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) | 2016 | | 2015 | | 2014 | Change in Projected Benefit Obligation: | | | | | | | | | Benefit Obligation at Beginning of Year | $ | 141,039 | | $ | 140,359 | | $ | 115,285 | Service Cost | | 6,453 | | | 6,859 | | | 5,634 | Interest Cost | | 5,587 | | | 5,750 | | | 5,513 | Actuarial Loss (Gain) | | 9,118 | | | (6,880) | | | 22,632 | Benefits Paid | | (9,412) | | | (4,825) | | | (8,438) | Expenses Paid | | (200) | | | (224) | | | (267) | Projected Benefit Obligation at End of Year | $ | 152,585 | | $ | 141,039 | | $ | 140,359 | | | | | | | | | | Change in Plan Assets: | | | | | | | | | Fair Value of Plan Assets at Beginning of Year | $ | 105,792 | | $ | 108,172 | | $ | 103,842 | Actual Return on Plan Assets | | 7,633 | | | (2,331) | | | 8,035 | Employer Contributions | | 10,000 | | | 5,000 | | | 5,000 | Benefits Paid | | (9,412) | | | (4,825) | | | (8,438) | Expenses Paid | | (200) | | | (224) | | | (267) | Fair Value of Plan Assets at End of Year | $ | 113,813 | | $ | 105,792 | | $ | 108,172 | | | | | | | | | | Funded Status of Plan and Accrued Liability Recognized at End of Year: | | | | | | | | | Other Liabilities | $ | 38,772 | | $ | 35,247 | | $ | 32,186 | | | | | | | | | | Accumulated Benefit Obligation at End of Year | $ | 130,109 | | $ | 121,609 | | $ | 119,750 | | | | | | | | | | Components of Net Periodic Benefit Costs: | | | | | | | | | Service Cost | $ | 6,453 | | $ | 6,859 | | $ | 5,634 | Interest Cost | | 5,587 | | | 5,750 | | | 5,513 | Expected Return on Plan Assets | | (7,736) | | | (7,820) | | | (7,487) | Amortization of Prior Service Costs | | 278 | | | 309 | | | 309 | Net Loss Amortization | | 3,201 | | | 3,564 | | | 1,365 | Net Periodic Benefit Cost | $ | 7,783 | | $ | 8,662 | | $ | 5,334 | | | | | | | | | | Weighted-Average Assumptions Used to Determine Benefit Obligation: | | | | | | | | | Discount Rate | | 4.21% | | | 4.52% | | | 4.15% | Rate of Compensation Increase | | 3.25% | | | 3.25% | | | 3.25% | Measurement Date | | 12/31/16 | | | 12/31/15 | | | 12/31/14 | | | | | | | | | | Weighted-Average Assumptions Used to Determine Benefit Cost: | | | | | | | | | Discount Rate | | 4.52% | | | 4.15% | | | 5.00% | Expected Return on Plan Assets | | 7.50% | | | 7.50% | | | 7.50% | Rate of Compensation Increase | | 3.25% | | | 3.25% | | | 3.25% | | | | | | | | | | Amortization Amounts from Accumulated Other Comprehensive Income: | | | | | | | | | Net Actuarial Loss | $ | 9,221 | | $ | 3,272 | | $ | 22,083 | Prior Service Cost | | (278) | | | (309) | | | (309) | Net Loss | | (3,201) | | | (3,564) | | | (1,365) | Deferred Tax (Benefit) Expense | | (2,216) | | | 232 | | | (7,873) | Other Comprehensive Loss (Gain), net of tax | $ | 3,526 | | $ | (369) | | $ | 12,536 | | | | | | | | | | Amounts Recognized in Accumulated Other Comprehensive Income: | | | | | | | | | Net Actuarial Losses | $ | 40,392 | | $ | 34,373 | | $ | 34,665 | Prior Service Cost | | 488 | | | 766 | | | 1,075 | Deferred Tax Benefit | | (15,772) | | | (13,556) | | | (13,788) | Accumulated Other Comprehensive Loss, net of tax | $ | 25,108 | | $ | 21,583 | | $ | 21,952 |
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Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy | (Dollars in Thousands) | | 2016 | | 2015 | Level 1: | | | | | | | Equities | | $ | - | | $ | 18,197 | Mutual Funds - Real Estate | | | 4,731 | | | 3,442 | Mutual Funds - Fixed Income | | | 16,189 | | | 14,738 | Mutual Funds - Equity | | | 75,159 | | | 53,649 | Cash and Cash Equivalents | | | 15,345 | | | 12,402 | | | | | | | | Level 2: | | | | | | | U.S. Government Agency | | | 2,389 | | | 3,364 | | | | | | | | Total Fair Value of Plan Assets | | $ | 113,813 | | $ | 105,792 |
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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) | 2016 | | 2015 | | 2014 | Change in Projected Benefit Obligation: | | | | | | | | | Benefit Obligation at Beginning of Year | $ | 4,842 | | $ | 3,003 | | $ | 2,379 | Service Cost | | - | | | 3 | | | - | Interest Cost | | 162 | | | 133 | | | 104 | Actuarial Loss | | 737 | | | 1,703 | | | 520 | Projected Benefit Obligation at End of Year | $ | 5,741 | | $ | 4,842 | | $ | 3,003 | | | | | | | | | | Funded Status of Plan and Accrued Liability Recognized at End of Year: | | | | | | | | | | | | | | | | | | Other Liabilities | $ | 5,741 | | $ | 4,842 | | $ | 3,003 | | | | | | | | | | Accumulated Benefit Obligation at End of Year | $ | 4,913 | | $ | 4,348 | | $ | 2,982 | | | | | | | | | | Components of Net Periodic Benefit Costs: | | | | | | | | | Service Cost | $ | - | | $ | 3 | | $ | - | Interest Cost | | 162 | | | 133 | | | 104 | Amortization of Prior Service Cost | | - | | | 7 | | | 164 | Net Loss (Gain) Amortization | | 759 | | | 179 | | | (661) | Net Periodic Benefit Cost | $ | 921 | | $ | 322 | | $ | (393) | | | | | | | | | | Weighted-Average Assumptions Used to Determine Benefit Obligation: | | | | | | | | | Discount Rate | | 3.92% | | | 4.13% | | | 4.15% | Rate of Compensation Increase | | 3.25% | | | 3.25% | | | 3.25% | Measurement Date | | 12/31/16 | | | 12/31/15 | | | 12/31/14 | | | | | | | | | | Weighted-Average Assumptions Used to Determine Benefit Cost: | | | | | | | | | Discount Rate | | 4.13% | | | 4.15% | | | 5.00% | Rate of Compensation Increase | | 3.25% | | | 3.25% | | | 3.25% | | | | | | | | | | Amortization Amounts from Accumulated Other Comprehensive Income: | | | | | | | | | Net Actuarial Loss | $ | 737 | | $ | 1,703 | | $ | 520 | Prior Service Cost | | - | | | (7) | | | (164) | Net (Loss) Gain | | (759) | | | (179) | | | 660 | Deferred Tax Expense (Benefit) | | 8 | | | (585) | | | (392) | Other Comprehensive Loss (Gain), net of tax | $ | (14) | | $ | 932 | | $ | 624 | | | | | | | | | | Amounts Recognized in Accumulated Other Comprehensive Income: | | | | | | | | | Net Actuarial Loss (Gain) | $ | 870 | | $ | 892 | | $ | (632) | Prior Service Cost | | - | | | - | | | 7 | Deferred Tax (Benefit) Liability | | (336) | | | (344) | | | 241 | Accumulated Other Comprehensive Loss (Gain), net of tax | $ | 534 | | $ | 548 | | $ | (384) |
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