XML 54 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
RETIREMENT PLANS: (Tables)
12 Months Ended
Dec. 31, 2016
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)
 
2016
 
2015
 
2014
Service cost - benefits earned
 
$
1,882

 
$
2,153

 
$
2,040

Interest cost on projected benefit obligation
 
3,729

 
3,516

 
3,756

Loss due to settlement
 

 

 
2,676

Expected return on plan assets
 
(3,429
)
 
(3,452
)
 
(3,794
)
Net amortization and deferral
 
1,936

 
2,065

 
750

Net periodic pension cost
 
4,118

 
4,282

 
5,428

Net loss (gain) during the period
 
(6,150
)
 
(1,894
)
 
23,111

Adjustment to loss due to settlement
 

 

 
(2,676
)
Settlement
 

 

 
(7,148
)
Amortization of prior service cost
 
(1
)
 
(1
)
 
9

Amortization of unrecognized gain (loss)
 
(1,935
)
 
(2,064
)
 
(759
)
Total recognized in other comprehensive (income) loss
 
(8,086
)
 
(3,959
)
 
12,537

Total recognized net periodic pension cost and other comprehensive income
 
$
(3,968
)
 
$
323

 
$
17,965

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)
 
2016
 
2015
Change in benefit obligation:
 
 

 
 

Benefit obligation at January 1
 
$
90,855

 
$
98,135

Service cost
 
1,882

 
2,153

Interest cost
 
3,729

 
3,516

Actuarial (gain) loss
 
2,839

 
(8,802
)
Benefits paid
 
(6,072
)
 
(4,147
)
Benefit obligation at December 31
 
93,233

 
90,855

Reconciliation of fair value of plan assets:
 
 

 
 

Fair value of plan assets at January 1
 
60,602

 
62,565

Actual return on plan assets
 
12,418

 
(205
)
Employer contributions
 
3,184

 
2,389

Benefits paid
 
(6,072
)
 
(4,147
)
Fair value of plan assets at December 31
 
70,132

 
60,602

Funded status at December 31 (plan assets less benefit obligation)
 
$
(23,101
)
 
$
(30,253
)
Schedule of Assumptions Used
The accumulated benefit obligation for the defined benefit pension plan was $88.5 million and $85.1 million at year-end
2016 and 2015.
Principal assumptions used to determine pension benefit obligation at year end:
 
2016
 
2015
Discount rate
 
4.14
%
 
4.34
%
Rate of increase in compensation levels
 
3.00

 
3.00


Principal assumptions used to determine net periodic pension cost:
 
2016
 
2015
Discount rate
 
4.34
%
 
3.95
%
Rate of increase in compensation levels
 
3.00

 
3.00

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 2016 and 2015 by asset category are as follows:
 
 
Pension Plan
Target Allocation
 
ESOP
Target Allocation
 
Pension
Percentage of Plan
Assets at December 31,
 
ESOP
Percentage of Plan
Assets at December 31,
ASSET CATEGORY
 
2016
 
2016
 
2016
 
2015
 
2016
 
2015
Equity securities
 
25-75%
 
95-99%
 
68
%
 
63
%
 
99
%
 
100
%
Debt securities
 
0-50%
 
0-0%
 
29
%
 
35
%
 
%
 
%
Other
 
0-20%
 
0-5%
 
3
%
 
2
%
 
1
%
 
%
TOTAL
 
 
 
 
 
100
%
 
100
%
 
100
%
 
100
%
Schedule Of Fair Value Of Plan Assets
The fair value of the plan assets at December 31, 2016 and 2015, by asset category, is as follows:
 
 
 
 
Fair Value Measurements at
December 31, 2016 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
 
$
51,170

 
$
51,170

 
$

 
$

Debt securities
 
11,566

 

 
11,566

 

Investment Funds
 
7,396

 
7,396

 

 

Total plan assets
 
$
70,132

 
$
58,566

 
$
11,566

 
$

 
 
 
 
Fair Value Measurements at
December 31, 2015 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
 
$
44,052

 
$
44,052

 
$

 
$

Debt securities
 
14,264

 

 
14,264

 

Investment Funds
 
2,286

 
2,286

 

 

Total plan assets
 
$
60,602

 
$
46,338

 
$
14,264

 
$

Schedule of Expected Benefit Payments
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
(Dollar amounts in thousands)
2017
$
260

2018
262

2019
263

2020
270

2021
262

2022-2026
1,360

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
PENSION BENEFITS
(Dollar amounts in thousands)
2017
$
5,424

2018
5,540

2019
5,817

2020
5,945

2021
6,138

2022-2026
33,729

Schedule Of Weighted Average Assumptions
Weighted average assumptions at December 31:
 
 
December 31,
 
 
2016
 
2015
Discount rate
 
4.14
%
 
4.34
%
Initial weighted health care cost trend rate
 
5.00
%
 
5.00
%
Ultimate health care cost trend rate
 
5.00

 
5.00

Year that the rate is assumed to stabilize and remain unchanged
 
2016

 
2015

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
 
$
1

 
$
1

Effect on post-retirement benefit obligation
 
28

 
25

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, 2016 and 2015 consist of:
(Dollar amounts in thousands)
 
2016
 
2015
Net loss (gain)
 
$
21,459

 
$
29,544

Prior service cost (credit)
 
4

 
5

 
 
$
21,463

 
$
29,549

Postretirement Health Coverage [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures
Post-retirement health benefit expense included the following components:
 
 
Years Ended December 31,
(Dollar amounts in thousands)
 
2016
 
2015
 
2014
Service cost
 
$
55

 
$
63

 
$
53

Interest cost
 
186

 
173

 
175

Amortization of transition obligation
 

 

 

Recognized actuarial loss
 

 

 

Net periodic benefit cost
 
241

 
236

 
228

Net loss (gain) during the period
 
(144
)
 
(200
)
 
456

Amortization of prior service cost
 

 

 

Total recognized in other comprehensive income (loss)
 
(144
)
 
(200
)
 
456

Total recognized net periodic benefit cost and other comprehensive income
 
$
97

 
$
36

 
$
684

The Corporation uses a measurement date of December 31. Accrued post-retirement benefits as of December 31, 2016 and 2015 are as follows:
 
 
December 31,
(Dollar amounts in thousands)
 
2016
 
2015
Change in benefit obligation:
 
 

 
 

Benefit obligation at January 1
 
$
4,383

 
$
4,559

Service cost
 
55

 
63

Interest cost
 
186

 
173

Plan participants' contributions
 
69

 
57

Actuarial (gain) loss
 
(144
)
 
(200
)
Benefits paid
 
(273
)
 
(269
)
Benefit obligation at December 31
 
$
4,276

 
$
4,383

Funded status at December 31
 
$
4,276

 
$
4,383

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)
 
2016
 
2015
 
2014
Net loss (gain) during the period
 
$
(511
)
 
$
(255
)
 
$
932

Amortization of prior service cost
 

 

 

Amortization of unrecognized gain (loss)
 
(57
)
 
(88
)
 
(7
)
Total recognized in other comprehensive (income) loss
 
$
(568
)
 
$
(343
)
 
$
925

Schedule of Expected Benefit Payments
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:
(Dollar amounts on thousands)
2017
$

2018
159

2019
312

2020
305

2021
298

2022-2026
1,409