Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.10.0.1
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2018
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) 2018 2017 2016
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 165,084 $ 152,585 $ 141,039
Service Cost 6,884 6,752 6,453
Interest Cost 5,661 5,750 5,587
Actuarial (Gain) Loss (16,349) 10,877 9,118
Benefits Paid (11,686) (10,541) (9,412)
Expenses Paid (247) (339) (200)
Projected Benefit Obligation at End of Year $ 149,347 $ 165,084 $ 152,585
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year $ 129,719 $ 113,813 $ 105,792
Actual (Loss) Return on Plan Assets (6,251) 16,786 7,633
Employer Contributions 23,000 10,000 10,000
Benefits Paid (11,686) (10,541) (9,412)
Expenses Paid (247) (339) (200)
Fair Value of Plan Assets at End of Year $ 134,535 $ 129,719 $ 113,813
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 14,812 $ 35,365 $ 38,772
Accumulated Benefit Obligation at End of Year $ 130,477 $ 144,139 $ 130,109
Components of Net Periodic Benefit Costs:
Service Cost $ 6,884 $ 6,752 $ 6,453
Interest Cost 5,661 5,750 5,587
Expected Return on Plan Assets (9,564) (8,026) (7,736)
Amortization of Prior Service Costs 199 223 278
Net Loss Amortization 3,673 3,812 3,201
Net Periodic Benefit Cost $ 6,853 $ 8,511 $ 7,783
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 4.43% 3.71% 4.21%
Rate of Compensation Increase(1) 4.00% 3.25% 3.25%
Measurement Date 12/31/18 12/31/17 12/31/16
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 3.71% 4.21% 4.52%
Expected Return on Plan Assets 7.25% 7.25% 7.50%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial (Gain) Loss $ (533) $ 2,117 $ 9,221
Prior Service Cost (199) (223) (278)
Net Loss (3,673) (3,812) (3,201)
Deferred Tax Expense (Benefit) 1,118 5,898 (2,216)
Other Comprehensive Loss (Gain), net of tax $ (3,287) $ 3,980 $ 3,526
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses $ 34,491 $ 38,698 $ 40,392
Prior Service Cost 66 265 488
Deferred Tax Benefit (8,757) (9,876) (15,772)
Accumulated Other Comprehensive Loss, net of tax $ 25,800 $ 29,087 $ 25,108
(1) For 12/31/2018, 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)
2019 2018 2017
Equity Securities 68 % 67 % 74 %
Debt Securities 27 % 21 % 21 %
Cash and Cash Equivalents 5 % 12 % 5 %
Total 100 % 100 % 100 %
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy
(Dollars in Thousands) 2018 2017
Level 1:
U.S. Treasury Securities $ 398 $ -
Mutual Funds 112,131 $ 118,474
Cash and Cash Equivalents 16,788 7,103
Level 2:
U.S. Government Agency 2,822 4,142
Corporate Notes/Bonds 2,396 -
Total Fair Value of Plan Assets $ 134,535 $ 129,719
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) 2018
2019 $ 11,271
2020 11,536
2021 11,466
2022 11,435
2023 11,571
2024 through 2028 54,525
Total $ 111,804
Schedule of amounts contributed to the pension plan and the expected amount to be contributed
Expected
Contribution
(Dollars in Thousands) 2017 2018 2019(1)
Actual Contributions $ 10,000 $ 23,000 $ 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) 2018 2017 2016
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year $ 7,285 $ 5,741 $ 4,842
Interest Cost 227 191 162
Actuarial Loss 1,348 1,353 737
Projected Benefit Obligation at End of Year $ 8,860 $ 7,285 $ 5,741
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities $ 8,860 $ 7,285 $ 5,741
Accumulated Benefit Obligation at End of Year $ 7,557 $ 6,485 $ 4,913
Components of Net Periodic Benefit Costs:
Interest Cost 227 191 162
Net Loss Amortization 1,626 597 759
Net Periodic Benefit Cost $ 1,853 $ 788 $ 921
Weighted-Average Assumptions Used to Determine Benefit Obligation:
Discount Rate 4.23% 3.53% 3.92%
Rate of Compensation Increase(1) 4.00% 3.25% 3.25%
Measurement Date 12/31/18 12/31/17 12/31/16
Weighted-Average Assumptions Used to Determine Benefit Cost:
Discount Rate 3.53% 3.92% 4.13%
Rate of Compensation Increase 3.25% 3.25% 3.25%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,348 $ 1,353 $ 737
Net Loss (1,626) (597) (759)
Deferred Tax (Benefit) Expense 71 (77) 8
Other Comprehensive Loss (Gain), net of tax $ (207) $ 679 $ (14)
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss $ 1,348 $ 1,626 $ 870
Deferred Tax Benefit (341) (412) (336)
Accumulated Other Comprehensive Loss, net of tax $ 1,007 $ 1,214 $ 534
(1) For 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) 2018
2019 $ 3,638
2020 2,294
2021 1,454
2022 1,244
2023 823
2024 through 2028 89
Total $ 9,542