Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.22.0.1
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
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)
2021
2020
2019
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
212,566
$
180,830
$
149,347
Service Cost
6,971
5,828
6,114
Interest Cost
4,885
5,612
6,178
Actuarial (Gain) Loss
(14,934)
32,172
25,715
Benefits Paid
(2,087)
(11,677)
(6,255)
Expenses Paid
(259)
(260)
(269)
Settlements
(34,634)
-
-
Special/Contractual Termination
 
Benefits
-
61
-
Projected Benefit Obligation at End of Year
$
172,508
$
212,566
$
180,830
Change in Plan Assets:
Fair Value
 
of Plan Assets at Beginning of Year
$
171,775
$
161,646
$
134,535
Actual Return on Plan Assets
30,479
17,066
28,635
Employer Contributions
-
5,000
5,000
Benefits Paid
(2,087)
(11,677)
(6,255)
Expenses Paid
(259)
(260)
(269)
Settlements
(34,634)
-
-
Fair Value
 
of Plan Assets at End of Year
$
165,274
$
171,775
$
161,646
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
7,234
$
40,791
$
19,184
Accumulated Benefit Obligation at End of Year
$
149,569
$
177,362
$
156,327
Components of Net Periodic Benefit Costs:
Service Cost
$
6,971
$
5,828
$
6,114
Interest Cost
4,885
5,612
6,178
Expected Return on Plan Assets
(11,147)
(10,993)
(9,527)
Amortization of Prior Service Costs
15
15
15
Special/Contractual Termination
 
Benefits
-
61
-
Net Loss Amortization
6,764
3,933
3,862
Net Loss Settlements
3,072
-
-
Net Periodic Benefit Cost
$
10,560
$
4,456
$
6,642
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
3.11%
2.88%
3.53%
Rate of Compensation Increase
(1)
4.40%
4.00%
4.00%
Measurement Date
12/31/21
12/31/20
12/31/19
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
2.88%
3.53%
4.43%
Expected Return on Plan Assets
6.75%
7.00%
7.25%
Rate of Compensation Increase
(1)
4.00%
4.00%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain)
 
$
(34,265)
$
26,098
$
6,606
Prior Service Cost
(15)
(15)
(15)
Net Loss
(9,836)
(3,933)
(3,862)
Deferred Tax (Benefit)
 
Expense
 
11,183
(5,615)
(694)
Other Comprehensive Loss (Gain), net of tax
$
(32,933)
$
16,535
$
2,035
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses
$
15,300
$
59,400
$
37,235
Prior Service Cost
20
35
50
Deferred Tax Benefit
(3,884)
(15,066)
(9,451)
Accumulated Other Comprehensive Loss, net of tax
$
11,436
$
44,369
$
27,834
(1)
 
The Company utilized an age-graded approach that varies the rate based
 
on the age of the participants.
Schedule of pension plan asset allocation and the target asset allocation
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2022
2021
2020
Equity Securities
68
%
73
%
71
%
Debt Securities
27
%
23
%
21
%
Cash and Cash Equivalents
5
%
4
%
8
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31 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
(Dollars in Thousands)
2021
2020
Level 1:
U.S. Treasury Securities
$
200
$
405
Mutual Funds
156,726
155,192
Cash and Cash Equivalents
6,881
12,789
Level 2:
U.S. Government Agency
527
1,555
Corporate Notes/Bonds
940
1,834
Total Fair Value
 
of Plan Assets
$
165,274
$
171,775
Schedule of expected benefit payments related to the defined benefit pension plan
Expected Benefit Payments.
 
At December 31, expected benefit payments related to the defined benefit pension
 
plan were as
follows:
(Dollars in Thousands)
2021
2022
$
13,463
2023
12,567
2024
12,774
2025
12,703
2026
12,070
2027 through 2031
51,009
Total
$
114,586
Schedule of amounts contributed to the pension plan and the expected amount to be contributed
Expected
Contribution
(Dollars in Thousands)
2020
2021
2022
(1)
Actual Contributions
$
5,000
$
-
$
-
 
- $
5,000
For 2022, the Company will have the option to make a cash contribution
 
to the plan or utilize pre-funding balances.
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)
2021
2020
2019
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
13,402
$
10,244
$
8,860
Service Cost
35
31
-
Interest Cost
243
321
349
Actuarial (Gain) Loss
(146)
1,826
1,035
Plan Amendments
-
980
-
Projected Benefit Obligation at End of Year
$
13,534
$
13,402
$
10,244
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
13,534
$
13,402
$
10,244
Accumulated Benefit Obligation at End of Year
$
12,803
$
12,339
$
8,778
Components of Net Periodic Benefit Costs:
Service Cost
$
35
$
31
$
-
Interest Cost
243
321
349
Amortization of Prior Service Cost
277
327
-
Net Loss Amortization
970
503
761
Net Periodic Benefit Cost
$
1,525
$
1,182
$
1,110
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
2.80%
2.38%
3.16%
Rate of Compensation Increase
(1)
4.40%
4.00%
4.00%
Measurement Date
12/31/21
12/31/20
12/31/19
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
2.38%
3.16%
4.23%
Rate of Compensation Increase
(1)
4.00%
3.50%
3.50%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial
 
(Gain) Loss
$
(146)
$
1,826
$
1,035
Prior Service (Benefit) Cost
(219)
895
-
Net Loss
(970)
(458)
(761)
Deferred Tax (Benefit)
 
Expense
 
154
(573)
(70)
Other Comprehensive (Gain) Loss, net of tax
$
(1,181)
$
1,690
$
204
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss
$
1,875
$
2,991
$
1,622
Prior Service Cost
429
895
-
Deferred Tax Benefit
(584)
(985)
(411)
Accumulated Other Comprehensive Loss, net of tax
$
1,720
$
2,901
$
1,211
(1)
 
The Company utilized an age-graded approach that varies the rate based
 
on the age of the participants.
Schedule of expected benefit payments related to the SERP
(Dollars in Thousands)
2021
2022
$
7,521
2023
4,994
2024
952
2025
36
2026
28
2027 through 2031
316
Total
$
13,847