Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.19.3.a.u2
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Compensation and Retirement Disclosure [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) 2019 2018 2017
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 149,347 $ 165,084 $ 152,585
Service Cost 6,114 6,884 6,752
Interest Cost 6,178 5,661 5,750
Actuarial Loss (Gain) 25,715 (16,349) 10,877
Benefits Paid (6,255) (11,686) (10,541)
Expenses Paid (269) (247) (339)
Projected Benefit Obligation at End of Year $ 180,830 $ 149,347 $ 165,084
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year $ 134,535 $ 129,719 $ 113,813
Actual Return (Loss) on Plan Assets 28,635 (6,251) 16,786
Employer Contributions 5,000 23,000 10,000
Benefits Paid (6,255) (11,686) (10,541)
Expenses Paid (269) (247) (339)
Fair Value of Plan Assets at End of Year $ 161,646 $ 134,535 $ 129,719
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 19,184 $ 14,812 $ 35,365
Accumulated Benefit Obligation at End of Year $ 156,327 $ 130,477 $ 144,139
Components of Net Periodic Benefit Costs:
Service Cost $ 6,114 $ 6,884 $ 6,752
Interest Cost 6,178 5,661 5,750
Expected Return on Plan Assets (9,527) (9,564) (8,026)
Amortization of Prior Service Costs 15 199 223
Net Loss Amortization 3,862 3,673 3,812
Net Periodic Benefit Cost $ 6,642 $ 6,853 $ 8,511
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 3.53% 4.43% 3.71%
Rate of Compensation Increase(1) 4.00% 4.00% 3.25%
Measurement Date 12/31/19 12/31/18 12/31/17
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 4.43% 3.71% 4.21%
Expected Return on Plan Assets 7.25% 7.25% 7.25%
Rate of Compensation Increase(1) 4.00% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain) $ 6,606 $ (533) $ 2,117
Prior Service Cost (15) (199) (223)
Net Loss (3,862) (3,673) (3,812)
Deferred Tax (Benefit) Expense (694) 1,118 5,898
Other Comprehensive Loss (Gain), net of tax $ 2,035 $ (3,287) $ 3,980
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses $ 37,235 $ 34,491 $ 38,698
Prior Service Cost 50 66 265
Deferred Tax Benefit (9,451) (8,757) (9,876)
Accumulated Other Comprehensive Loss, net of tax $ 27,834 $ 25,800 $ 29,087
(1) Effective 12/31/18, 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)
2020 2019 2018
Equity Securities 65 % 72 % 67 %
Debt Securities 30 % 19 % 21 %
Cash and Cash Equivalents 5 % 9 % 12 %
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) 2019 2018
Level 1:
U.S. Treasury Securities $ 907 $ 398
Mutual Funds 142,127 $ 112,131
Cash and Cash Equivalents 13,943 16,788
Level 2:
U.S. Government Agency 2,078 2,822
Corporate Notes/Bonds 2,591 2,396
Total Fair Value of Plan Assets $ 161,646 $ 134,535
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) 2019
2020 $ 14,230
2021 13,551
2022 13,268
2023 13,089
2024 13,216
2025 through 2029 57,999
Total $ 125,353
Schedule of amounts contributed to the pension plan and the expected amount to be contributed
Expected
Contribution
(Dollars in Thousands) 2018 2019 2020(1)
Actual Contributions $ 23,000 $ 5,000 $ 5,000
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) 2019 2018 2017
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 8,860 $ 7,285 $ 5,741
Interest Cost 349 227 191
Actuarial Loss 1,035 1,348 1,353
Projected Benefit Obligation at End of Year $ 10,244 $ 8,860 $ 7,285
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 10,244 $ 8,860 $ 7,285
Accumulated Benefit Obligation at End of Year $ 8,778 $ 7,557 $ 6,485
Components of Net Periodic Benefit Costs:
Interest Cost 349 227 191
Net Loss Amortization 761 1,626 597
Net Periodic Benefit Cost $ 1,110 $ 1,853 $ 788
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 3.16% 4.23% 3.53%
Rate of Compensation Increase(1) 4.00% 4.00% 3.25%
Measurement Date 12/31/19 12/31/18 12/31/17
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 4.23% 3.53% 3.92%
Rate of Compensation Increase(1) 3.50% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,035 $ 1,348 $ 1,353
Net Loss (761) (1,626) (597)
Deferred Tax (Benefit) Expense (70) 71 (77)
Other Comprehensive Loss (Gain), net of tax $ 204 $ (207) $ 679
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,622 $ 1,348 $ 1,626
Deferred Tax Benefit (411) (341) (412)
Accumulated Other Comprehensive Loss, net of tax $ 1,211 $ 1,007 $ 1,214
(1) Effective 12/31/2018, 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) 2019
2020 $ 4,059
2021 2,618
2022 2,478
2023 1,419
2024 211
2025 through 2029 -
Total $ 10,785