EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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)
2024
2023
2022
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
120,287
$
108,151
$
172,508
Service Cost
3,715
3,488
6,289
Interest Cost
6,097
5,831
4,665
Actuarial (Gain) Loss
(1,974)
6,936
(39,962)
Benefits Paid
(4,829)
(3,843)
(2,139)
Expenses Paid
(277)
(276)
(416)
Settlements
-
-
(32,794)
Projected Benefit Obligation at End of Year
$
123,019
$
120,287
$
108,151
Change in Plan Assets:
Fair Value
$
125,295
$
104,276
$
165,274
Actual Return on Plan Assets
20,288
19,138
(25,649)
Employer Contributions
-
6,000
-
Benefits Paid
(4,829)
(3,843)
(2,139)
Expenses Paid
(277)
(276)
(416)
Settlements
-
-
(32,794)
Fair Value
$
140,477
$
125,295
$
104,276
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other (Assets) Liabilities
$
(17,458)
$
(5,008)
$
3,875
Accumulated Benefit Obligation at End of Year
$
105,201
$
102,642
$
91,770
Components of Net Periodic Benefit Costs:
Service Cost
$
3,715
$
3,488
$
6,289
Interest Cost
6,097
5,831
4,665
Expected Return on Plan Assets
(8,117)
(6,805)
(10,701)
Amortization of Prior Service Costs
-
5
15
Net Loss Amortization
165
934
1,713
Net Loss Settlements
-
-
2,321
Net Periodic Benefit Cost
$
1,860
$
3,453
$
4,302
Weighted-Average
Discount Rate
5.82%
5.29%
5.63%
Rate of Compensation Increase
(1)
4.75%
5.10%
5.10%
Measurement Date
12/31/24
12/31/23
12/31/22
Weighted-Average
Discount Rate
5.29%
5.63%
3.11%
Expected Return on Plan Assets
6.75%
6.75%
6.75%
Rate of Compensation Increase
(1)
4.75%
5.10%
4.40%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Gain
$
(14,145)
$
(5,397)
$
(3,612)
Prior Service Cost
-
(5)
(15)
Net Loss
(165)
(934)
(4,034)
Deferred Tax Expense
3,628
1,606
1,942
Other Comprehensive Gain, net of tax
$
(10,682)
$
(4,730)
$
(5,719)
Amounts Recognized in Accumulated Other Comprehensive (Gain) Loss:
Net Actuarial (Gain) Loss
$
(12,988)
$
1,322
$
7,653
Prior Service Cost
-
-
5
Deferred Tax Expense
3,293
(335)
(1,941)
Accumulated Other Comprehensive (Gain) Loss, net of tax
$
(9,695)
$
987
$
5,717
(1)
|
| Schedule of Pension Plan Asset Allocation and the Target Asset Allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2025
2024
2023
Equity Securities
68
%
73
%
70
%
Debt Securities
27
%
20
%
18
%
Cash and Cash Equivalents
5
%
7
%
12
%
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)
2024
2023
Level 1:
U.S. Treasury Securities
$
17,039
$
16,126
Mutual Funds
111,426
92,991
Cash and Cash Equivalents
9,010
15,717
Level 2:
Corporate Notes/Bonds
3,002
461
Total Fair Value
$
140,477
$
125,295
|
| Schedule of Expected Benefit Payments Related to the Defined Benefit Pension Plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2024
2025
$
12,571
2026
11,522
2027
10,958
2028
9,503
2029
9,430
2030 through 2034
48,260
Total
$
102,244
|
| Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed |
Expected
Contribution
(Dollars in Thousands)
2023
2024
2025
(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)
2024
2023
2022
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
9,204
$
10,948
$
13,534
Service Cost
37
18
31
Interest Cost
454
501
315
Actuarial (Gain) Loss
198
201
(2,932)
Plan Amendments
239
-
-
Net Settlements
-
(2,464)
-
Projected Benefit Obligation at End of Year
$
10,132
$
9,204
$
10,948
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
10,132
$
9,204
$
10,948
Accumulated Benefit Obligation at End of Year
$
9,580
$
8,943
$
10,887
Components of Net Periodic Benefit Costs:
Service Cost
$
37
$
18
$
31
Interest Cost
454
501
315
Amortization of Prior Service Cost
-
151
277
Net Loss Amortization
(281)
(531)
718
Net Gain Settlements
-
(291)
-
Net Periodic Benefit Cost
$
210
$
(152)
$
1,341
Weighted-Average
Discount Rate
5.57%
5.11%
5.45%
Rate of Compensation Increase
(1)
4.75%
5.10%
5.10%
Measurement Date
12/31/24
12/31/23
12/31/22
Weighted-Average
Discount Rate
5.11%
5.45%
2.80%
Rate of Compensation Increase
(1)
4.75%
5.10%
4.40%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
$
198
$
201
$
(2,932)
Prior Service (Benefit) Cost
239
(151)
(277)
Net Gain (Loss)
281
531
(718)
Settlement Gain
-
291
-
Deferred Tax (Benefit)
(183)
(222)
995
Other Comprehensive Loss (Gain), net of tax
$
535
$
650
$
(2,932)
Amounts Recognized in Accumulated Other Comprehensive Gain:
Net Actuarial Gain
$
(275)
$
(753)
$
(1,775)
Prior Service Cost
239
-
151
Deferred Tax Benefit
9
191
412
Accumulated Other Comprehensive Gain, net of tax
$
(27)
$
(562)
$
(1,212)
(1)
|
| Schedule of Expected Benefit Payments Related to the SERP |
(Dollars in Thousands)
2024
2025
$
9,351
2026
95
2027
116
2028
137
2029
129
2030 through 2034
1,121
Total
$
10,949
|