EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Employee benefits plans [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)
2020
2019
2018
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
180,830
$
149,347
$
165,084
Service Cost
5,828
6,114
6,884
Interest Cost
5,612
6,178
5,661
Actuarial Loss (Gain)
32,172
25,715
(16,349)
Benefits Paid
(11,677)
(6,255)
(11,686)
Expenses Paid
(260)
(269)
(247)
Special/Contractual Termination
61
-
-
Projected Benefit Obligation at End of Year
$
212,566
$
180,830
$
149,347
Change in Plan Assets:
Fair Value
$
161,646
$
134,535
$
129,719
Actual Return (Loss) on Plan Assets
17,066
28,635
(6,251)
Employer Contributions
5,000
5,000
23,000
Benefits Paid
(11,677)
(6,255)
(11,686)
Expenses Paid
(260)
(269)
(247)
Fair Value
$
171,775
$
161,646
$
134,535
Funded Status of Plan and Accrued Liability Recognized
Other Liabilities
$
40,791
$
19,184
$
14,812
Accumulated Benefit Obligation at End of Year
$
177,362
$
156,327
$
130,477
Components of Net Periodic Benefit Costs:
Service Cost
$
5,828
$
6,114
$
6,884
Interest Cost
5,612
6,178
5,661
Expected Return on Plan Assets
(10,993)
(9,527)
(9,564)
Amortization of Prior Service Costs
15
15
199
Special/Contractual Termination
61
-
-
Net Loss Amortization
3,933
3,862
3,673
Net Periodic Benefit Cost
$
4,456
$
6,642
$
6,853
Weighted-Average
Discount Rate
2.88%
3.53%
4.43%
Rate of Compensation Increase
(1)
4.00%
4.00%
4.00%
Measurement Date
12/31/20
12/31/19
12/31/18
Weighted-Average
Discount Rate
3.53%
4.43%
3.71%
Expected Return on Plan Assets
7.00%
7.25%
7.25%
Rate of Compensation Increase
(1)
4.00%
4.00%
3.25%
Amortization Amounts from Accumulated Other Comprehensive
Net Actuarial Loss (Gain)
$
26,098
$
6,606
$
(533)
Prior Service Cost
(15)
(15)
(199)
Net Loss
(3,933)
(3,862)
(3,673)
Deferred Tax (Benefit)
(5,615)
(694)
1,118
Other Comprehensive Loss (Gain), net of tax
$
16,535
$
2,035
$
(3,287)
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses
$
59,400
$
37,235
$
34,491
Prior Service Cost
35
50
66
Deferred Tax Benefit
(15,066)
(9,451)
(8,757)
Accumulated Other Comprehensive Loss, net of tax
$
44,369
$
27,834
$
25,800
(1)
|
| Schedule of pension plan asset allocation and the target asset allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2021
2020
2019
Equity Securities
65
%
71
%
72
%
Debt Securities
30
%
21
%
19
%
Cash and Cash Equivalents
5
%
8
%
9
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31
end cash contribution to the plan.
|
| Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy |
(Dollars in Thousands)
2020
2019
Level 1:
U.S. Treasury Securities
$
405
$
907
Mutual Funds
155,192
142,127
Cash and Cash Equivalents
12,789
13,943
Level 2:
U.S. Government Agency
1,555
2,078
Corporate Notes/Bonds
1,834
2,591
Total Fair Value
$
171,775
$
161,646
|
| Schedule of expected benefit payments related to the defined benefit pension plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2020
2021
$
16,187
2022
15,728
2023
15,280
2024
15,208
2025
14,818
2026 through 2030
61,861
Total
$
139,082
|
| Schedule of amounts contributed to the pension plan and the expected amount to be contributed |
Expected
Contribution
(Dollars in Thousands)
2019
2020
2021
(1)
Actual Contributions
$
5,000
$
5,000
$
5,000
For 2021, the Company will have the option to make |
| 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)
2020
2019
2018
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
10,244
$
8,860
$
7,285
Service Cost
31
-
-
Interest Cost
321
349
227
Actuarial Loss
1,826
1,035
1,348
Plan Amendments
980
-
-
Projected Benefit Obligation at End of Year
$
13,402
$
10,244
$
8,860
Funded Status of Plan and Accrued Liability Recognized
Other Liabilities
$
13,402
$
10,244
$
8,860
Accumulated Benefit Obligation at End of Year
$
12,339
$
8,778
$
7,557
Components of Net Periodic Benefit Costs:
Service Cost
$
31
$
-
$
-
Interest Cost
321
349
227
Amortization of Prior Service Cost
327
-
-
Net Loss Amortization
503
761
1,626
Net Periodic Benefit Cost
$
1,182
$
1,110
$
1,853
Weighted-Average
Discount Rate
2.38%
3.16%
4.23%
Rate of Compensation Increase
(1)
4.00%
4.00%
4.00%
Measurement Date
12/31/20
12/31/19
12/31/18
Weighted-Average
Discount Rate
3.16%
4.23%
3.53%
Rate of Compensation Increase
(1)
3.50%
3.50%
3.25%
Amortization Amounts from Accumulated Other Comprehensive
Net Actuarial Loss
$
1,826
$
1,035
$
1,348
Prior Service Cost
895
-
-
Net Loss
(458)
(761)
(1,626)
Deferred Tax (Benefit)
(573)
(70)
71
Other Comprehensive Loss (Gain), net of tax
$
1,690
$
204
$
(207)
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss
$
2,991
$
1,622
$
1,348
Prior Service Cost
895
-
-
Deferred Tax Benefit
(985)
(411)
(341)
Accumulated Other Comprehensive Loss, net of tax
$
2,901
$
1,211
$
1,007
(1)
|
| Schedule of expected benefit payments related to the SERP |
(Dollars in Thousands)
2020
2021
$
5,218
2022
4,679
2023
2,882
2024
613
2025
48
2026 through 2030
254
Total
$
13,694
|