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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
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 | The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company’s consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 115,285 |  |  | $ | 134,950 |  |  | $ | 116,173 |
Service Cost |  |  | 5,634 |  |  |  | 6,999 |  |  |  | 6,397 |
Interest Cost |  |  | 5,513 |  |  |  | 5,566 |  |  |  | 5,587 |
Actuarial Loss (Gain) |  |  | 22,632 |  |  |  | (18,965 | ) |  |  | 14,156 |
Benefits Paid |  |  | (8,438 | ) |  |  | (12,946 | ) |  |  | (7,138 | )
Expenses Paid |  |  | (267 | ) |  |  | (319 | ) |  |  | (225 | )
Projected Benefit Obligation at End of Year |  | $ | 140,359 |  |  | $ | 115,285 |  |  | $ | 134,950 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets at Beginning of Year |  | $ | 103,842 |  |  | $ | 94,164 |  |  | $ | 87,844 |
Actual Return on Plan Assets |  |  | 8,035 |  |  |  | 17,943 |  |  |  | 8,683 |
Employer Contributions |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |
Benefits Paid |  |  | (8,438 | ) |  |  | (12,946 | ) |  |  | (7,138 | )
Expenses Paid |  |  | (267 | ) |  |  | (319 | ) |  |  | (225 | )
Fair Value of Plan Assets at End of Year |  | $ | 108,172 |  |  | $ | 103,842 |  |  | $ | 94,164 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: |  |  |  |  |  |  |  |  |  |  |  |
Other Liabilities |  | $ | 32,186 |  |  | $ | 11,442 |  |  | $ | 40,786 |
Accumulated Benefit Obligation at End of Year |  | $ | 119,750 |  |  | $ | 98,796 |  |  | $ | 110,985 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 5,634 |  |  | $ | 6,999 |  |  | $ | 6,397 |
Interest Cost |  |  | 5,513 |  |  |  | 5,566 |  |  |  | 5,587 |
Expected Return on Plan Assets |  |  | (7,487 | ) |  |  | (7,371 | ) |  |  | (6,793 | )
Amortization of Prior Service Costs |  |  | 309 |  |  |  | 317 |  |  |  | 359 |
Net Loss Amortization |  |  | 1,365 |  |  |  | 4,316 |  |  |  | 3,390 |
Net Periodic Benefit Cost |  | $ | 5,334 |  |  | $ | 9,827 |  |  | $ | 8,940 |
Weighted-Average Assumptions Used to Determine Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 4.15 | % |  |  | 5.00 | % |  |  | 4.25 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.25 | % |  |  | 3.75 | %
Measurement Date |  |  | 12/31/14 |  |  |  | 12/31/13 |  |  |  | 12/31/12 |
Weighted-Average Assumptions Used to Determine Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.00 | % |  |  | 4.25 | % |  |  | 5.00 | %
Expected Return on Plan Assets |  |  | 7.50 | % |  |  | 8.00 | % |  |  | 8.00 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.75 | % |  |  | 4.00 | %
Amortization Amounts from Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Loss (Gain) |  | $ | 22,083 |  |  | $ | (29,534 | ) |  | $ | 12,265 |
Prior Service Cost |  |  | (309 | ) |  |  | (317 | ) |  |  | (359 | )
Net Loss |  |  | (1,365 | ) |  |  | (4,316 | ) |  |  | (3,390 | )
Deferred Tax (Benefit) Expense |  |  | (7,873 | ) |  |  | 13,180 |  |  |  | (3,285 | )
Other Comprehensive Loss (Gain), net of tax |  | $ | 12,536 |  |  | $ | (20,987 | ) |  | $ | 5,231 |
Amounts Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Losses |  | $ | 34,665 |  |  | $ | 13,947 |  |  | $ | 47,800 |
Prior Service Cost |  |  | 1,075 |  |  |  | 1,383 |  |  |  | 1,700 |
Deferred Tax Benefit |  |  | (13,788 | ) |  |  | (5,914 | ) |  |  | (19,097 | )
Accumulated Other Comprehensive Loss, net of tax |  | $ | 21,952 |  |  | $ | 9,416 |  |  | $ | 30,403
Schedule of pension plan asset allocation and the target asset allocation | The Company’s pension plan asset allocation at year-end 2014 and 2013, and the target asset allocation for 2015 are as follows:
|  | Target Allocation |  |  | Percentage of Plan Assets at Year-End(1) |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Equity Securities |  |  | 70 | % |  |  | 74 | % |  |  | 72 | %
Debt Securities |  |  | 25 | % |  |  | 21 | % |  |  | 23 | %
Cash and Cash Equivalents |  |  | 5 | % |  |  | 5 | % |  |  | 5 | %
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 | The major categories of assets in the Company’s pension plan as of December 31 are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 18 – Fair Value Measurements).
(Dollars in Thousands) |  | 2014 |  |  | 2013 |
Level 1: |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | — |  |  | $ | 768 |
Equities |  |  | 23,199 |  |  |  | 21,564 |
Mutual Funds |  |  | 75,421 |  |  |  | 70,993 |
Cash and Cash Equivalents |  |  | 5,626 |  |  |  | 5,571 |
Level 2: |  |  |  |  |  |  |  |
U.S. Government Agency |  |  | 3,926 |  |  |  | 4,946 |
Total Fair Value of Plan Assets |  | $ | 108,172 |  |  | $ | 103,842 |
Schedule of expected benefit payments related to the defined benefit pension plan | As of December 31, expected benefit payments related to the defined benefit pension plan were as follows:
(Dollars in Thousands) |  | 2014 |
2015 |  | $ | 8,090 |
2016 |  |  | 8,340 |
2017 |  |  | 8,969 |
2018 |  |  | 10,213 |
2019 |  |  | 10,867 |
2020 through 2024 |  |  | 54,919 |
Total |  | $ | 101,398 |
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | The following table details the amounts contributed to the pension plan in 2013 and 2014, and the expected amount to be contributed in 2015.
(Dollars in Thousands) |  | 2013(2) |  |  | 2014(2) |  |  | Expected Range of Contribution 2015(1) |
Actual Contributions |  | $ | 5,000 |  |  | $ | 5,000 |  |  |  | $5,000 - $10,000 |
| (1) | For 2015, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
| (2) | For the 2012 and 2013 plan years, the Company made the contributions during the 2013 and 2014 calendar years. As of December 31, 2014, no contributions were made for the 2014 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 | The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company’s consolidated statements of financial condition, and major assumptions used to determine these amounts.
(Dollars in Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 2,379 |  |  | $ | 3,492 |  |  | $ | 3,030 |
Interest Cost |  |  | 104 |  |  |  | 137 |  |  |  | 140 |
Actuarial Loss (Gain) |  |  | 520 |  |  |  | (1,250 | ) |  |  | 322 |
Projected Benefit Obligation at End of Year |  | $ | 3,003 |  |  | $ | 2,379 |  |  | $ | 3,492 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: |  |  |  |  |  |  |  |  |  |  |  |
Other Liabilities |  | $ | 3,003 |  |  | $ | 2,379 |  |  | $ | 3,492 |
Accumulated Benefit Obligation at End of Year |  | $ | 2,982 |  |  | $ | 2,379 |  |  | $ | 3,492 |
Components of Net Periodic Benefit Costs: |  |  |  |  |  |  |  |  |  |  |  |
Interest Cost |  | $ | 104 |  |  | $ | 137 |  |  | $ | 140 |
Amortization of Prior Service Cost |  |  | 164 |  |  |  | 187 |  |  |  | 189 |
Net Gain Amortization |  |  | (661 | ) |  |  | (237 | ) |  |  | (369 | )
Net Periodic Benefit Cost |  | $ | (393 | ) |  | $ | 87 |  |  | $ | (40 | )
Weighted-Average Assumptions Used to Determine Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 4.15 | % |  |  | 5.00 | % |  |  | 4.25 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.25 | % |  |  | 3.75 | %
Measurement Date |  |  | 12/31/14 |  |  |  | 12/31/13 |  |  |  | 12/31/12 |
Weighted-Average Assumptions Used to Determine Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.00 | % |  |  | 4.25 | % |  |  | 5.00 | %
Rate of Compensation Increase |  |  | 3.25 | % |  |  | 3.75 | % |  |  | 4.00 | %
Amortization Amounts from Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Loss (Gain) |  | $ | 520 |  |  | $ | (1,250 | ) |  | $ | 322 |
Prior Service Cost |  |  | (164 | ) |  |  | (187 | ) |  |  | (189 | )
Net Gain |  |  | 660 |  |  |  | 237 |  |  |  | 369 |
Deferred Tax (Benefit) Expense |  |  | (392 | ) |  |  | 463 |  |  |  | (194 | )
Other Comprehensive Loss (Gain), net of tax |  | $ | 624 |  |  | $ | (737 | ) |  | $ | 308 |
Amounts Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net Actuarial Gain |  | $ | (632 | ) |  | $ | (1,812 | ) |  | $ | (799 | )
Prior Service Cost |  |  | 7 |  |  |  | 171 |  |  |  | 358 |
Deferred Tax Liability |  |  | 241 |  |  |  | 633 |  |  |  | 170 |
Accumulated Other Comprehensive Gain, net of tax |  | $ | (384 | ) |  | $ | (1,008 | ) |  | $ | (271 | )
Schedule of expected benefit payments related to the SERP | As of December 31, expected benefit payments related to the SERP were as follows:
(Dollars in Thousands) |  | 2014 |
2015 |  | $ | 979 |
2016 |  |  | 522 |
2017 |  |  | 231 |
2018 |  |  | 215 |
2019 |  |  | 230 |
2020 through 2024 |  |  | — |
Total |  | $ | 2,177

X
- Definition Tabular disclosure of defined benefit pension plans and other defined benefit postretirement plans, including the components of pension expense, the funded status of the plan, amounts recognized in the entity consolidated statements of financial condition, and major assumptions,change in fair value of plan assets for defined benefit or other postretirement plans + References No definition available. + Details
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- Definition Tabular disclosure of benefits expected to be paid by supplemental executive retirement plan in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References No definition available. + Details
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- Definition Disclosure of the fair value of defined benefit plan assets by the level within the fair value hierarchy in which the fair value measurements fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), Significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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