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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Information Regarding 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)
 
2016
 
2015
 
 
 
2016
 
2015
 
Change in benefit obligation:
 
 

 
 

 
 
 
 

 
 

 
Benefit obligation at beginning of year
 
$
252,351

 
$
270,272

 
 
 
$
24,945

 
$
28,545

 
Service cost
 
—

 
—

 
 
 
1,863

 
2,129

 
Interest cost
 
10,042

 
9,929

 
 
 
994

 
1,004

 
Actuarial loss (gain)
 
1,423

 
(16,739
)
 
 
 
(1,760
)
 
(6,179
)
 
Benefits paid
 
(11,225
)
 
(11,111
)
 
 
 
(599
)
 
(554
)
 
Benefit obligation at end of year
 
252,591

 
252,351

 
 
 
25,443

 
24,945

 
Change in plan assets:
 
 

 
 

 
 
 
 

 
 

 
Fair value of plan assets at beginning of year
 
180,387

 
187,074

 
 
 
—

 
—

 
Actual return on plan assets
 
13,179

 
3,881

 
 
 
—

 
—

 
Employer contribution
 
429

 
543

 
 
 
599

 
554

 
Benefits paid
 
(11,225
)
 
(11,111
)
 
 
 
(599
)
 
(554
)
 
Fair value of plan assets at end of year
 
182,770

 
180,387

 
 
 
—

 
—

 
Funded status at end of year
 
$
(69,821
)
 
$
(71,964
)
 
 
 
$
(25,443
)
 
$
(24,945
)
 
Schedule of Pre-Tax Components of Accumulated Other Comprehensive Loss
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 $2.5 million in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2017.
 
Pension Benefits
 
Other Postretirement
Benefits
 
At December 31,
 
At December 31,
(In Thousands)
2016
 
2015
 
2016
 
2015
Net actuarial loss (gain)
$
96,741

 
$
99,078

 
$
(6,745
)
 
$
(5,408
)
Prior service cost
4,570

 
4,760

 
—

 
—

Total accumulated other comprehensive loss (income)
$
101,311

 
$
103,838

 
$
(6,745
)
 
$
(5,408
)
Schedule of 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,
 
2016
 
2015
Pension Benefit Plans:
 

 
 

Astoria Bank Pension Plan
3.92
%
 
4.09
%
Astoria Excess and Supplemental Benefit Plans
3.70

 
3.86

Astoria Directors’ Retirement Plan
3.51

 
3.67

Greater Directors’ Retirement Plan
3.20

 
3.30

LIB Directors’ Retirement Plan
N/A

 
0.95

Other Postretirement Benefit Plan:
 

 
 

Astoria Bank Retiree Health Care Plan
4.05

 
4.25
Summary of Components of Net Periodic (Benefit) Cost
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)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
—

 
$
—

 
$
—

 
$
1,863

 
$
2,129

 
$
1,241

Interest cost
10,042

 
9,929

 
10,450

 
994

 
1,004

 
930

Expected return on plan assets
(12,232
)
 
(14,534
)
 
(14,843
)
 
—

 
—

 
—

Recognized net actuarial loss (gain)
2,813

 
2,973

 
1,401

 
(423
)
 
—

 
(488
)
Amortization of prior service cost
190

 
190

 
190

 
—

 
—

 
—

Net periodic (benefit) cost
$
813

 
$
(1,442
)
 
$
(2,802
)
 
$
2,434

 
$
3,133

 
$
1,683
Assumptions Used to Determine Net Periodic (Benefit) Cost

The following table sets forth the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2016 and 2015.
 
Discount Rate
 
Expected Return
on Plan Assets
 
2016
 
2015
 
2016
 
2015
Pension Benefit Plans:
 

 
 

 
 

 
 

Astoria Bank Pension Plan
4.09
%
 
3.77
%
 
7.00
%
 
8.00
%
Astoria Excess and Supplemental Benefit Plans
3.86

 
3.60

 
N/A

 
N/A

Astoria Directors’ Retirement Plan
3.67

 
3.47

 
N/A

 
N/A

Greater Directors’ Retirement Plan
3.30

 
3.12

 
N/A

 
N/A

LIB Directors’ Retirement Plan
0.95

 
0.59

 
N/A

 
N/A

Other Postretirement Benefit Plan:
 

 
 

 
 

 
 

Astoria Bank Retiree Health Care Plan
4.25

 
3.89

 
N/A

 
N/A
Schedule of Assumed Health Care Cost Trend Rates
The following table presents the assumed health care cost trend rates at the dates indicated.
 
At December 31,
 
2016
 
2015
Health care cost trend rate assumed for the next year:
 
 
 
Pre-age 65
7.25
%
 
7.50
%
Post-age 65
7.00
%
 
8.00
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.75
%
 
4.75
%
Year that the rate reaches the ultimate trend rate
2026

 
2026
Schedule of Effects of One-Percentage Point Change in Assumed Health Care Cost Trend Rates
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
 
$
635

 
 
 
$
(490
)
 
Effect on the postretirement benefit obligation
 
4,581

 
 
 
(3,597
)
 
Summary of Total Benefits Expected to be Paid
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, 2016, which reflect expected future service as appropriate.
Year
Pension
Benefits
 
Other
Postretirement
Benefits
 
(In Thousands)
 
2017
$
14,779

 
 
$
917

 
2018
13,534

 
 
944

 
2019
13,875

 
 
1,015

 
2020
13,357

 
 
1,105

 
2021
16,929

 
 
1,154

 
2022-2026
68,533

 
 
6,990

 
Astoria Bank  
Benefit Plans  
Schedule of Carrying Values of Assets
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, 2016
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1)
$
155,925

 
$
155,925

 
$
—

 
$
—

Astoria Financial Corporation common stock
17,695

 
17,695

 
—

 
—

PRIAC Guaranteed Deposit Account
9,146

 
—

 
—

 
9,146

Cash and cash equivalents
4

 
4

 
—

 
—

Total
$
182,770

 
$
173,624

 
$
—

 
$
9,146

(1)
Consists of 42% large-cap equity securities, 34% debt securities, 10% international equities, 8% small-cap equity securities and 6% mid-cap equity securities.
 
Carrying Value at December 31, 2015
(In Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
PRIAC Pooled Separate Accounts (1) (2)
$
155,215

 
$
155,215

 
$
—

 
$
—

Astoria Financial Corporation common stock
14,880

 
14,880

 
—

 
—

PRIAC Guaranteed Deposit Account
10,288

 
—

 
—

 
10,288

Cash and cash equivalents
4

 
4

 
—

 
—

Total
$
180,387

 
$
170,099

 
$
—

 
$
10,288

(1)
Consists of 44% large-cap equity securities, 33% debt securities, 11% international equities, 7% small-cap equity securities and 5% mid-cap equity securities.
(2)
Upon the adoption of ASU 2015-10, "Technical Corrections and Improvements", the fair value of the PRIAC Pooled Separate Accounts was changed from Level 2 to Level 1.
Summary of Changes in Estimated Fair Value of 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)
 
2016
 
 
 
2015
 
Fair value at beginning of year
 
$
10,288

 
 
 
$
11,858

 
Total net gain (loss), realized and unrealized, included in change in net assets (1)
 
309

 
 
 
(1
)
 
Purchases
 
9,345

 
 
 
9,000

 
Sales
 
(10,796
)
 
 
 
(10,569
)
 
Fair value at end of year
 
$
9,146

 
 
 
$
10,288

 

(1)
Includes unrealized gain related to assets held at December 31, 2016 of $207,000 for the year ended December 31, 2016 and unrealized gain related to assets held at December 31, 2015 of $210,000 for the year ended December 31, 2015.
Schedule of Information Related to Investment in Level 3 Assets
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,
 
2016
2015
Significant unobservable inputs:
 
 
 
 
 
 
 
 
Composite market value factor
 
0.979
-
1.037
 
0.996
-
1.137
Gross guaranteed crediting rate (1)
 
2.50%
-
3.65%
 
2.85%
-
3.35%
_______________________________
(1)
Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate.