XML 40 R42.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018:



	December 31,
	2019			2018			2019			2018			2019			2018
	Pension						RIM						Post-retirement
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	209,205		$	229,156		$	11,285		$	12,243		$	20,964		$	22,078
Service cost	6,494			7,805			210			282			339			417
Interest cost	8,569			8,489			466			443			826			796
Actuarial (gain) loss	46,001			(30,703		)	2,074			(1,355		)	3,141			(1,845		)
Benefits paid	(6,443		)	(5,542		)	(339		)	(328		)	(667		)	(482		)
Benefit obligation at end of year	263,826			209,205			13,696			11,285			24,603			20,964

Change in plan assets:
Fair value of plan assets at beginning of year	272,974			289,390			—			—			—			—
Actuarial return on plan assets	54,816			(10,874		)	—			—			—			—
Employer contributions	35,000			—			339			328			667			482
Benefits paid	(6,443		)	(5,542		)	(339		)	(328		)	(667		)	(482		)
Fair value of plan assets at end of year	356,347			272,974			—			—			—			—
Funded status at end of year	$	92,521		$	63,769		$	(13,696	)	$	(11,285	)	$	(24,603	)	$	(20,964	)

Schedule of Net Benefit Costs

Net periodic benefit (income) cost for Pension Plan, RIM and Post-retirement Plan and split dollar life insurance arrangement plan benefits for the years ended December 31, 2019 and 2018, September 30, 2017 and the three months ended December 31, 2017, includes the following components:

(13) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") and Post-retirement Plan (cont'd)



	For the Years Ended December 31,
	2019							2018
	Pension			RIM		Post-retirement		Pension			RIM		Post-retirement			Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	6,494		$	210	$	339	$	7,805		$	282	$	417		Compensation and employee benefits
Interest cost	8,569			466		826		8,489			443		796			Other non-interest expense
Expected return on plan assets	(21,058		)	—		—		(20,794		)	—		—			Other non-interest expense
Amortization:
Prior service cost	—			—		—		—			—		(106		)	Other non-interest expense
Net loss	3,070			244		147		3,117			413		323			Other non-interest expense
Net periodic (income) benefit cost	$	(2,925	)	$	920	$	1,312	$	(1,383	)	$	1,138	$	1,430



	For the Three Months Ended December 31,								For the Year Ended September 30,
	2017								2017
	Pension			RIM		Post-retirement			Pension			RIM		Post-retirement
	(In thousands)

Service cost	$	1,780		$	60	$	92		$	7,621		$	237	$	471
Interest cost	2,128			111		205			8,444			429		742
Expected return on plan assets	(4,814		)	—		—			(24,809		)	—		—
Amortization:
Prior service cost	—			—		(34		)	—			—		(136		)
Net loss	707			103		70			10,998			453		325
Net periodic (income) benefit cost	$	(199	)	$	274	$	333		$	2,254		$	1,119	$	1,402

Condensed Income Statement

The following table summarizes the impact of retrospective application of ASU 2017-07 to the Consolidated Statements of Income for the year ended December 31, 2018:



	Year Ended December 31, 2018
	(In thousands)
Compensation and employee benefits:
As previously reported	$	69,907
As reported under ASU 2017-07	77,226

Other non-interest expense:
As previously reported	$	12,916
As reported under ASU 2017-07	5,597

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income related to the Pension, RIM, and Post-retirement Plans on a pre-tax basis, at December 31, 2019, 2018, and 2017, and September 30, 2017 are summarized in the following table:



	At December 31,
	2019						2018
	Pension		RIM		Post-retirement		Pension		RIM		Post-retirement
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	—	$	—	$	—
Unrecognized net actuarial income	68,752		5,577		7,221		59,579		3,748		4,226
Total accumulated other comprehensive income	$	68,752	$	5,577	$	7,221	$	59,579	$	3,748	$	4,226



	At December 31							At September 30,
	2017							2017
	Pension		RIM		Post-retirement			Pension		RIM		Post-retirement
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	(106	)	$	—	$	—	$	(140	)
Unrecognized net actuarial income	61,731		5,515		6,395			55,438		4,725		4,611
Total accumulated other comprehensive income	$	61,731	$	5,515	$	6,289		$	55,438	$	4,725	$	4,471

The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2019 and 2018, September 30, 2017 and the three months ended December 31, 2017 were as follows:



	At and For the Years Ended December 31,
	2019						2018
	Pension		RIM		Post-retirement		Pension		RIM		Post-retirement
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.490	%	3.330	%	3.270	%	4.570	%	4.470	%	4.410	%
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	4.570	%	4.470	%	4.410	%	3.750	%	3.625	%	3.625	%
Discount rate-remeasurement	3.850		N/A		N/A		N/A		N/A		N/A
Expected rate of return on plan assets	7.000		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 Three Months Ended December 31,						At and for the Year Ended September 30,
	2017						2017
	Pension		RIM		Post-retirement		Pension		RIM		Post-retirement
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.750	%	3.625	%	3.625	%	4.000	%	3.875	%	3.875	%
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	4.000	%	3.875	%	3.875	%	3.875	%	3.625	%	3.625	%
Expected rate of return on plan assets	7.250		N/A		N/A		7.500		N/A		N/A
Rate of compensation increase	3.500		3.500		N/A		3.500		3.500		N/A

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, 2019:



	1% increase		1% decrease
	(In thousands)

Effect on total service cost and interest cost	$	14	$	(12	)
Effect on post-retirement benefit obligations	162		(141		)

Schedule of Expected Benefit Payments

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



	Pension		RIM		Post-retirement
	(In thousands)

2020	$	6,675	$	361	$	1,246
2021	7,209		379		1,293
2022	7,760		417		1,337
2023	8,412		457		1,351
2024	9,112		521		1,346
2025 - 2029	57,274		3,605		7,270

Schedule of Allocation of Plan Assets

The weighted average asset allocation of pension assets at December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018

Domestic equities	39.60	%	35.20	%
Foreign equities	9.60		10.80
Fixed income	44.30		42.30
Real estate	6.10		10.50
Cash	0.40		1.20
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, 2019 and 2018, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.



	December 31, 2019
			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	$	1,462	$	1,462	$	—	$	—
Mutual funds - value stock fund	27,827		27,827		—		—
Mutual funds - fixed income	158,030		158,030		—		—
Mutual funds - international stock	34,332		34,332		—		—
Mutual funds - institutional stock index	113,100		113,100		—		—
Commingled real estate funds	21,596		—		21,596		—
	$	356,347	$	334,751	$	21,596	$	—

(13) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") and Post-retirement Plan (cont'd)



	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	$	—

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



	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,
	2019		2018
	(In thousands)

Allocated shares	385		159
Unearned shares	4,156		4,384
Total ESOP shares	4,541		4,543
Fair value of unearned shares	$	70,409	$	67,025