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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2011
Employee Benefits  
Schedule of reconciliation of changes in the benefit obligation and the fair value of plan assets, as well as the funded status recognized in the consolidated statements of condition for the pension plans and postretirement benefit plan

 

 

 
   Pension Benefits
   Postretirement Benefits
  
 
      
(dollars in thousands)
   2011
   2010
   2011
   2010
  
   

Benefit Obligation at Beginning of Year

   $ 93,062   $ 88,625   $ 25,658   $ 29,975  

Service Cost

     -     -     514     460  

Interest Cost

     5,221     5,226     1,341     1,769  

Actuarial Losses (Gains)

     8,675     3,048     (762 )   3,154  

Employer Benefits Paid 1

     (4,216 )   (3,837 )   (772 )   (1,772 )

Settlement Paid

     -     -     -     (7,928 )
   

Benefit Obligation at End of Year

   $ 102,742   $ 93,062   $ 25,979   $ 25,658  
   

Fair Value of Plan Assets at Beginning of Year

   $ 87,960   $ 81,234   $ -   $ -  

Actual Return on Plan Assets

     (2,086 )   9,115     -     -  

Employer Contributions

     505     1,448     772     9,700  

Employer Benefits Paid 1

     (4,216 )   (3,837 )   (772 )   (1,772 )

Settlement Paid

     -     -     -     (7,928 )
   

Fair Value of Plan Assets at End of Year

   $ 82,163   $ 87,960   $ -   $ -  
   

Funded Status at End of Year 2

   $ (20,579 ) $ (5,102 ) $ (25,979 ) $ (25,658 )
   
1
Participants' contributions relative to the postretirement benefit plan were offset against employer benefits paid in the table above. Participants' contributions for postretirement benefits were $1.1 million for the years ended December 31, 2011 and 2010.
2
Amounts are recognized in Retirement Benefits Payable in the consolidated statements of condition.
Schedule of amounts recognized in accumulated other comprehensive income (loss)

 

 

 
   Pension Benefits
   Postretirement Benefits
  
 
      
(dollars in thousands)
   2011
   2010
   2011
   2010
  
   

Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), Net of Tax

                          

Net Actuarial Gains (Losses)

   $ (30,484 ) $ (22,153 ) $ 1,422   $ 1,565  

Prior Service Credit

     -     -     1,393     1,032  
   

Total Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), Net of Tax

   $ (30,484 ) $ (22,153 ) $ 2,815   $ 2,597  
   
Schedule of components of net periodic benefit cost

 

 

 
   Pension Benefits
   Postretirement Benefits
  
 
      
(dollars in thousands)
   2011
   2010
   2009
   2011
   2010
   2009
  
   

Service Cost

   $ -   $ -   $ -   $ 514   $ 460   $ 444  

Interest Cost

     5,221     5,226     5,177     1,341     1,769     1,707  

Expected Return on Plan Assets

     (6,451 )   (6,526 )   (5,672 )   -     -     -  

Amortization of:

                                      

Prior Service Credit 1

     -     -     -     (322 )   (213 )   (213 )

Net Actuarial Losses (Gains) 1

     3,466     2,988     2,970     (79 )   (217 )   (420 )

Settlement Gain 1

     -     -     -     -     (951 )   -  
   

Net Periodic Benefit Cost

   $ 2,236   $ 1,688   $ 2,475   $ 1,454   $ 848   $ 1,518  
   
1
Represents reclassification adjustments from accumulated other comprehensive income (loss) during the period.
Schedule of assumptions used to determine the benefit obligations

 

 

 
   Pension Benefits
   Postretirement Benefits
  
 
      
 
   2011
   2010
   2011
   2010
  
   

Weighted Average Assumptions as of December 31:

                          

Discount Rate

     5.04%     5.75%     5.04%     5.75%  

Health Care Cost Trend Rate Assumed For Next Year

     -     -     8.00%     8.50%  
Schedule of assumptions used to determine the net periodic benefit cost

 

 

 
   Pension Benefits
   Postretirement Benefits
  
 
      
 
   2011
   2010
   2009
   2011
   2010
   2009
  
   

Weighted Average Assumptions as of December 31:

                                      

Discount Rate

     5.75%     6.00%     6.25%     5.75%     6.00%     6.25%  

Expected Long-Term Rate of Return on Plan Assets

     8.00%     8.00%     8.00%     -     -     -  

Health Care Cost Trend Rate

     -     -     -     8.50%     9.00%     10.00%  
Schedule of impact of one percent change in the health care cost trend rate assumption

 

 

(dollars in thousands)
   One Percent
Increase
   One Percent
Decrease
  
   

Effect on the Total of Service and Interest Cost Components of Net Periodic Postretirement Benefit Cost

   $ 165   $ (147 )

Effect on the Postretirement Benefit Obligation

     2,134     (2,116 )
Schedule of expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter

 

 

(dollars in thousands)
   Pension Benefits
   Postretirement Benefits
  
   

2012

   $ 4,987   $ 1,265  

2013

     5,401     1,346  

2014

     5,955     1,423  

2015

     6,284     1,542  

2016

     6,560     1,718  

Years 2017-2021

     35,848     9,381  
Schedule of the fair values of the retirement plan assets by asset category

 

 

 
   Fair Value Measurements
  
 
      
Asset Category
(dollars in thousands)
   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   Significant Other
Observable
Inputs
(Level 2)
   Significant Other
Unobservable Inputs
(Level 3)
   Total
as of
Dec. 31,
2011
   Total
as of
Dec. 31,
2010
  
   

Cash

   $ 1,380   $ -   $ -   $ 1,380   $ 1,297  

Equity Security – Mutual Funds:

                                

Large-Cap

     6,810     -     -     6,810     18,600  

Mid-Cap

     2,846     -     -     2,846     3,152  

Small-Cap

     2,923     -     -     2,923     3,186  

Mixed-Cap

     16,042     -     -     16,042     6,421  

International

     9,630     -     -     9,630     12,003  

Emerging Market

     5,123     -     -     5,123     5,467  

Fixed Income – Mutual Funds

     37,409     -     -     37,409     37,834  
   

Total

   $ 82,163   $ -   $ -   $ 82,163   $ 87,960