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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Employee Benefit Plans Tables  
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)   2013    2012    2011 
Change in Projected Benefit Obligation:               
Benefit Obligation at Beginning of Year  $134,950   $116,173   $97,393 
Service Cost   6,999    6,397    6,027 
Interest Cost   5,566    5,587    5,243 
Actuarial (Gain)Loss   (18,965)   14,156    9,430 
Benefits Paid   (12,946)   (7,138)   (1,846)
Expenses Paid   (319)   (225)   (245)
Plan Amendment   —      —      171 
Projected Benefit Obligation at End of Year  $115,285   $134,950   $116,173 
                
Change in Plan Assets:               
Fair Value of Plan Assets at Beginning of Year  $94,164   $87,844   $84,658 
Actual Return on Plan Assets   17,943    8,683    277 
Employer Contributions   5,000    5,000    5,000 
Benefits Paid   (12,946)   (7,138)   (1,846)
Expenses Paid   (319)   (225)   (245)
Fair Value of Plan Assets at End of Year  $103,842   $94,164   $87,844 
                
Funded Status of Plan and Accrued Liability Recognized at End of Year:               
Other Liabilities  $11,442   $40,786   $28,330 
                
Accumulated Benefit Obligation at End of Year  $98,796   $110,985   $94,121 
                
Components of Net Periodic Benefit Costs:               
Service Cost  $6,999   $6,397   $6,027 
Interest Cost   5,566    5,587    5,243 
Expected Return on Plan Assets   (7,371)   (6,793)   (6,555)
Amortization of Prior Service Costs   317    359    462 
Net Loss Amortization   4,316    3,390    2,223 
Net Periodic Benefit Cost  $9,827   $8,940   $7,400 
Weighted-Average Assumptions Used to Determine Benefit Obligation:               
Discount Rate   5.00%   4.25%   5.00%
Rate of Compensation Increase   3.25%   3.75%   4.00%
Measurement Date   12/31/13    12/31/12    12/31/11 
Weighted-Average Assumptions Used to Determine Benefit Cost:               
Discount Rate   4.25%   5.00%   5.55%
Expected Return on Plan Assets   8.00%   8.00%   8.00%
Rate of Compensation Increase   3.75%   4.00%   4.25%
                
Amortization Amounts from Accumulated Other Comprehensive Income:               
Net Actuarial (Gain) Loss  $(33,850)  $8,875   $13,690 
Prior Service Cost   (317)   (359)   (496)
Deferred Tax Expense (Benefit)   13,180    (3,285)   (5,090)
Other Comprehensive (Gain) Loss, net of tax  $(20,987)  $5,231   $8,104 
                
Amounts Recognized in Accumulated Other Comprehensive Income:               
Net Actuarial Losses  $13,947   $47,800   $38,924 
Prior Service Cost   1,383    1,700    2,060 
Deferred Tax Benefit   (5,914)   (19,097)   (15,812)
Accumulated Other Comprehensive Loss, net of tax  $9,416   $30,403   $25,172 
Schedule of pension plan asset allocation and the target asset allocation
   Target Allocation  Percentage of Plan
Assets at Year-End(1)
   2014  2013  2012
Equity Securities   77%   72%   61%
Debt Securities   20%   23%   29%
Cash and Cash Equivalents   3%   5%   10%
Total   100%   100%   100%

 

(1)Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan.
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy
(Dollars in Thousands)  2013  2012
Level 1:          
   U.S. Government Treasury  $768   $2,143 
   Common Stocks   21,564    16,799 
   Mutual Funds   70,993    58,480 
   Cash and Cash Equivalents   5,571    7,819 
           
Level 2:          
   U.S. Government Agency   4,946    8,923 
           
       Total Fair Value of Plan Assets  $103,842   $94,164 
Schedule of expected benefit payments related to the defined benefit pension plan
(Dollars in Thousands)  2013
2014  $6,495 
2015   7,536 
2016   6,998 
2017   7,347 
2018   8,701 
2019 through 2023   44,814 
Total  $81,891 
Schedule of amounts contributed to the pension plan and the expected amount to be contributed

 

 

(Dollars in Thousands)

  2013(2)  2012(2)  Expected Range
of Contribution
2014(1)
Actual Contributions  $5,000   $5,000   $5,000 - $10,000

 

(1)For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances.
(2)For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year.
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)  2013  2012  2011
Change in Projected Benefit Obligation:               
Benefit Obligation at Beginning of Year  $3,492   $3,030   $3,001 
Service Cost   —      —      —   
Interest Cost   137    140    147 
Actuarial Loss(Gain)   (1,250)   322    (151)
Plan Amendment   —      —      33 
Projected Benefit Obligation at End of Year  $2,379   $3,492   $3,030 
                
Funded Status of Plan and Accrued Liability Recognized at End of Year:               
Other Liabilities  $2,379   $3,492   $3,030 
Accumulated Benefit Obligation at End of Year  $2,379   $3,492   $3,030 
                
Components of Net Periodic Benefit Costs:               
Service Cost  $—     $—     $—   
Interest Cost   137    140    147 
Amortization of Prior Service Cost   187    189    180 
Net Gain Amortization   (237)   (369)   (413)
Net Periodic Benefit Cost  $87   $(40)  $(86)
                
Weighted-Average Assumptions Used to Determine Benefit Obligation:               
Discount Rate   5.00%   4.25%   5.00%
Rate of Compensation Increase   3.25%   3.75%   4.00%
Measurement Date   12/31/13    12/31/12    12/31/11 
                
Weighted-Average Assumptions Used to Determine Benefit Cost:               
Discount Rate   4.25%   5.00%   5.50%
Rate of Compensation Increase   3.75%   4.00%   4.25%
                
Amortization Amounts from Accumulated Other Comprehensive Income:               
Net Actuarial (Gain)Loss  $(1,013)  $691   $263 
Prior Service Cost   (187)   (189)   (147)
Deferred Tax Expense (Benefit)   463    (194)   (45)
Other Comprehensive (Gain) Loss, net of tax  $(737)  $308   $71 
                
Amounts Recognized in Accumulated Other Comprehensive Income:               
Net Actuarial Gain  $(1,812)  $(799)  $(1,490)
Prior Service Cost   171    358    547 
Defined Tax Liability   633    170    364 
Accumulated Other Comprehensive Gain, net of tax  $(1,008)  $(271)  $(579)
Schedule of expected benefit payments related to the SERP
(Dollars in Thousands)   
2014  $496 
2015   563 
2016   293 
2017   109 
2018   90 
2019 through 2023   82 
 Total  $1,633