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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Benefit Plans  
Defined Benefit Pension Plans and Other Postretirement Benefit Plan
The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan at and for the periods indicated.
 
 
 
Pension Benefits
 
 
 
Other Postretirement
Benefits
 
 
At or For the Year Ended December 31,
 
At or For the Year Ended December 31,
(In Thousands)
 
2014
 
2013
 
 
 
2014
 
2013
 
Change in benefit obligation:
 
 

 
 

 
 
 
 

 
 

 
Benefit obligation at beginning of year
 
$
230,361

 
$
260,108

 
 
 
$
18,766

 
$
35,476

 
Service cost
 
—

 
—

 
 
 
1,241

 
1,578

 
Interest cost
 
10,450

 
9,549

 
 
 
930

 
1,279

 
Actuarial loss (gain)
 
48,633

 
(28,749
)
 
 
 
8,371

 
(18,572
)
 
Benefits paid
 
(19,172
)
 
(10,547
)
 
 
 
(763
)
 
(995
)
 
Benefit obligation at end of year
 
270,272

 
230,361

 
 
 
28,545

 
18,766

 
Change in plan assets:
 
 

 
 

 
 
 
 

 
 

 
Fair value of plan assets at beginning of year
 
189,367

 
160,683

 
 
 
—

 
—

 
Actual return on plan assets
 
11,264

 
33,583

 
 
 
—

 
—

 
Employer contribution
 
5,615

 
5,648

 
 
 
763

 
995

 
Benefits paid
 
(19,172
)
 
(10,547
)
 
 
 
(763
)
 
(995
)
 
Fair value of plan assets at end of year
 
187,074

 
189,367

 
 
 
—

 
—

 
Funded status at end of year
 
$
(83,198
)
 
$
(40,994
)
 
 
 
$
(28,545
)
 
$
(18,766
)
 
Pre-Tax Components of Accumulated Other Comprehensive Loss Related to Pension Plans and Other Postretirement Benefits
The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits at the dates indicated.  We expect that $3.0 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2015.
 
 
Pension Benefits
 
Other Postretirement
Benefits
 
At December 31,
 
At December 31,
(In Thousands)
2014
 
2013
 
2014
 
2013
Net actuarial loss (gain)
$
108,137

 
$
57,327

 
$
771

 
$
(8,089
)
Prior service cost
4,950

 
5,140

 
—

 
—

Total accumulated other comprehensive loss (income)
$
113,087

 
$
62,467

 
$
771

 
$
(8,089
)
Discount Rates used to Determine Benefit Obligations
The following table presents the discount rates used to determine the benefit obligations at the dates indicated.
 
 
At December 31,
 
2014
 
2013
Pension Benefit Plans:
 

 
 

Astoria Bank Pension Plan
3.77
%
 
4.66
%
Astoria Excess and Supplemental Benefit Plans
3.60

 
4.39

Astoria Directors’ Retirement Plan
3.47

 
4.23

Greater Directors’ Retirement Plan
3.12

 
3.64

LIB Directors’ Retirement Plan
0.59

 
0.50

Other Postretirement Benefit Plan:
 

 
 

Astoria Bank Retiree Health Care Plan
3.89

 
4.80
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan
The following table summarizes the components of net periodic (benefit) cost for the years indicated.
 
 
Pension Benefits
 
Other Postretirement Benefits
 
For the Year Ended December 31,
 
For the Year Ended December 31,
(In Thousands)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
—

 
$
—

 
$
2,025

 
$
1,241

 
$
1,578

 
$
1,061

Interest cost
10,450

 
9,549

 
10,992

 
930

 
1,279

 
1,378

Expected return on plan assets
(14,843
)
 
(12,754
)
 
(11,947
)
 
—

 
—

 
—

Recognized net actuarial loss (gain)
1,401

 
3,138

 
4,930

 
(488
)
 
472

 
517

Amortization of prior service cost (credit)
190

 
213

 
177

 
—

 
—

 
(25
)
Settlement
—

 
—

 
2,302

 
—

 
—

 
—

Net periodic (benefit) cost
$
(2,802
)
 
$
146

 
$
8,479

 
$
1,683

 
$
3,329

 
$
2,931
Assumptions used to Determine Net Periodic Cost
 
The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2014 and 2013. 
 
 
Discount Rate
 
Expected Return
on Plan Assets
 
2014
 
2013
 
2014
 
2013
Pension Benefit Plans:
 

 
 

 
 

 
 

Astoria Bank Pension Plan
4.66
%
 
3.77
%
 
8.00
%
 
8.00
%
Astoria Excess and Supplemental Benefit Plans
4.39

 
3.49

 
N/A

 
N/A

Astoria Directors’ Retirement Plan
4.23

 
3.21

 
N/A

 
N/A

Greater Directors’ Retirement Plan
3.64

 
2.77

 
N/A

 
N/A

LIB Directors’ Retirement Plan
0.50

 
0.63

 
N/A

 
N/A

Other Postretirement Benefit Plan:
 

 
 

 
 

 
 

Astoria Bank Retiree Health Care Plan
4.80

 
3.98

 
N/A

 
N/A
Assumed Health Care Cost Trend Rates
The following table presents the assumed health care cost trend rates at the dates indicated.
 
 
At December 31,
 
2014
 
2013
Health care cost trend rate assumed for the next year:
 

 
 

Pre-age 65
6.70
%
 
7.00
%
Post-age 65
9.00
%
 
10.00
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2021

 
2021
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates
 
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.  The following table presents the effects of a one-percentage point change in assumed health care cost trend rates.
 
(In Thousands)
One Percentage 
Point Increase
 
One Percentage 
Point Decrease
Effect on total service and interest cost components
 
$
418

 
 
 
$
(328
)
 
Effect on the postretirement benefit obligation
 
5,301

 
 
 
(4,092
)
 
Total Benefits Expected to be Paid under Defined Benefit Pension Plans and Other Postretirement Benefit Plan
 
The following table summarizes total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2014, which reflect expected future service as appropriate.
 
Year
Pension
Benefits
 
Other
Postretirement
Benefits
 
(In Thousands)
 
2015
$
11,961

 
 
$
973

 
2016
15,932

 
 
1,043

 
2017
13,991

 
 
1,094

 
2018
13,143

 
 
1,176

 
2019
13,644

 
 
1,226

 
2020-2024
70,132

 
 
6,780

 
Astoria Bank | Pension benefits  
Benefit Plans  
Schedule of Significant Unobservable Inputs Table Text Block [Table Text Block]
The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the dates indicated.

 
PRIAC Guaranteed Deposit Account
Range at December 31,
 
2014
2013
Significant unobservable inputs:
 
 
 
 
 
 
 
 
Composite market value factor
 
1.018
-
1.081
 
0.988
-
1.073
Gross guaranteed crediting rate (1)
 
2.50%
-
4.00%
 
2.10%
-
4.35%
_______________________________
(1)
Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate.
Asset Allocations by Asset Category and Fair Value Hierarchy Level for Astoria Bank Pension Plan
The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.
 
 
Carrying Value at December 31, 2014
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1)
$
162,808

 
$
—

 
$
162,808

 
$
—

Astoria Financial Corporation common stock
12,404

 
12,404

 
—

 
—

PRIAC Guaranteed Deposit Account
11,858

 
—

 
—

 
11,858

Cash and cash equivalents
4

 
4

 
—

 
—

Total
$
187,074

 
$
12,408

 
$
162,808

 
$
11,858

 
(1)
Consists of 41% large-cap equity securities, 38% debt securities, 9% international equities, 7% small-cap equity securities and 5% mid-cap equity securities.
 
 
Carrying Value at December 31, 2013
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1)
$
170,377

 
$
—

 
$
170,377

 
$
—

Astoria Financial Corporation common stock
12,687

 
12,687

 
—

 
—

PRIAC Guaranteed Deposit Account
6,299

 
—

 
—

 
6,299

Cash and cash equivalents
4

 
4

 
—

 
—

Total
$
189,367

 
$
12,691

 
$
170,377

 
$
6,299

 
(1)
Consists of 41% large-cap equity securities, 35% debt securities, 11% international equities, 8% small-cap equity securities and 5% mid-cap equity securities.
Changes in Fair Value of Astoria Bank Pension Plan's Level 3 Assets
The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the years indicated.
 
 
For the Year Ended December 31,
(In Thousands)
 
2014
 
 
 
2013
 
Fair value at beginning of year
 
$
6,299

 
 
 
$
7,177

 
Total net gain, realized and unrealized, included in change in net assets (1)
 
191

 
 
 
21

 
Purchases
 
23,925

 
 
 
9,000

 
Sales
 
(18,557
)
 
 
 
(9,899
)
 
Fair value at end of year
 
$
11,858

 
 
 
$
6,299

 

 
(1)
Includes unrealized gain related to assets held at December 31, 2014 of $477,000 for the year ended December 31, 2014 and unrealized gain related to assets held at December 31, 2013 of $313,000 for the year ended December 31, 2013.