Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v2.4.0.6
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2012
Employee Benefit Plans Tables  
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)   2012     2011     2010  
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 116,173     $ 97,393     $ 83,749  
Service Cost     6,397       6,027       5,691  
Interest Cost     5,587       5,243       4,733  
Actuarial Loss     14,156       9,430       5,201  
Benefits Paid     (7,138 )     (1,846 )     (1,776 )
Expenses Paid     (225 )     (245 )     (205 )
Plan Amendment     —         171       —    
Projected Benefit Obligation at End of Year   $ 134,950     $ 116,173     $ 97,393  
                         
Change in Plan Assets:                        
Fair Value of Plan Assets at Beginning of Year   $ 87,844     $ 84,658     $ 79,547  
Actual Return on Plan Assets     8,683       277       7,092  
Employer Contributions     5,000       5,000       —    
Benefits Paid     (7,138 )     (1,846 )     (1,776 )
Expenses Paid     (225 )     (245 )     (205 )
Fair Value of Plan Assets at End of Year   $ 94,164     $ 87,844     $ 84,658  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 40,786     $ 28,330     $ 12,735  
                         
Accumulated Benefit Obligation at End of Year   $ 110,985     $ 94,121     $ 77,100  
                         
Components of Net Periodic Benefit Costs:                        
Service Cost   $ 6,397     $ 6,027     $ 5,691  
Interest Cost     5,587       5,243       4,733  
Expected Return on Plan Assets     (6,793 )     (6,555 )     (6,194 )
Amortization of Prior Service Costs     359       462       509  
Net Loss Amortization     3,390       2,223       2,088  
Net Periodic Benefit Cost   $ 8,940     $ 7,400     $ 6,827  
                         
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     4.25 %     5.00 %     5.55 %
Rate of Compensation Increase     3.75 %     4.00 %     4.25 %
Measurement Date     12/31/12       12/31/11       12/31/10  
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     5.00 %     5.55 %     5.75 %
Expected Return on Plan Assets     8.00 %     8.00 %     8.00 %
Rate of Compensation Increase     4.00 %     4.25 %     4.50 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial Loss   $ 8,876     $ 13,486     $ 2,215  
Prior Service Cost     (360 )     (291 )     (509 )
Deferred Tax Benefit     (3,285 )     (5,091 )     (658 )
Other Comprehensive Loss, net of tax   $ 5,231     $ 8,104     $ 1,048  
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Losses   $ 47,800     $ 38,924     $ 25,438  
Prior Service Cost     1,700       2,060       2,351  
Deferred Tax Benefit     (19,097 )     (15,812 )     (10,721 )
Accumulated Other Comprehensive Loss, net of tax   $ 30,403     $ 25,172     $ 17,068  

 
Schedule of pension plan asset allocation and the target asset allocation

 

    Target Allocation  

Percentage of Plan

Assets at Year-End(1)
    2013   2012   2011
Equity Securities     65 %     61 %     51 %
Debt Securities     30 %     29 %     33 %
Cash and Cash Equivalents     5 %     10 %     16 %
Total     100 %     100 %     100 %

 

  (1) Represents asset allocation at year-end 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)   2012   2011
Level 1:                
   U.S. Treasury   $ 2,143     $ 4,039  
   Common Stocks     16,799       14,084  
   Mutual Funds     58,480       44,382  
   Cash and Cash Equivalents     7,819       12,287  
                 
Level 2:                
   U.S. Government Agencies and Corporations     8,923       13,052  
                 
       Total Fair Value of Plan Assets   $ 94,164     $ 87,844  

 
Schedule of expected benefit payments related to the defined benefit pension plan

 

(Dollars in Thousands)    
2013   $ 6,782  
2014     8,255  
2015     9,920  
2016     8,400  
2017     8,436  
2018 through 2022     51,254  
Total   $ 93,047  

Schedule of amounts contributed to the pension plan and the expected amount to be contributed

 

 

 

(Dollars in Thousands)

   2012   2011  

Expected Range of Contribution

2013(1)
Actual Contributions   $ 5,000     $ 5,000     $5,000 - $8,000

 

  (1) For 2013, 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)   2012   2011   2010
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 3,030     $ 3,001     $ 3,174  
Service Cost     —         —         —    
Interest Cost     140       147       150  
Actuarial Loss/(Gain)     322       (151 )     (323 )
Plan Amendment     —         33       —    
Projected Benefit Obligation at End of Year   $ 3,492     $ 3,030     $ 3,001  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 3,492     $ 3,030     $ 3,001  
Accumulated Benefit Obligation at End of Year   $ 3,492     $ 3,030     $ 2,996  
                         
Components of Net Periodic Benefit Costs:                        
Service Cost   $ —       $ —       $ —    
Interest Cost     140       147       150  
Amortization of Prior Service Cost     189       180       180  
Net Gain Amortization     (369 )     (413 )     (424 )
Net Periodic Benefit Cost   $ (40 )   $ (86 )   $ (94 )
                         
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     4.25 %     5.00 %     5.55 %
Rate of Compensation Increase     3.75 %     4.00 %     4.25 %
Measurement Date     12/31/12       12/31/11       12/31/10  
                         
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     5.00 %     5.50 %     5.75 %
Rate of Compensation Increase     4.00 %     4.25 %     4.50 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial Loss   $ 691     $ 263     $ 101  
Prior Service Cost     (189 )     (147 )     (180 )
Deferred Tax (Benefit) Expense     (194 )     (45 )     30  
Other Comprehensive Loss (Gain), net of tax   $ 308     $ 71     $ (49 )
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Gain   $ (799 )   $ (1,490 )   $ (1,753 )
Prior Service Cost     358       547       694  
Defined Tax Liability     170       364       409  
Accumulated Other Comprehensive Gain, net of tax   $ (271 )   $ (579 )   $ (650 )

Schedule of expected benefit payments related to the SERP

(Dollars in Thousands)   2012
2012   $ 431  
2013     542  
2014     597  
2015     264  
2016     88  
2017 through 2021     119  
 Total   $ 2,041