EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| 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)
2023
2022
2021
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
108,151
$
172,508
$
212,566
Service Cost
3,488
6,289
6,971
Interest Cost
5,831
4,665
4,885
Actuarial Loss (Gain)
6,936
(39,962)
(14,934)
Benefits Paid
(3,843)
(2,139)
(2,087)
Expenses Paid
(276)
(416)
(259)
Settlements
-
(32,794)
(34,634)
Projected Benefit Obligation at End of Year
$
120,287
$
108,151
$
172,508
Change in Plan Assets:
Fair Value
$
104,276
$
165,274
$
171,775
Actual Return on Plan Assets
19,138
(25,649)
30,479
Employer Contributions
6,000
-
-
Benefits Paid
(3,843)
(2,139)
(2,087)
Expenses Paid
(276)
(416)
(259)
Settlements
-
(32,794)
(34,634)
Fair Value
$
125,295
$
104,276
$
165,274
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other (Assets) Liabilities
$
(5,008)
$
3,875
$
7,234
Accumulated Benefit Obligation at End of Year
$
102,642
$
91,770
$
149,569
Components of Net Periodic Benefit Costs:
Service Cost
$
3,488
$
6,289
$
6,971
Interest Cost
5,831
4,665
4,885
Expected Return on Plan Assets
(6,805)
(10,701)
(11,147)
Amortization of Prior Service Costs
5
15
15
Net Loss Amortization
934
1,713
6,764
Net Loss Settlements
-
2,321
3,072
Net Periodic Benefit Cost
$
3,453
$
4,302
$
10,560
Weighted-Average
Discount Rate
5.29%
5.63%
3.11%
Rate of Compensation Increase
(1)
5.10%
5.10%
4.40%
Measurement Date
12/31/23
12/31/22
12/31/21
Weighted-Average
Discount Rate
5.63%
3.11%
2.88%
Expected Return on Plan Assets
6.75%
6.75%
6.75%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
$
(5,397)
$
(3,612)
$
(34,265)
Prior Service Cost
(5)
(15)
(15)
Net Loss
(934)
(4,034)
(9,836)
Deferred Tax Expense
1,606
1,942
11,183
Other Comprehensive Gain, net of tax
$
(4,730)
$
(5,719)
$
(32,933)
Amounts Recognized in Accumulated Other Comprehensive Loss:
Net Actuarial Losses
$
1,322
$
7,653
$
15,300
Prior Service Cost
-
5
20
Deferred Tax Benefit
(335)
(1,941)
(3,884)
Accumulated Other Comprehensive Loss, net of tax
$
987
$
5,717
$
11,436
(1)
|
| Schedule of Pension Plan Asset Allocation and the Target Asset Allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2024
2023
2022
Equity Securities
68
%
70
%
73
%
Debt Securities
27
%
18
%
23
%
Cash and Cash Equivalents
5
%
12
%
4
%
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)
2023
2022
Level 1:
U.S. Treasury Securities
$
16,126
$
17,264
Mutual Funds
92,991
81,231
Cash and Cash Equivalents
15,717
5,327
Level 2:
Corporate Notes/Bonds
461
454
Total Fair Value
$
125,295
$
104,276
|
| Schedule of Expected Benefit Payments Related to the Defined Benefit Pension Plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2023
2024
$
10,105
2025
11,119
2026
10,496
2027
10,042
2028
8,983
2029 through 2033
45,942
Total
$
96,687
|
| Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed |
Expected
Contribution
(Dollars in Thousands)
2022
2023
2024
(1)
Actual Contributions
$
-
$
6,000
$
5,000
(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)
2023
2022
2021
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
10,948
$
13,534
$
13,402
Service Cost
18
31
35
Interest Cost
501
315
243
Actuarial (Gain) Loss
201
(2,932)
(146)
Net Settlements
(2,464)
-
-
Projected Benefit Obligation at End of Year
$
9,204
$
10,948
$
13,534
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
9,204
$
10,948
$
13,534
Accumulated Benefit Obligation at End of Year
$
8,943
$
10,887
$
12,803
Components of Net Periodic Benefit Costs:
Service Cost
$
18
$
31
$
35
Interest Cost
501
315
243
Amortization of Prior Service Cost
151
277
277
Net Loss Amortization
(531)
718
970
Net Gain Settlements
(291)
-
-
Net Periodic Benefit Cost
$
(152)
$
1,341
$
1,525
Weighted-Average
Discount Rate
5.11%
5.45%
2.80%
Rate of Compensation Increase
(1)
5.10%
5.10%
4.40%
Measurement Date
12/31/23
12/31/22
12/31/21
Weighted-Average
Discount Rate
5.45%
2.80%
2.38%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
$
201
$
(2,932)
$
(146)
Prior Service (Benefit) Cost
(151)
(277)
(219)
Net Gain (Loss)
531
(718)
(970)
Settlement Gain
291
-
-
Deferred Tax (Benefit)
(222)
995
154
Other Comprehensive (Gain) Loss, net of tax
$
650
$
(2,932)
$
(1,181)
Amounts Recognized in Accumulated Other Comprehensive Loss:
Net Actuarial (Loss) Gain
$
(753)
$
(1,775)
$
1,875
Prior Service Cost
-
151
429
Deferred Tax Benefit
191
412
(584)
Accumulated Other Comprehensive (Loss) Gain, net of tax
$
(562)
$
(1,212)
$
1,720
(1)
|
| Schedule of Expected Benefit Payments Related to the SERP |
(Dollars in Thousands)
2023
2024
$
8,800
2025
32
2026
38
2027
42
2028
64
2029 through 2033
748
Total
$
9,724
|