Total $ 5,984