XML 125 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
RETIREMENT PLANS: (Tables)
12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs
Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components:
(Dollar amounts in thousands)
 
2014
 
2013
 
2012
Service cost - benefits earned
 
$
2,040

 
$
2,238

 
$
4,872

Interest cost on projected benefit obligation
 
3,756

 
3,383

 
3,667

Loss due to settlement
 
2,676

 

 

Expected return on plan assets
 
(3,794
)
 
(3,309
)
 
(3,258
)
Net amortization and deferral
 
750

 
2,075

 
2,434

Net periodic pension cost
 
5,428

 
4,387

 
7,715

Net loss (gain) during the period
 
23,111

 
(14,697
)
 
3,842

Adjustment to loss due to settlement
 
(2,676
)
 

 

Settlement
 
(7,148
)
 

 

Curtailment gain
 

 

 
(5,700
)
Amortization of prior service cost
 
9

 
16

 
(166
)
Amortization of unrecognized gain (loss)
 
(759
)
 
(2,091
)
 
(2,270
)
Total recognized in other comprehensive (income) loss
 
12,537

 
(16,772
)
 
(4,294
)
Total recognized net periodic pension cost and other comprehensive income
 
$
17,965

 
$
(12,385
)
 
$
3,421

Schedule of Defined Benefit Plans Disclosures
The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation's retirement program. Actuarial present value of benefits is based on service to date and present pay levels.
(Dollar amounts in thousands)
 
2014
 
2013
Change in benefit obligation:
 
 

 
 

Benefit obligation at January 1
 
$
81,469

 
$
86,807

Service cost
 
2,040

 
2,238

Interest cost
 
3,756

 
3,383

Actuarial (gain) loss
 
22,274

 
(7,098
)
Settlement
 
(7,148
)
 

Benefits paid
 
(4,256
)
 
(3,861
)
Benefit obligation at December 31
 
98,135

 
81,469

Reconciliation of fair value of plan assets:
 
 

 
 

Fair value of plan assets at January 1
 
67,233

 
57,491

Actual return on plan assets
 
2,957

 
10,909

Employer contributions
 
3,779

 
2,694

Settlement
 
(7,148
)
 

Benefits paid
 
(4,256
)
 
(3,861
)
Fair value of plan assets at December 31
 
62,565

 
67,233

Funded status at December 31 (plan assets less benefit obligation)
 
$
(35,570
)
 
$
(14,236
)
Schedule of Assumptions Used
The accumulated benefit obligation for the defined benefit pension plan was $91.5 million and $75.7 million at year-end
2014 and 2013.
Principal assumptions used to determine pension benefit obligation at year end:
 
2014
 
2013
Discount rate
 
3.95
%
 
4.95
%
Rate of increase in compensation levels
 
3.00

 
3.50


Principal assumptions used to determine net periodic pension cost:
 
2014
 
2013
Discount rate
 
4.95
%
 
4.05
%
Rate of increase in compensation levels
 
3.50

 
3.50

Expected long-term rate of return on plan assets
 
6.00

 
6.00

Schedule of Allocation of Plan Assets
The Corporation's pension plan weighted-average asset allocation for the years 2014 and 2013 by asset category are as follows:
 
 
Pension Plan
Target Allocation
 
ESOP
Target Allocation
 
Pension
Pecentage of Plan
Assets at December 31,
 
ESOP
Pecentage of Plan
Assets at December 31,
ASSET CATEGORY
 
2014
 
2014
 
2014
 
2013
 
2014
 
2013
Equity securities
 
40-65%
 
95-99%
 
59
%
 
64
%
 
99
%
 
99
%
Debt securities
 
35-60%
 
0-0%
 
38
%
 
34
%
 
%
 
%
Other
 
0-10%
 
0-5%
 
3
%
 
2
%
 
1
%
 
1
%
TOTAL
 
 
 
 
 
100
%
 
100
%
 
100
%
 
100
%
Schedule Of Fair Value Of Plan Assets
The fair value of the plan assets at December 31, 2014 and 2013, by asset category, is as follows:
 
 
 
 
Fair Value Measurments at
December 31, 2014 Using:
 
 
 
 
Quoted Prices
in Active
Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Observable
Inputs
(Dollar amounts in thousands)
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Plan assets
 
 

 
 

 
 

 
 

Equity securities
 
$
44,732

 
$
44,732

 
$

 
$

Debt securities
 
15,245

 

 
15,245

 

Investment Funds
 
2,588

 
2,588

 

 

Total plan assets
 
$
62,565

 
$
47,320

 
$
15,245

 
$

 
 
 
 
Fair Value Measurments at
December 31, 2013 Using:
 
 
 
 
Quoted Prices
in Active
Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Observable
Inputs
(Dollar amounts in thousands)
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Plan assets
 
 

 
 

 
 

 
 

Equity securities
 
$
53,112

 
$
53,112

 
$

 
$

Debt securities
 
12,015

 

 
12,015

 

Investment Funds
 
2,106

 
2,106

 

 

Total plan assets
 
$
67,233

 
$
55,218

 
$
12,015

 
$

Schedule of Expected Benefit Payments
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
PENSION BENEFITS
(Dollar amounts in thousands)
2015
$
4,730

2016
4,891

2017
5,022

2018
5,143

2019
5,403

2020-2024
29,658

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
(Dollar amounts in thousands)
2015
$
247

2016
262

2017
266

2018
266

2019
267

2020-2024
1,378

Schedule Of Weighted Average Assumptions
Weighted average assumptions at December 31:
 
 
December 31,
 
 
2014
 
2013
Discount rate
 
3.95
%
 
4.95
%
Initial weighted health care cost trend rate
 
7.50

 
7.50

Ultimate health care cost trend rate
 
5.00

 
5.00

Year that the rate is assumed to stabilize and remain unchanged
 
2015

 
2016

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in the assumed health care cost trend rates would have the following effects:
 
 
1% Point
 
1% Point
(Dollar amounts in thousands)
 
Increase
 
Decrease
Effect on total of service and interest cost components
 
$
2

 
$
1

Effect on post-retirement benefit obligation
 
39

 
35

Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income at December 31, 2014 and 2013 consist of:
(Dollar amounts in thousands)
 
2014
 
2013
Net loss (gain)
 
$
23,111

 
$
(14,697
)
Prior service cost (credit)
 
9

 
16

 
 
$
23,120

 
$
(14,681
)
Postretirement Health Coverage [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures
The Corporation uses a measurement date of December 31. Accrued post-retirement benefits as of December 31, 2014 and 2013 are as follows:
 
 
December 31,
(Dollar amounts in thousands)
 
2014
 
2013
Change in benefit obligation:
 
 

 
 

Benefit obligation at January 1
 
$
4,088

 
$
4,395

Service cost
 
53

 
68

Interest cost
 
175

 
173

Plan participants' contributions
 
39

 
37

Actuarial (gain) loss
 
456

 
(338
)
Benefits paid
 
(252
)
 
(247
)
Benefit obligation at December 31
 
$
4,559

 
$
4,088

Funded status at December 31
 
$
4,559

 
$
4,088

Post-retirement health benefit expense included the following components:
 
 
Years Ended December 31,
(Dollar amounts in thousands)
 
2014
 
2013
 
2012
Service cost
 
$
53

 
$
68

 
$
60

Interest cost
 
175

 
173

 
173

Amortization of transition obligation
 

 
60

 
60

Recognized actuarial loss
 

 

 

Net periodic benefit cost
 
228

 
301

 
293

Net loss (gain) during the period
 
456

 
(338
)
 
311

Amortization of prior service cost
 

 
(59
)
 
(60
)
Total recognized in other comprehensive income (loss)
 
456

 
(397
)
 
251

Total recognized net periodic benefit cost and other comprehensive income
 
$
684

 
$
(96
)
 
$
544

Supplemental Employee Retirement Plans, Defined Benefit  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs
The amounts recognized in other comprehensive income in the current year are as follows:
 
(Dollar amounts in thousands)
 
2014
 
2013
 
2012
Net loss (gain) during the period
 
$
932

 
$
(333
)
 
$
442

Amortization of prior service cost
 

 

 

Amortization of unrecognized gain (loss)
 
(7
)
 
(68
)
 
(79
)
Total recognized in other comprehensive (income) loss
 
$
925

 
$
(401
)
 
$
363

Schedule of Expected Benefit Payments
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
(Dollar amounts on thousands)
2015
$

2016
293

2017
289

2018
284

2019
280

2020-2024
1,316