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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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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

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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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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