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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
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) 2020 2019 2018 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 180,830 $ 149,347 $ 165,084 Service Cost 5,828 6,114 6,884 Interest Cost 5,612 6,178 5,661 Actuarial Loss (Gain) 32,172 25,715 (16,349) Benefits Paid (11,677) (6,255) (11,686) Expenses Paid (260) (269) (247) Special/Contractual Termination Benefits 61 - - Projected Benefit Obligation at End of Year $ 212,566 $ 180,830 $ 149,347 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 161,646 $ 134,535 $ 129,719 Actual Return (Loss) on Plan Assets 17,066 28,635 (6,251) Employer Contributions 5,000 5,000 23,000 Benefits Paid (11,677) (6,255) (11,686) Expenses Paid (260) (269) (247) Fair Value of Plan Assets at End of Year $ 171,775 $ 161,646 $ 134,535 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 40,791 $ 19,184 $ 14,812 Accumulated Benefit Obligation at End of Year $ 177,362 $ 156,327 $ 130,477 Components of Net Periodic Benefit Costs: Service Cost $ 5,828 $ 6,114 $ 6,884 Interest Cost 5,612 6,178 5,661 Expected Return on Plan Assets (10,993) (9,527) (9,564) Amortization of Prior Service Costs 15 15 199 Special/Contractual Termination Benefits 61 - - Net Loss Amortization 3,933 3,862 3,673 Net Periodic Benefit Cost $ 4,456 $ 6,642 $ 6,853 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 2.88% 3.53% 4.43% Rate of Compensation Increase (1) 4.00% 4.00% 4.00% Measurement Date 12/31/20 12/31/19 12/31/18 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.53% 4.43% 3.71% Expected Return on Plan Assets 7.00% 7.25% 7.25% Rate of Compensation Increase (1) 4.00% 4.00% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 26,098 $ 6,606 $ (533) Prior Service Cost (15) (15) (199) Net Loss (3,933) (3,862) (3,673) Deferred Tax (Benefit) Expense (5,615) (694) 1,118 Other Comprehensive Loss (Gain), net of tax $ 16,535 $ 2,035 $ (3,287) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 59,400 $ 37,235 $ 34,491 Prior Service Cost 35 50 66 Deferred Tax Benefit (15,066) (9,451) (8,757) Accumulated Other Comprehensive Loss, net of tax $ 44,369 $ 27,834 $ 25,800 (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) 2021 2020 2019 Equity Securities 65 % 71 % 72 % Debt Securities 30 % 21 % 19 % Cash and Cash Equivalents 5 % 8 % 9 % 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) 2020 2019 Level 1: U.S. Treasury Securities $ 405 $ 907 Mutual Funds 155,192 142,127 Cash and Cash Equivalents 12,789 13,943 Level 2: U.S. Government Agency 1,555 2,078 Corporate Notes/Bonds 1,834 2,591 Total Fair Value of Plan Assets $ 171,775 $ 161,646
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) 2020 2021 $ 16,187 2022 15,728 2023 15,280 2024 15,208 2025 14,818 2026 through 2030 61,861 Total $ 139,082
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | Expected Contribution (Dollars in Thousands) 2019 2020 2021 (1) Actual Contributions $ 5,000 $ 5,000 $ 5,000 For 2021, 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) 2020 2019 2018 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 10,244 $ 8,860 $ 7,285 Service Cost 31 - - Interest Cost 321 349 227 Actuarial Loss 1,826 1,035 1,348 Plan Amendments 980 - - Projected Benefit Obligation at End of Year $ 13,402 $ 10,244 $ 8,860 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 13,402 $ 10,244 $ 8,860 Accumulated Benefit Obligation at End of Year $ 12,339 $ 8,778 $ 7,557 Components of Net Periodic Benefit Costs: Service Cost $ 31 $ - $ - Interest Cost 321 349 227 Amortization of Prior Service Cost 327 - - Net Loss Amortization 503 761 1,626 Net Periodic Benefit Cost $ 1,182 $ 1,110 $ 1,853 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 2.38% 3.16% 4.23% Rate of Compensation Increase (1) 4.00% 4.00% 4.00% Measurement Date 12/31/20 12/31/19 12/31/18 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.16% 4.23% 3.53% Rate of Compensation Increase (1) 3.50% 3.50% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss $ 1,826 $ 1,035 $ 1,348 Prior Service Cost 895 - - Net Loss (458) (761) (1,626) Deferred Tax (Benefit) Expense (573) (70) 71 Other Comprehensive Loss (Gain), net of tax $ 1,690 $ 204 $ (207) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss $ 2,991 $ 1,622 $ 1,348 Prior Service Cost 895 - - Deferred Tax Benefit (985) (411) (341) Accumulated Other Comprehensive Loss, net of tax $ 2,901 $ 1,211 $ 1,007 (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) 2020 2021 $ 5,218 2022 4,679 2023 2,882 2024 613 2025 48 2026 through 2030 254 Total $ 13,694

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- 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 amounts actually contributed and expected contribution to the pension plan . + 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 Supplemental Executive Retirement Plan, including the periodic benefit cost, the funded status of the plan, amounts recognized in the entity consolidated statements of financial condition, and major assumptions. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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