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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
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) 2022 2021 2020 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 172,508 $ 212,566 $ 180,830 Service Cost 6,289 6,971 5,828 Interest Cost 4,665 4,885 5,612 Actuarial (Gain) Loss (39,962) (14,934) 32,172 Benefits Paid (2,139) (2,087) (11,677) Expenses Paid (416) (259) (260) Settlements (32,794) (34,634) - Special/Contractual Termination Benefits - - 61 Projected Benefit Obligation at End of Year $ 108,151 $ 172,508 $ 212,566 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 165,274 $ 171,775 $ 161,646 Actual Return on Plan Assets (25,649) 30,479 17,066 Employer Contributions - - 5,000 Benefits Paid (2,139) (2,087) (11,677) Expenses Paid (416) (259) (260) Settlements (32,794) (34,634) - Fair Value of Plan Assets at End of Year $ 104,276 $ 165,274 $ 171,775 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 3,875 $ 7,234 $ 40,791 Accumulated Benefit Obligation at End of Year $ 91,770 $ 149,569 $ 177,362 Components of Net Periodic Benefit Costs: Service Cost $ 6,289 $ 6,971 $ 5,828 Interest Cost 4,665 4,885 5,612 Expected Return on Plan Assets (10,701) (11,147) (10,993) Amortization of Prior Service Costs 15 15 15 Special/Contractual Termination Benefits - - 61 Net Loss Amortization 1,713 6,764 3,933 Net Loss Settlements 2,321 3,072 - Net Periodic Benefit Cost $ 4,302 $ 10,560 $ 4,456 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 5.63% 3.11% 2.88% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Measurement Date 12/31/22 12/31/21 12/31/20 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.11% 2.88% 3.53% Expected Return on Plan Assets 6.75% 6.75% 7.00% Rate of Compensation Increase (1) 4.40% 4.00% 4.00% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ (3,612) $ (34,265) $ 26,098 Prior Service Cost (15) (15) (15) Net Loss (4,034) (9,836) (3,933) Deferred Tax Expense (Benefit) 1,942 11,183 (5,615) Other Comprehensive Loss (Gain), net of tax $ (5,719) $ (32,933) $ 16,535 Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 7,653 $ 15,300 $ 59,400 Prior Service Cost 5 20 35 Deferred Tax Benefit (1,941) (3,884) (15,066) Accumulated Other Comprehensive Loss, net of tax $ 5,717 $ 11,436 $ 44,369 (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) 2023 2022 2021 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) 2022 2021 Level 1: U.S. Treasury Securities $ 17,264 $ 200 Mutual Funds 81,231 156,726 Cash and Cash Equivalents 5,327 6,881 Level 2: U.S. Government Agency - 527 Corporate Notes/Bonds 454 940 Total Fair Value of Plan Assets $ 104,276 $ 165,274
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) 2022 2023 $ 9,446 2024 8,896 2025 9,966 2026 9,638 2027 9,270 2028 through 2032 43,323 Total $ 90,539
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | Expected Contribution (Dollars in Thousands) 2021 2022 2023 (1) Actual Contributions $ 5,000 $ - $ - - $ 10,000 (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) 2022 2021 2020 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 13,534 $ 13,402 $ 10,244 Service Cost 31 35 31 Interest Cost 315 243 321 Actuarial (Gain) Loss (2,932) (146) 1,826 Plan Amendments - - 980 Projected Benefit Obligation at End of Year $ 10,948 $ 13,534 $ 13,402 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 10,948 $ 13,534 $ 13,402 Accumulated Benefit Obligation at End of Year $ 10,887 $ 12,803 $ 12,339 Components of Net Periodic Benefit Costs: Service Cost $ 31 $ 35 $ 31 Interest Cost 315 243 321 Amortization of Prior Service Cost 277 277 327 Net Loss Amortization 718 970 503 Net Periodic Benefit Cost $ 1,341 $ 1,525 $ 1,182 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 5.45% 2.80% 2.38% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Measurement Date 12/31/22 12/31/21 12/31/20 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 2.80% 2.38% 3.16% Rate of Compensation Increase (1) 4.40% 4.00% 3.50% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial (Gain) Loss $ (2,932) $ (146) $ 1,826 Prior Service (Benefit) Cost (277) (219) 895 Net Loss (718) (970) (458) Deferred Tax Expense (Benefit) 995 154 (573) Other Comprehensive (Gain) Loss, net of tax $ (2,932) $ (1,181) $ 1,690 Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss $ (1,775) $ 1,875 $ 2,991 Prior Service Cost 151 429 895 Deferred Tax Benefit 412 (584) (985) Accumulated Other Comprehensive (Loss) Gain, net of tax $ (1,212) $ 1,720 $ 2,901 (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) 2022 2023 $ 9,182 2024 1,044 2025 18 2026 19 2027 20 2028 through 2032 261 Total $ 10,544

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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 https://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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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