Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.24.2
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
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)
2023
2022
2021
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
108,151
$
172,508
$
212,566
Service Cost
3,488
6,289
6,971
Interest Cost
5,831
4,665
4,885
Actuarial Loss (Gain)
6,936
(39,962)
(14,934)
Benefits Paid
(3,843)
(2,139)
(2,087)
Expenses Paid
(276)
(416)
(259)
Settlements
-
(32,794)
(34,634)
Projected Benefit Obligation at End of Year
$
120,287
$
108,151
$
172,508
Change in Plan Assets:
Fair Value
 
of Plan Assets at Beginning of Year
$
104,276
$
165,274
$
171,775
Actual Return on Plan Assets
19,138
(25,649)
30,479
Employer Contributions
6,000
-
-
Benefits Paid
(3,843)
(2,139)
(2,087)
Expenses Paid
(276)
(416)
(259)
Settlements
-
(32,794)
(34,634)
Fair Value
 
of Plan Assets at End of Year
$
125,295
$
104,276
$
165,274
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other (Assets) Liabilities
$
(5,008)
$
3,875
$
7,234
Accumulated Benefit Obligation at End of Year
$
102,642
$
91,770
$
149,569
Components of Net Periodic Benefit Costs:
Service Cost
$
3,488
$
6,289
$
6,971
Interest Cost
5,831
4,665
4,885
Expected Return on Plan Assets
(6,805)
(10,701)
(11,147)
Amortization of Prior Service Costs
5
15
15
Net Loss Amortization
934
1,713
6,764
Net Loss Settlements
-
2,321
3,072
Net Periodic Benefit Cost
$
3,453
$
4,302
$
10,560
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
5.29%
5.63%
3.11%
Rate of Compensation Increase
(1)
5.10%
5.10%
4.40%
Measurement Date
12/31/23
12/31/22
12/31/21
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
5.63%
3.11%
2.88%
Expected Return on Plan Assets
6.75%
6.75%
6.75%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
 
$
(5,397)
$
(3,612)
$
(34,265)
Prior Service Cost
(5)
(15)
(15)
Net Loss
(934)
(4,034)
(9,836)
Deferred Tax Expense
1,606
1,942
11,183
Other Comprehensive Gain, net of tax
$
(4,730)
$
(5,719)
$
(32,933)
Amounts Recognized in Accumulated Other Comprehensive Loss:
Net Actuarial Losses
$
1,322
$
7,653
$
15,300
Prior Service Cost
-
5
20
Deferred Tax Benefit
(335)
(1,941)
(3,884)
Accumulated Other Comprehensive Loss, net of tax
$
987
$
5,717
$
11,436
(1)
 
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)
2024
2023
2022
Equity Securities
68
%
70
%
73
%
Debt Securities
27
%
18
%
23
%
Cash and Cash Equivalents
5
%
12
%
4
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31 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)
2023
2022
Level 1:
U.S. Treasury Securities
$
16,126
$
17,264
Mutual Funds
92,991
81,231
Cash and Cash Equivalents
15,717
5,327
Level 2:
Corporate Notes/Bonds
461
454
Total Fair Value
 
of Plan Assets
$
125,295
$
104,276
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)
2023
2024
$
10,105
2025
11,119
2026
10,496
2027
10,042
2028
8,983
2029 through 2033
45,942
Total
$
96,687
Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed
 
 
 
 
 
 
 
 
 
 
Expected
Contribution
(Dollars in Thousands)
2022
2023
2024
(1)
Actual Contributions
$
-
$
6,000
$
5,000
(1)
 
For 2023, 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)
2023
2022
2021
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
10,948
$
13,534
$
13,402
Service Cost
18
31
35
Interest Cost
501
315
243
Actuarial (Gain) Loss
201
(2,932)
(146)
Net Settlements
(2,464)
-
-
Projected Benefit Obligation at End of Year
$
9,204
$
10,948
$
13,534
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
9,204
$
10,948
$
13,534
Accumulated Benefit Obligation at End of Year
$
8,943
$
10,887
$
12,803
Components of Net Periodic Benefit Costs:
Service Cost
$
18
$
31
$
35
Interest Cost
501
315
243
Amortization of Prior Service Cost
151
277
277
Net Loss Amortization
(531)
718
970
Net Gain Settlements
(291)
-
-
Net Periodic Benefit Cost
$
(152)
$
1,341
$
1,525
Weighted-Average
 
Assumptions Used to Determine Benefit Obligation:
Discount Rate
5.11%
5.45%
2.80%
Rate of Compensation Increase
(1)
5.10%
5.10%
4.40%
Measurement Date
12/31/23
12/31/22
12/31/21
Weighted-Average
 
Assumptions Used to Determine Benefit Cost:
Discount Rate
5.45%
2.80%
2.38%
Rate of Compensation Increase
(1)
5.10%
4.40%
4.00%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss (Gain)
$
201
$
(2,932)
$
(146)
Prior Service (Benefit) Cost
(151)
(277)
(219)
Net Gain (Loss)
531
(718)
(970)
Settlement Gain
 
291
-
-
Deferred Tax (Benefit)
 
Expense
(222)
995
154
Other Comprehensive (Gain) Loss, net of tax
$
650
$
(2,932)
$
(1,181)
Amounts Recognized in Accumulated Other Comprehensive Loss:
Net Actuarial (Loss) Gain
$
(753)
$
(1,775)
$
1,875
Prior Service Cost
-
151
429
Deferred Tax Benefit
 
(Expense)
191
412
(584)
Accumulated Other Comprehensive (Loss) Gain, net of tax
$
(562)
$
(1,212)
$
1,720
(1)
 
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)
2023
2024
$
8,800
2025
32
2026
38
2027
42
2028
64
2029 through 2033
748
Total
$
9,724