Retirement Plans

6 Months Ended

Jun. 30, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Retirement Plans

Retirement Plans

The Corporation has a noncontributory defined benefit retirement plan (the Retirement Account Plan (“RAP”)) covering substantially all full-time employees. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides healthcare access for eligible retired employees in its Postretirement Plan (the “Postretirement Plan”). Retirees who are at least 55 years of age with 5 years of service are eligible to participate in the Postretirement Plan. The Corporation has no plan assets attributable to the Postretirement Plan. The Corporation reserves the right to terminate or make changes to the Postretirement Plan at any time.

The components of net periodic benefit cost for the RAP and Postretirement Plans for three and six months ended June 30, 2016 and 2015 were as follows.

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	($ in Thousands)
Components of Net Periodic Benefit Cost
Pension Plan:
Service cost	$	1,725		$	3,062		$	3,450		$	6,125
Interest cost	1,780			1,643			3,560			3,285
Expected return on plan assets	(5,065		)	(5,350		)	(10,130		)	(10,700		)
Amortization of prior service cost	12			12			25			25
Amortization of actuarial loss	483			533			965			1,065
Total net periodic pension cost	$	(1,065	)	$	(100	)	$	(2,130	)	$	(200	)
Postretirement Plan:
Interest cost	$	36		$	35		$	72		$	70
Total net periodic benefit cost	$	36		$	35		$	72		$	70