RETIREMENT PLANS: (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Net Benefit Costs |
Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components: | | | | | | | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | 2021 | | 2020 | | 2019 | Service cost - benefits earned | | $ | 1,355 | | | $ | 1,300 | | | $ | 1,218 | | Interest cost on projected benefit obligation | | 2,632 | | | 3,116 | | | 3,465 | | | | | | | | | Expected return on plan assets | | (4,713) | | | (4,198) | | | (3,585) | | Net amortization and deferral | | 2,072 | | | 1,968 | | | 1,558 | | Net periodic pension cost | | 1,346 | | | 2,186 | | | 2,656 | | Net loss (gain) during the period | | (5,883) | | | 3,188 | | | 6,362 | | | | | | | | | | | | | | | | | | | | | | | Amortization of prior service cost | | (1) | | | (1) | | | (1) | | Amortization of unrecognized gain (loss) | | (2,072) | | | (1,967) | | | (1,558) | | Total recognized in other comprehensive (income) loss | | (7,956) | | | 1,220 | | | 4,803 | | Total recognized net periodic pension cost and other comprehensive income | | $ | (6,610) | | | $ | 3,406 | | | $ | 7,459 | |
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Schedule of Defined Benefit Plans Disclosures |
The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation's retirement program. Actuarial present value of benefits is based on service to date and present pay levels. | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | 2021 | | 2020 | Change in benefit obligation: | | | | | Benefit obligation at January 1 | | $ | 109,922 | | | $ | 102,791 | | Service cost | | 1,355 | | | 1,300 | | Interest cost | | 2,632 | | | 3,116 | | Actuarial (gain) loss | | (2,943) | | | 6,845 | | | | | | | Benefits paid | | (4,470) | | | (4,130) | | Benefit obligation at December 31 | | 106,496 | | | 109,922 | | Reconciliation of fair value of plan assets: | | | | | Fair value of plan assets at January 1 | | 82,437 | | | 73,962 | | Actual return on plan assets | | 7,654 | | | 7,856 | | Employer contributions | | 2,358 | | | 4,749 | | | | | | | Benefits paid | | (4,470) | | | (4,130) | | Fair value of plan assets at December 31 | | 87,979 | | | 82,437 | | Funded status at December 31 (plan assets less benefit obligation) | | $ | (18,517) | | | $ | (27,485) | |
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Schedule of Assumptions Used |
The accumulated benefit obligation for the defined benefit pension plan was $102.4 million and $105.2 million at year-end 2021 and 2020.
| | | | | | | | | | | | | | | Principal assumptions used to determine pension benefit obligation at year end: | | 2021 | | 2020 | Discount rate | | 2.83 | % | | 2.52 | % | Rate of increase in compensation levels | | 3.00 | | | 3.00 | |
| | | | | | | | | | | | | | | Principal assumptions used to determine net periodic pension cost: | | 2021 | | 2020 | Discount rate | | 2.52 | % | | 3.22 | % | Rate of increase in compensation levels | | 3.00 | | | 3.00 | | Expected long-term rate of return on plan assets | | 6.00 | | | 6.00 | |
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Schedule of Allocation of Plan Assets |
The Corporation's pension plan weighted-average asset allocation for the years 2021 and 2020 by asset category are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Plan Target Allocation | | ESOP Target Allocation | | Pension Percentage of Plan Assets at December 31, | | ESOP Percentage of Plan Assets at December 31, | ASSET CATEGORY | | 2021 | | 2021 | | 2021 | | 2020 | | 2021 | | 2020 | Equity securities | | 25-75% | | 95-99% | | 63 | % | | 63 | % | | 98 | % | | 99 | % | Debt securities | | 0-50% | | 0-0% | | 32 | % | | 31 | % | | — | % | | — | % | Other | | 0-20% | | 0-5% | | 5 | % | | 6 | % | | 2 | % | | 1 | % | TOTAL | | | | | | 100 | % | | 100 | % | | 100 | % | | 100 | % |
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Schedule Of Fair Value Of Plan Assets |
The fair value of the plan assets at December 31, 2021 and 2020, by asset category, is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2021 Using: | | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Observable Inputs | (Dollar amounts in thousands) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Plan assets | | | | | | | | | Equity securities | | $ | 62,382 | | | $ | 62,382 | | | $ | — | | | $ | — | | Debt securities | | 10,102 | | | — | | | 10,102 | | | — | | Investment Funds | | 15,495 | | | 15,495 | | | — | | | — | | Total plan assets | | $ | 87,979 | | | $ | 77,877 | | | $ | 10,102 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2020 Using: | | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Observable Inputs | (Dollar amounts in thousands) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Plan assets | | | | | | | | | Equity securities | | $ | 55,235 | | | $ | 55,235 | | | $ | — | | | $ | — | | Debt securities | | 12,673 | | | — | | | 12,673 | | | — | | Investment Funds | | 14,529 | | | 14,529 | | | — | | | — | | Total plan assets | | $ | 82,437 | | | $ | 69,764 | | | $ | 12,673 | | | $ | — | |
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Schedule of Expected Benefit Payments |
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: | | | | | | PENSION BENEFITS | (Dollar amounts in thousands) | 2022 | $ | 5,889 | | 2023 | 6,107 | | 2024 | 6,293 | | 2025 | 6,430 | | 2026 | 6,663 | | 2027-2031 | 34,497 | |
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: | | | | | | (Dollar amounts in thousands) | 2022 | $ | 248 | | 2023 | 253 | | 2024 | 258 | | 2025 | 253 | | 2026 | 250 | | 2027-2031 | 1,242 | |
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Schedule Of Weighted Average Assumptions |
Weighted average assumptions at December 31: | | | | | | | | | | | | | | | | | December 31, | | | 2021 | | 2020 | Discount rate | | 2.83 | % | | 2.52 | % | Initial weighted health care cost trend rate | | 5.00 | % | | 5.00 | % | Ultimate health care cost trend rate | | 5.00 | | | 5.00 | | Year that the rate is assumed to stabilize and remain unchanged | | 2022 | | 2021 |
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Pension Plan [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income at December 31, 2021 and 2020 consist of: | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | 2021 | | 2020 | Net loss (gain) | | $ | 21,051 | | | $ | 29,006 | | Prior service cost (credit) | | — | | | 1 | | | | $ | 21,051 | | | $ | 29,007 | |
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Postretirement Health Coverage [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Defined Benefit Plans Disclosures |
The Corporation uses a measurement date of December 31. Accrued post-retirement benefits as of December 31, 2021 and 2020 are as follows: | | | | | | | | | | | | | | | | | December 31, | (Dollar amounts in thousands) | | 2021 | | 2020 | Change in benefit obligation: | | | | | Benefit obligation at January 1 | | $ | 4,147 | | | $ | 3,975 | | Service cost | | 43 | | | 38 | | Interest cost | | 103 | | | 125 | | Plan participants' contributions | | 34 | | | 75 | | Actuarial (gain) loss | | (53) | | | 238 | | Benefits paid | | (259) | | | (304) | | Benefit obligation at December 31 | | $ | 4,015 | | | $ | 4,147 | | Funded status at December 31 | | $ | 4,015 | | | $ | 4,147 | | Post-retirement health benefit expense included the following components: | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | (Dollar amounts in thousands) | | 2021 | | 2020 | | 2019 | Service cost | | $ | 43 | | | $ | 38 | | | $ | 34 | | Interest cost | | 103 | | | 125 | | | 146 | | Amortization of net actuarial loss (gain) | | — | | | — | | | (16) | | | | | | | | | Net periodic benefit cost | | 146 | | | 163 | | | 164 | | Net loss (gain) during the period | | (53) | | | 238 | | | 626 | | Amortization of prior service cost | | — | | | — | | | 16 | | Total recognized in other comprehensive income (loss) | | (53) | | | 238 | | | 642 | | Total recognized net periodic benefit cost and other comprehensive income | | $ | 93 | | | $ | 401 | | | $ | 806 | |
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Supplemental Employee Retirement Plans, Defined Benefit |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Net Benefit Costs |
The amounts recognized in other comprehensive income in the current year are as follows: | | | | | | | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | 2021 | | 2020 | | 2019 | Net loss (gain) during the period | | $ | 54 | | | $ | 1,459 | | | $ | 1,357 | | Amortization of prior service cost | | — | | | — | | | — | | Amortization of unrecognized (gain) loss | | (441) | | | (246) | | | (75) | | Total recognized in other comprehensive (income) loss | | $ | (387) | | | $ | 1,213 | | | $ | 1,282 | |
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Schedule of Expected Benefit Payments |
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: | | | | | | (Dollar amounts on thousands) | 2022 | $ | — | | 2023 | 203 | | 2024 | 399 | | 2025 | 390 | | 2026 | 380 | | 2027-2031 | 3,104 | |
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