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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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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 Benefits - 61 - Projected Benefit Obligation at End of Year $ 172,508 $ 212,566 $ 180,830 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 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 of Plan Assets at End of Year $ 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 Benefits - 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 Assumptions Used to Determine Benefit Obligation: 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 Assumptions Used to Determine Benefit Cost: 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) Expense 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) 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) 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 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) 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 of Plan Assets $ 165,274 $ 171,775
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) 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 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) 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 Assumptions Used to Determine Benefit Obligation: 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 Assumptions Used to Determine Benefit Cost: 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 (Gain) Loss $ (146) $ 1,826 $ 1,035 Prior Service (Benefit) Cost (219) 895 - Net Loss (970) (458) (761) Deferred Tax (Benefit) Expense 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) 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) 2021 2022 $ 7,521 2023 4,994 2024 952 2025 36 2026 28 2027 through 2031 316 Total $ 13,847

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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=123447040&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=123447040&loc=d3e1928-114920 + Details
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