Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v2.4.0.8
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
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)     2013       2012       2011  
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 134,950     $ 116,173     $ 97,393  
Service Cost     6,999       6,397       6,027  
Interest Cost     5,566       5,587       5,243  
Actuarial (Gain)Loss     (18,965 )     14,156       9,430  
Benefits Paid     (12,946 )     (7,138 )     (1,846 )
Expenses Paid     (319 )     (225 )     (245 )
Plan Amendment     —         —         171  
Projected Benefit Obligation at End of Year   $ 115,285     $ 134,950     $ 116,173  
                         
Change in Plan Assets:                        
Fair Value of Plan Assets at Beginning of Year   $ 94,164     $ 87,844     $ 84,658  
Actual Return on Plan Assets     17,943       8,683       277  
Employer Contributions     5,000       5,000       5,000  
Benefits Paid     (12,946 )     (7,138 )     (1,846 )
Expenses Paid     (319 )     (225 )     (245 )
Fair Value of Plan Assets at End of Year   $ 103,842     $ 94,164     $ 87,844  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 11,442     $ 40,786     $ 28,330  
                         
Accumulated Benefit Obligation at End of Year   $ 98,796     $ 110,985     $ 94,121  
                         
Components of Net Periodic Benefit Costs:                        
Service Cost   $ 6,999     $ 6,397     $ 6,027  
Interest Cost     5,566       5,587       5,243  
Expected Return on Plan Assets     (7,371 )     (6,793 )     (6,555 )
Amortization of Prior Service Costs     317       359       462  
Net Loss Amortization     4,316       3,390       2,223  
Net Periodic Benefit Cost   $ 9,827     $ 8,940     $ 7,400  
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     5.00 %     4.25 %     5.00 %
Rate of Compensation Increase     3.25 %     3.75 %     4.00 %
Measurement Date     12/31/13       12/31/12       12/31/11  
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     4.25 %     5.00 %     5.55 %
Expected Return on Plan Assets     8.00 %     8.00 %     8.00 %
Rate of Compensation Increase     3.75 %     4.00 %     4.25 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial (Gain) Loss   $ (33,850 )   $ 8,875     $ 13,690  
Prior Service Cost     (317 )     (359 )     (496 )
Deferred Tax Expense (Benefit)     13,180       (3,285 )     (5,090 )
Other Comprehensive (Gain) Loss, net of tax   $ (20,987 )   $ 5,231     $ 8,104  
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Losses   $ 13,947     $ 47,800     $ 38,924  
Prior Service Cost     1,383       1,700       2,060  
Deferred Tax Benefit     (5,914 )     (19,097 )     (15,812 )
Accumulated Other Comprehensive Loss, net of tax   $ 9,416     $ 30,403     $ 25,172  
Schedule of pension plan asset allocation and the target asset allocation
    Target Allocation   Percentage of Plan
Assets at Year-End(1)
    2014   2013   2012
Equity Securities     77 %     72 %     61 %
Debt Securities     20 %     23 %     29 %
Cash and Cash Equivalents     3 %     5 %     10 %
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)   2013   2012
Level 1:                
   U.S. Government Treasury   $ 768     $ 2,143  
   Common Stocks     21,564       16,799  
   Mutual Funds     70,993       58,480  
   Cash and Cash Equivalents     5,571       7,819  
                 
Level 2:                
   U.S. Government Agency     4,946       8,923  
                 
       Total Fair Value of Plan Assets   $ 103,842     $ 94,164  
Schedule of expected benefit payments related to the defined benefit pension plan
(Dollars in Thousands)   2013
2014   $ 6,495  
2015     7,536  
2016     6,998  
2017     7,347  
2018     8,701  
2019 through 2023     44,814  
Total   $ 81,891  
Schedule of amounts contributed to the pension plan and the expected amount to be contributed

 

 

(Dollars in Thousands)

   2013(2)   2012(2)   Expected Range
of Contribution
2014(1)
Actual Contributions   $ 5,000     $ 5,000     $5,000 - $10,000

 

(1) For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
(2) For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year.
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)   2013   2012   2011
Change in Projected Benefit Obligation:                        
Benefit Obligation at Beginning of Year   $ 3,492     $ 3,030     $ 3,001  
Service Cost     —         —         —    
Interest Cost     137       140       147  
Actuarial Loss(Gain)     (1,250 )     322       (151 )
Plan Amendment     —         —         33  
Projected Benefit Obligation at End of Year   $ 2,379     $ 3,492     $ 3,030  
                         
Funded Status of Plan and Accrued Liability Recognized at End of Year:                        
Other Liabilities   $ 2,379     $ 3,492     $ 3,030  
Accumulated Benefit Obligation at End of Year   $ 2,379     $ 3,492     $ 3,030  
                         
Components of Net Periodic Benefit Costs:                        
Service Cost   $ —       $ —       $ —    
Interest Cost     137       140       147  
Amortization of Prior Service Cost     187       189       180  
Net Gain Amortization     (237 )     (369 )     (413 )
Net Periodic Benefit Cost   $ 87     $ (40 )   $ (86 )
                         
Weighted-Average Assumptions Used to Determine Benefit Obligation:                        
Discount Rate     5.00 %     4.25 %     5.00 %
Rate of Compensation Increase     3.25 %     3.75 %     4.00 %
Measurement Date     12/31/13       12/31/12       12/31/11  
                         
Weighted-Average Assumptions Used to Determine Benefit Cost:                        
Discount Rate     4.25 %     5.00 %     5.50 %
Rate of Compensation Increase     3.75 %     4.00 %     4.25 %
                         
Amortization Amounts from Accumulated Other Comprehensive Income:                        
Net Actuarial (Gain)Loss   $ (1,013 )   $ 691     $ 263  
Prior Service Cost     (187 )     (189 )     (147 )
Deferred Tax Expense (Benefit)     463       (194 )     (45 )
Other Comprehensive (Gain) Loss, net of tax   $ (737 )   $ 308     $ 71  
                         
Amounts Recognized in Accumulated Other Comprehensive Income:                        
Net Actuarial Gain   $ (1,812 )   $ (799 )   $ (1,490 )
Prior Service Cost     171       358       547  
Defined Tax Liability     633       170       364  
Accumulated Other Comprehensive Gain, net of tax   $ (1,008 )   $ (271 )   $ (579 )
Schedule of expected benefit payments related to the SERP
(Dollars in Thousands)    
2014   $ 496  
2015     563  
2016     293  
2017     109  
2018     90  
2019 through 2023     82  
 Total   $ 1,633