Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Weighted Average Assumptions used in Determining Net Periodic Benefit Cost

The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:


	Years Ended December 31,
	2013			2012			2011
Discount rate		3.9	%		4.5	%		5.3	%
Expected rate of return on plan assets		9.0			9.0			9.0

Investments Held by New York Community Plan

The following table presents information about the investments held by the New York Community Plan as of December 31, 2013:


(in thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mutual Funds – Equity:
Large-cap value ⁽¹⁾	$	20,248	$	20,248	$	—	$	—
Small-cap core ⁽²⁾		25,326		25,326		—		—
Large-cap growth ⁽³⁾		30,129		30,129		—		—
International core ⁽⁴⁾		23,432		23,432		—		—
Common/Collective Trusts – Equity:
Large-cap core ⁽⁵⁾		22,040		—		22,040		—
Large-cap value ⁽⁶⁾		11,401		—		11,401		—
Common/Collective Trusts – Fixed Income:
Market duration fixed ⁽⁷⁾
Mutual Funds – Fixed Income:		20,347		—		20,347		—
Intermediate duration ⁽⁸⁾		41,010		41,010		—		—
Equity Securities:
Company common stock		25,392		25,392		—		—
Cash Equivalents:
Money market		5		5		—		—

	$	219,330	$	165,542	$	53,788	$	—

(1)

This category consists of investments whose sector and industry exposures are maintained within a narrow band around the Russell 1000 Index. The portfolio holds approximately 150 stocks.

(2)

This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio typically holds more than 300 stocks.

(3)

This category consists of a pair of mutual funds, one that invests in fast growing large-cap companies with sustainable franchises and positive price momentum, and the other that primarily invests in large-cap growth companies based in the U.S.

(4)

This category has investments in medium to large non-U.S. companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems.

(5)

This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.

(6)

This category contains large-cap stocks with above-average yields. The portfolio typically holds between 60 and 70 stocks.

(7)

This category consists of an index fund that tracks the Barclays Capital U. S. Aggregate Bond Index. The fund invests in treasury, agency, corporate, mortgage-backed, and asset-backed securities.

(8)

This category consists of two funds, one containing a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate bonds.

Weighted Average Asset Allocations for New York Community Plan

The weighted average asset allocations for the New York Community Plan as of December 31, 2013 and 2012 were as follows:


	At December 31,
	2013			2012
Equity securities		72	%		65	%
Debt securities		28			35

Total		100	%		100	%

Expected Future Annuity Payments by New York Community Plan

The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the New York Community Plan during the years indicated:


(in thousands)
2014	$	7,016
2015		7,074
2016		7,069
2017		7,141
2018		7,187
2019 and thereafter		37,293

Total	$	72,780

Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan

The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:


	Years Ended December 31,
	2013			2012			2011
Discount rate		3.5	%		3.9	%		4.7	%
Current medical trend rate		7.5			8.0			9.0
Ultimate trend rate		5.0			5.0			5.0
Year when ultimate trend rate will be reached		2018			2018			2015

Expected Future Payments for Premiums and Claims under Health and Welfare Plan

The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:


(in thousands)
2014	$	1,532
2015		1,504
2016		1,479
2017		1,443
2018		1,402
2019 and thereafter		6,309

Total	$	13,669

Pension Benefits

Information Regarding Benefit Plan

The following table sets forth certain information regarding the New York Community Plan as of the dates indicated:


	December 31,
(in thousands)	2013			2012
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	142,614		$	134,159
Interest cost		5,455			5,885
Actuarial (gain) loss		(13,393	)		11,865
Annuity payments		(6,300	)		(6,252	)
Settlements		(1,535	)		(3,043	)

Benefit obligation at end of year	$	126,841		$	142,614

Change in Plan Assets:
Fair value of assets at beginning of year	$	187,623		$	150,671
Actual return on plan assets		39,542			16,247
Contributions		—			30,000
Annuity payments		(6,300	)		(6,252	)
Settlements		(1,535	)		(3,043	)

Fair value of assets at end of year	$	219,330		$	187,623

Funded status (included in other assets)	$	92,489		$	45,009

Changes recognized in other comprehensive income for the year ended December 31:
Amortization of prior service cost	$	—		$	—
Amortization of actuarial loss		(9,406	)		(9,737	)
Net actuarial (gain) loss arising during the year		(36,346	)		8,874

Total recognized in other comprehensive loss for the year (pre-tax)	$	(45,752	)	$	(863	)

Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31:
Prior service cost	$	—		$	—
Actuarial loss, net		47,127			92,879

Total accumulated other comprehensive loss (pre-tax)	$	47,127		$	92,879

Components of Net Periodic Benefit Cost

The components of net periodic pension (credit) expense were as follows for the years indicated:


	Years Ended December 31,
(in thousands)	2013			2012			2011
Components of net periodic pension (credit) expense:
Interest cost	$	5,455		$	5,885		$	5,964
Expected return on plan assets		(16,588	)		(13,256	)		(12,531	)
Amortization of prior-service loss		—			—			—
Amortization of net actuarial loss		9,406			9,737			4,758

Net periodic pension (credit) expense	$	(1,727	)	$	2,366		$	(1,809	)

Post-Retirement Benefits

Information Regarding Benefit Plan

The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:


	December 31,
(in thousands)	2013			2012
Change in benefit obligation:
Benefit obligation at beginning of year	$	20,319		$	17,155
Service cost		4			7
Interest cost		683			641
Actuarial (gain) loss		(1,972	)		3,293
Premiums and claims paid		(712	)		(777	)

Benefit obligation at end of year	$	18,322		$	20,319

Change in plan assets:
Fair value of assets at beginning of year	$	—		$	—
Employer contribution		712			777
Premiums/claims paid		(712	)		(777	)

Fair value of assets at end of year	$	—		$	—

Funded status (included in “Other liabilities”)	$	(18,322	)	$	(20,319	)

Changes recognized in other comprehensive income for the year ended December 31:
Amortization of prior service cost	$	249		$	249
Amortization of actuarial gain		(657	)		(505	)
Net actuarial (gain) loss arising during the year		(1,972	)		3,293

Total recognized in other comprehensive loss for the year (pre-tax)	$	(2,380	)	$	3,037

Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31:
Prior service cost	$	(2,031	)	$	(2,280	)
Actuarial loss, net		7,636			10,265

Total accumulated other comprehensive loss (pre-tax)	$	5,605		$	7,985

Components of Net Periodic Benefit Cost

The following table indicates the components of net periodic benefit cost for the years indicated:


	Years Ended December 31,
(in thousands)	2013			2012			2011
Components of Net Periodic Benefit Cost:
Service cost	$	4		$	7		$	5
Interest cost		683			641			720
Amortization of prior-service loss		(249	)		(249	)		(249	)
Amortization of net actuarial loss		657			505			411

Net periodic benefit cost	$	1,095		$	904		$	887