Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefit Plans

Pension and Other Postretirement Benefit Plans

The Corporation's retirement plans include a qualified pension plan, a nonqualified pension plan, a nonqualified postretirement benefit plan, a 401(k) savings plan, and a multi-employer defined benefit plan.

Qualified and Nonqualified Pension Plans and Nonqualified Postretirement Benefit Plans

The components of net periodic benefit cost for the Corporation’s qualified and nonqualified pension plans and nonqualified postretirement benefit plan are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands)
Defined Benefit Pension Plans
Service cost	$	273		$	251		$	545		$	501
Interest cost	1,332			1,312			2,664			2,624
Expected return on plan assets	(2,161		)	(2,079		)	(4,322		)	(4,157		)
Amortization of prior service credit	(1		)	(1		)	(2		)	(1		)
Amortization of unrecognized net loss	1,056			569			2,112			1,138
Net periodic benefit cost	$	499		$	52		$	997		$	105
Postretirement Benefit Plan
Service cost	$	4		$	4		$	8		$	9
Interest cost	33			36			67			71
Amortization of prior service cost	32			33			65			65
Amortization of unrecognized net gain	—			(26		)	(1		)	(52		)
Net periodic benefit cost	$	69		$	47		$	139		$	93

The Corporation’s pension plan does not have a contribution requirement in 2015. The Corporation did not make a contribution to the pension plan during 2014. The discount rate used to compute the Corporation's pension plan expense for 2015 is 4.15%.

401(k) Savings Plan

401(k) Savings Plan expense for the Corporation’s match of participants’ base compensation contributions and a 4% of eligible pay contribution to certain employees who are not grandfathered under the pension plan was $1.3 million and $1.0 million for the three months ended June 30, 2015 and 2014, respectively, and $2.4 million and $1.7 million for the six-month period ended June 30, 2015 and 2014, respectively.

Multi-Employer Defined Benefit Plan

In conjunction with the April 1, 2015 acquisition of Monarch, the Corporation acquired a participation in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra DB Plan), a qualified defined benefit pension plan. Employee benefits for Monarch employees under the Plan were frozen effective April 1, 2004. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code (IRC). The Pentegra Plan is a single plan under IRC Section 413(c) and, as a result, all the plan's assets stand behind all of the plan's liabilities. Accordingly, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. No contributions were made by the Corporation to the Pentegra DB Plan for the three months ended June 30, 2015.