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 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 |
) |
|