Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth information regarding the Pension, RIM and Post-retirement Plans at December 31, 2018 and 2017:



	December 31,
	2018			2017			2018			2017			2018			2017
	Pension						RIM						Post-retirement
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	229,156		$	216,992		$	12,243		$	11,032		$	22,078		$	22,133
Service cost	7,805			7,496			282			238			417			445
Interest cost	8,489			8,461			443			433			796			762
Actuarial (gain) loss	(30,703		)	4,543			(1,355		)	874			(1,845		)	(726		)
Benefits paid	(5,542		)	(8,336		)	(328		)	(334		)	(482		)	(536		)
Benefit obligation at end of year	209,205			229,156			11,285			12,243			20,964			22,078

Change in plan assets:
Fair value of plan assets at beginning of year	289,390			257,513			—			—			—			—
Actuarial return on plan assets	(10,874		)	27,213			—			—			—			—
Employer contributions	—			13,000			328			334			482			536
Benefits paid	(5,542		)	(8,336		)	(328		)	(334		)	(482		)	(536		)
Fair value of plan assets at end of year	272,974			289,390			—			—			—			—
Funded status at end of year	$	63,769		$	60,234		$	(11,285	)	$	(12,243	)	$	(20,964	)	$	(22,078	)

Schedule of Net Benefit Costs

Net periodic benefit (income) cost for Pension, RIM and Post-retirement plans for the years ended December 31, 2018, September 30, 2017 and 2016 and the three months ended December 31, 2017, includes the following components:



	For the Year Ended December 31,								For the Three Months Ended December 31,
	2018								2017
	Pension			RIM		Post-retirement			Pension			RIM		Post-retirement
	(In thousands)

Service cost	$	7,805		$	282	$	417		$	1,780		$	60	$	92
Interest cost	8,489			443		796			2,128			111		205
Expected return on plan assets	(20,794		)	—		—			(4,814		)	—		—
Amortization:
Prior service credit	—			—		(106		)	—			—		(34		)
Net loss	3,117			413		323			707			103		70
Net periodic (income) cost	$	(1,383	)	$	1,138	$	1,430		$	(199	)	$	274	$	333

(11) Employee Benefit Plans (continued)



	For the Years Ended September 30,
	2017			2016			2017		2016		2017			2016
	Pension						RIM				Post-retirement
	(In thousands)
Service cost	$	7,621		$	6,188		$	237	$	140	$	471		$	447
Interest cost	8,444			8,096			429		385		742			854
Expected return on plan assets	(24,809		)	(22,706		)	—		—		—			—
Amortization:
Prior service credit	—			—			—		—		(136		)	(136		)
Net loss	10,998			8,490			453		283		325			339
Net periodic cost	$	2,254		$	68		$	1,119	$	808	$	1,402		$	1,504

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2018, September 30, 2017 and 2016 and the three months ended December 31, 2017 were as follows:



	At and For the Year Ended December 31,						At and For the Three Months Ended December 31,
	2018						2017
	Pension		RIM		Post-retirement		Pension		RIM		Post-retirement
Weighted average assumptions used to determine benefit obligation:
Discount rate	4.570	%	4.470	%	4.410	%	3.750	%	3.625	%	3.625	%
Rate of compensation increase	3.500	%	3.500	%	N/A		3.500	%	3.500	%	N/A
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	3.750	%	4.470	%	3.625	%	4.000	%	3.875	%	3.875	%
Expected rate of return on plan assets	7.250	%	N/A		N/A		7.250	%	N/A		N/A
Rate of compensation increase	3.500	%	3.500	%	N/A		3.500	%	3.500	%	N/A



	At and For the Years Ended September 30,
	2018		2017		2018		2017		2018		2017
	Pension				RIM				Post-retirement
Weighted average assumptions used to determine benefit obligation:
Discount rate	4.000	%	3.875	%	3.875	%	3.625	%	3.875	%	3.625	%
Rate of compensation increase	3.500		3.500		3.500		3.500		N/A		N/A
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	3.875	%	4.500	%	3.625	%	4.375	%	3.625	%	4.375	%
Expected rate of return on plan assets	7.500		7.500		N/A		N/A		N/A		N/A
Rate of compensation increase	3.500		3.500		3.500		3.500		N/A		N/A

The components of accumulated other comprehensive income (loss) related to the Pension, RIM , and Post-retirement Plans on a pre-tax basis, at December 31, 2018 and 2017, and September 30, 2017 and 2016 are summarized in the following table:



	At December 31,						At December 31,
	2018						2017
	Pension		RIM		Post-retirement		Pension		RIM		Post-retirement
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	—	$	—	$	(106	)
Unrecognized net actuarial income	59,579		3,748		4,226		61,731		5,515		6,395
Total accumulated other comprehensive income	$	59,579	$	3,748	$	4,226	$	61,731	$	5,515	$	6,289



	At September 30,
	2017		2016		2017		2016		2017			2016
	Pension				RIM				Post-retirement
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	—	$	(140	)	$	(276	)
Unrecognized net actuarial income	55,438		74,768		4,725		5,154		4,611			8,374
Total accumulated other comprehensive income	$	55,438	$	74,768	$	4,725	$	5,154	$	4,471		$	8,098

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A 1% change in the assumed health care cost trend rate would have the following effects on post-retirement benefits at December 31, 2018:



	1% increase		1% decrease
	(In thousands)

Effect on total service cost and interest cost	$	14	$	(12	)
Effect on post-retirement benefit obligations	130		(120		)

Schedule of Expected Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years are as follows:



	Pension		RIM		Post-retirement
	(In thousands)

2019	$	5,791	$	329	$	1,079
2020	6,301		341		1,114
2021	6,892		377		1,171
2022	7,471		416		1,212
2023	8,167		458		1,249
Years 2024 - 2028	52,675		3,318		6,840

Schedule of Allocation of Plan Assets

The weighted average asset allocation of pension assets at December 31, 2018 and 2017 were as follows:



	December 31,
	2018		2017
	(In thousands)

Domestic equities	35.20	%	38.10	%
Foreign equities	10.80		13.90
Fixed income	42.30		36.90
Real estate	10.50		9.30
Cash	1.20		1.80
Total	100.00	%	100.00	%

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan benefits at December 31, 2018 and 2017, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.



	December 31, 2018
			Fair value measurements
	Fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)

Money market mutual funds	$	3,459	$	3,459	$	—	$	—
Mutual funds - value stock fund	22,533		22,533		—		—
Mutual funds - fixed income	115,500		115,500		—		—
Mutual funds - international stock	29,441		29,441		—		—
Mutual funds - institutional stock index	73,450		73,450		—		—
Commingled real estate funds	28,591		—		28,591		—
	$	272,974	$	244,383	$	28,591	$	—

(11) Employee Benefit Plans (continued)



	December 31, 2017
			Fair value measurements
	Fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)

Money market mutual funds	$	5,236	$	5,236	$	—	$	—
Mutual funds - value stock fund	27,364		27,364		—		—
Mutual funds - fixed income	106,726		106,726		—		—
Mutual funds - international stock	40,388		40,388		—		—
Mutual funds - institutional stock index	82,831		82,831		—		—
Commingled real estate funds	26,845		—		26,845		—
	$	289,390	$	262,545	$	26,845	$	—

The target allocation of assets and acceptable ranges around the targets are as follows:

(11) Employee Benefit Plans (continued)



	Allowable Range

Equities	40-60%
Fixed income	40-60%
Real estate	0-10%
Cash	0-15%

Employee Stock Ownership Plan (ESOP) Disclosures

The ESOP shares were as follows:



	December 31,
	2018
	(In thousands)

Allocated shares	159
Unearned shares	4,384
Total ESOP shares	4,543
Fair value of unearned shares	$	67,025