EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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)
2022
2021
2020
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
172,508
$
212,566
$
180,830
Service Cost
6,289
6,971
5,828
Interest Cost
4,665
4,885
5,612
Actuarial (Gain) Loss
(39,962)
(14,934)
32,172
Benefits Paid
(2,139)
(2,087)
(11,677)
Expenses Paid
(416)
(259)
(260)
Settlements
(32,794)
(34,634)
-
Special/Contractual Termination
-
-
61
Projected Benefit Obligation at End of Year
$
108,151
$
172,508
$
212,566
Change in Plan Assets:
Fair Value
$
165,274
$
171,775
$
161,646
Actual Return on Plan Assets
(25,649)
30,479
17,066
Employer Contributions
-
-
5,000
Benefits Paid
(2,139)
(2,087)
(11,677)
Expenses Paid
(416)
(259)
(260)
Settlements
(32,794)
(34,634)
-
Fair Value
$
104,276
$
165,274
$
171,775
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
3,875
$
7,234
$
40,791
Accumulated Benefit Obligation at End of Year
$
91,770
$
149,569
$
177,362
Components of Net Periodic Benefit Costs:
Service Cost
$
6,289
$
6,971
$
5,828
Interest Cost
4,665
4,885
5,612
Expected Return on Plan Assets
(10,701)
(11,147)
(10,993)
Amortization of Prior Service Costs
15
15
15
Special/Contractual Termination
-
-
61
Net Loss Amortization
1,713
6,764
3,933
Net Loss Settlements
2,321
3,072
-
Net Periodic Benefit Cost
$
4,302
$
10,560
$
4,456
Weighted-Average
Discount Rate
5.63%
3.11%
2.88%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Measurement Date
12/31/22
12/31/21
12/31/20
Weighted-Average
Discount Rate
3.11%
2.88%
3.53%
Expected Return on Plan Assets
6.75%
6.75%
7.00%
Rate of Compensation Increase
(1)
4.40%
4.00%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain)
$
(3,612)
$
(34,265)
$
26,098
Prior Service Cost
(15)
(15)
(15)
Net Loss
(4,034)
(9,836)
(3,933)
Deferred Tax Expense
1,942
11,183
(5,615)
Other Comprehensive Loss (Gain), net of tax
$
(5,719)
$
(32,933)
$
16,535
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses
$
7,653
$
15,300
$
59,400
Prior Service Cost
5
20
35
Deferred Tax Benefit
(1,941)
(3,884)
(15,066)
Accumulated Other Comprehensive Loss, net of tax
$
5,717
$
11,436
$
44,369
(1)
|
| Schedule of pension plan asset allocation and the target asset allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2023
2022
2021
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
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)
2022
2021
Level 1:
U.S. Treasury Securities
$
17,264
$
200
Mutual Funds
81,231
156,726
Cash and Cash Equivalents
5,327
6,881
Level 2:
U.S. Government Agency
-
527
Corporate Notes/Bonds
454
940
Total Fair Value
$
104,276
$
165,274
|
| Schedule of expected benefit payments related to the defined benefit pension plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2022
2023
$
9,446
2024
8,896
2025
9,966
2026
9,638
2027
9,270
2028 through 2032
43,323
Total
$
90,539
|
| Schedule of amounts contributed to the pension plan and the expected amount to be contributed |
Expected
Contribution
(Dollars in Thousands)
2021
2022
2023
(1)
Actual Contributions
$
5,000
$
-
$
-
10,000
(1)
|
| 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)
2022
2021
2020
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
13,534
$
13,402
$
10,244
Service Cost
31
35
31
Interest Cost
315
243
321
Actuarial (Gain) Loss
(2,932)
(146)
1,826
Plan Amendments
-
-
980
Projected Benefit Obligation at End of Year
$
10,948
$
13,534
$
13,402
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
10,948
$
13,534
$
13,402
Accumulated Benefit Obligation at End of Year
$
10,887
$
12,803
$
12,339
Components of Net Periodic Benefit Costs:
Service Cost
$
31
$
35
$
31
Interest Cost
315
243
321
Amortization of Prior Service Cost
277
277
327
Net Loss Amortization
718
970
503
Net Periodic Benefit Cost
$
1,341
$
1,525
$
1,182
Weighted-Average
Discount Rate
5.45%
2.80%
2.38%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Measurement Date
12/31/22
12/31/21
12/31/20
Weighted-Average
Discount Rate
2.80%
2.38%
3.16%
Rate of Compensation Increase
(1)
4.40%
4.00%
3.50%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial
$
(2,932)
$
(146)
$
1,826
Prior Service (Benefit) Cost
(277)
(219)
895
Net Loss
(718)
(970)
(458)
Deferred Tax Expense
995
154
(573)
Other Comprehensive (Gain) Loss, net of tax
$
(2,932)
$
(1,181)
$
1,690
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss
$
(1,775)
$
1,875
$
2,991
Prior Service Cost
151
429
895
Deferred Tax Benefit
412
(584)
(985)
Accumulated Other Comprehensive (Loss) Gain, net of tax
$
(1,212)
$
1,720
$
2,901
(1)
|
| Schedule of expected benefit payments related to the SERP |
(Dollars in Thousands)
2022
2023
$
9,182
2024
1,044
2025
18
2026
19
2027
20
2028 through 2032
261
Total
$
10,544
|