Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.8.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2017
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) 2017 2016 2015
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 152,585 $ 141,039 $ 140,359
Service Cost 6,752 6,453 6,859
Interest Cost 5,750 5,587 5,750
Actuarial Loss (Gain) 10,877 9,118 (6,880)
Benefits Paid (10,541) (9,412) (4,825)
Expenses Paid (339) (200) (224)
Projected Benefit Obligation at End of Year $ 165,084 $ 152,585 $ 141,039
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year $ 113,813 $ 105,792 $ 108,172
Actual Return on Plan Assets 16,786 7,633 (2,331)
Employer Contributions 10,000 10,000 5,000
Benefits Paid (10,541) (9,412) (4,825)
Expenses Paid (339) (200) (224)
Fair Value of Plan Assets at End of Year $ 129,719 $ 113,813 $ 105,792
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 35,365 $ 38,772 $ 35,247
Accumulated Benefit Obligation at End of Year $ 144,139 $ 130,109 $ 121,609
Components of Net Periodic Benefit Costs:
Service Cost $ 6,752 $ 6,453 $ 6,859
Interest Cost 5,750 5,587 5,750
Expected Return on Plan Assets (8,026) (7,736) (7,820)
Amortization of Prior Service Costs 223 278 309
Net Loss Amortization 3,812 3,201 3,564
Net Periodic Benefit Cost $ 8,511 $ 7,783 $ 8,662
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 3.71% 4.21% 4.52%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Measurement Date 12/31/17 12/31/16 12/31/15
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 4.21% 4.52% 4.15%
Expected Return on Plan Assets 7.25% 7.50% 7.50%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 2,117 $ 9,221 $ 3,272
Prior Service Cost (223) (278) (309)
Net Loss (3,812) (3,201) (3,564)
Deferred Tax (Benefit) Expense 5,898 (2,216) 232
Other Comprehensive Loss (Gain), net of tax $ 3,980 $ 3,526 $ (369)
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses $ 38,698 $ 40,392 $ 34,373
Prior Service Cost 265 488 766
Deferred Tax Benefit (9,876) (15,772) (13,556)
Accumulated Other Comprehensive Loss, net of tax $ 29,087 $ 25,108 $ 21,583
Schedule of pension plan asset allocation and the target asset allocation
Target Percentage of Plan
Allocation Assets at Year-End(1)
2018 2017 2016
Equity Securities 70 % 74 % 66 %
Debt Securities 25 % 21 % 20 %
Cash and Cash Equivalents 5 % 5 % 14 %
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) 2017 2016
Level 1:
Mutual Funds $ 118,474 $ 96,079
Cash and Cash Equivalents 7,103 15,345
Level 2:
U.S. Government Agency 4,142 2,389
Total Fair Value of Plan Assets $ 129,719 $ 113,813
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) 2017
2018 $ 11,487
2019 11,471
2020 10,563
2021 12,488
2022 10,936
2023 through 2027 57,441
Total $ 114,386
Schedule of amounts contributed to the pension plan and the expected amount to be contributed
Expected
Contribution
(Dollars in Thousands) 2016 2017 2018(1)
Actual Contributions $ 10,000 $ 10,000 $ 10,000
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) 2017 2016 2015
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 5,741 $ 4,842 $ 3,003
Service Cost - - 3
Interest Cost 191 162 133
Actuarial Loss 1,353 737 1,703
Projected Benefit Obligation at End of Year $ 7,285 $ 5,741 $ 4,842
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 7,285 $ 5,741 $ 4,842
Accumulated Benefit Obligation at End of Year $ 6,485 $ 4,913 $ 4,348
Components of Net Periodic Benefit Costs:
Service Cost $ - $ - $ 3
Interest Cost 191 162 133
Amortization of Prior Service Cost - - 7
Net Loss Amortization 597 759 179
Net Periodic Benefit Cost $ 788 $ 921 $ 322
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 3.53% 3.92% 4.13%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Measurement Date 12/31/17 12/31/16 12/31/15
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 3.92% 4.13% 4.15%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,353 $ 737 $ 1,703
Prior Service Cost - - (7)
Net Loss (597) (759) (179)
Deferred Tax (Benefit) Expense (77) 8 (585)
Other Comprehensive Loss (Gain), net of tax $ 679 $ (14) $ 932
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,626 $ 870 $ 892
Deferred Tax Benefit (412) (336) (344)
Accumulated Other Comprehensive Loss, net of tax $ 1,214 $ 534 $ 548
Schedule of expected benefit payments related to the SERP
(Dollars in Thousands) 2017
2018 $ 3,427
2019 3,995
2020 -
2021 -
2022 -
2023 through 2027 -
Total $ 7,422