Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.23.4
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
 
Benefits
-
-
61
Projected Benefit Obligation at End of Year
$
108,151
$
172,508
$
212,566
Change in Plan Assets:
Fair Value
 
of Plan Assets at Beginning of Year
$
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
 
of Plan Assets at End of Year
$
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
 
Benefits
-
-
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
 
Assumptions Used to Determine Benefit Obligation:
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
 
Assumptions Used to Determine Benefit Cost:
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
 
(Benefit)
 
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)
 
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)
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
 
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)
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
 
of Plan Assets
$
104,276
$
165,274
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)
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)
 
For 2023, 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)
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
 
Assumptions Used to Determine Benefit Obligation:
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
 
Assumptions Used to Determine Benefit Cost:
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
 
(Gain) Loss
$
(2,932)
$
(146)
$
1,826
Prior Service (Benefit) Cost
(277)
(219)
895
Net Loss
(718)
(970)
(458)
Deferred Tax Expense
 
(Benefit)
 
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)
 
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)
2022
2023
$
9,182
2024
1,044
2025
18
2026
19
2027
20
2028 through 2032
261
Total
$
10,544