EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Employee benefits plans [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)
2021
2020
2019
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
212,566
$
180,830
$
149,347
Service Cost
6,971
5,828
6,114
Interest Cost
4,885
5,612
6,178
Actuarial (Gain) Loss
(14,934)
32,172
25,715
Benefits Paid
(2,087)
(11,677)
(6,255)
Expenses Paid
(259)
(260)
(269)
Settlements
(34,634)
-
-
Special/Contractual Termination
-
61
-
Projected Benefit Obligation at End of Year
$
172,508
$
212,566
$
180,830
Change in Plan Assets:
Fair Value
$
171,775
$
161,646
$
134,535
Actual Return on Plan Assets
30,479
17,066
28,635
Employer Contributions
-
5,000
5,000
Benefits Paid
(2,087)
(11,677)
(6,255)
Expenses Paid
(259)
(260)
(269)
Settlements
(34,634)
-
-
Fair Value
$
165,274
$
171,775
$
161,646
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
7,234
$
40,791
$
19,184
Accumulated Benefit Obligation at End of Year
$
149,569
$
177,362
$
156,327
Components of Net Periodic Benefit Costs:
Service Cost
$
6,971
$
5,828
$
6,114
Interest Cost
4,885
5,612
6,178
Expected Return on Plan Assets
(11,147)
(10,993)
(9,527)
Amortization of Prior Service Costs
15
15
15
Special/Contractual Termination
-
61
-
Net Loss Amortization
6,764
3,933
3,862
Net Loss Settlements
3,072
-
-
Net Periodic Benefit Cost
$
10,560
$
4,456
$
6,642
Weighted-Average
Discount Rate
3.11%
2.88%
3.53%
Rate of Compensation Increase
(1)
4.40%
4.00%
4.00%
Measurement Date
12/31/21
12/31/20
12/31/19
Weighted-Average
Discount Rate
2.88%
3.53%
4.43%
Expected Return on Plan Assets
6.75%
7.00%
7.25%
Rate of Compensation Increase
(1)
4.00%
4.00%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain)
$
(34,265)
$
26,098
$
6,606
Prior Service Cost
(15)
(15)
(15)
Net Loss
(9,836)
(3,933)
(3,862)
Deferred Tax (Benefit)
11,183
(5,615)
(694)
Other Comprehensive Loss (Gain), net of tax
$
(32,933)
$
16,535
$
2,035
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Losses
$
15,300
$
59,400
$
37,235
Prior Service Cost
20
35
50
Deferred Tax Benefit
(3,884)
(15,066)
(9,451)
Accumulated Other Comprehensive Loss, net of tax
$
11,436
$
44,369
$
27,834
(1)
|
| Schedule of pension plan asset allocation and the target asset allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2022
2021
2020
Equity Securities
68
%
73
%
71
%
Debt Securities
27
%
23
%
21
%
Cash and Cash Equivalents
5
%
4
%
8
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31 which
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)
2021
2020
Level 1:
U.S. Treasury Securities
$
200
$
405
Mutual Funds
156,726
155,192
Cash and Cash Equivalents
6,881
12,789
Level 2:
U.S. Government Agency
527
1,555
Corporate Notes/Bonds
940
1,834
Total Fair Value
$
165,274
$
171,775
|
| Schedule of expected benefit payments related to the defined benefit pension plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2021
2022
$
13,463
2023
12,567
2024
12,774
2025
12,703
2026
12,070
2027 through 2031
51,009
Total
$
114,586
|
| Schedule of amounts contributed to the pension plan and the expected amount to be contributed |
Expected
Contribution
(Dollars in Thousands)
2020
2021
2022
(1)
Actual Contributions
$
5,000
$
-
$
-
5,000
For 2022, the Company will have the option to make a cash contribution |
| 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)
2021
2020
2019
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
13,402
$
10,244
$
8,860
Service Cost
35
31
-
Interest Cost
243
321
349
Actuarial (Gain) Loss
(146)
1,826
1,035
Plan Amendments
-
980
-
Projected Benefit Obligation at End of Year
$
13,534
$
13,402
$
10,244
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
13,534
$
13,402
$
10,244
Accumulated Benefit Obligation at End of Year
$
12,803
$
12,339
$
8,778
Components of Net Periodic Benefit Costs:
Service Cost
$
35
$
31
$
-
Interest Cost
243
321
349
Amortization of Prior Service Cost
277
327
-
Net Loss Amortization
970
503
761
Net Periodic Benefit Cost
$
1,525
$
1,182
$
1,110
Weighted-Average
Discount Rate
2.80%
2.38%
3.16%
Rate of Compensation Increase
(1)
4.40%
4.00%
4.00%
Measurement Date
12/31/21
12/31/20
12/31/19
Weighted-Average
Discount Rate
2.38%
3.16%
4.23%
Rate of Compensation Increase
(1)
4.00%
3.50%
3.50%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial
$
(146)
$
1,826
$
1,035
Prior Service (Benefit) Cost
(219)
895
-
Net Loss
(970)
(458)
(761)
Deferred Tax (Benefit)
154
(573)
(70)
Other Comprehensive (Gain) Loss, net of tax
$
(1,181)
$
1,690
$
204
Amounts Recognized in Accumulated Other Comprehensive Income:
Net Actuarial Loss
$
1,875
$
2,991
$
1,622
Prior Service Cost
429
895
-
Deferred Tax Benefit
(584)
(985)
(411)
Accumulated Other Comprehensive Loss, net of tax
$
1,720
$
2,901
$
1,211
(1)
|
| Schedule of expected benefit payments related to the SERP |
(Dollars in Thousands)
2021
2022
$
7,521
2023
4,994
2024
952
2025
36
2026
28
2027 through 2031
316
Total
$
13,847
|