Quarterly report pursuant to Section 13 or 15(d)

BENEFIT PLANS (Tables)

v3.5.0.2
BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Benefit Costs
The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:
 
Pension Benefits
 
Post Retirement Benefits
 
Three Months Ended June 30,
 
Three Months Ended June 30,
(dollar amounts in thousands)
2016
 
2015
 
2016
 
2015
Service cost (1)
$
1,025

 
$
458

 
$
—

 
$
—

Interest cost
6,748

 
7,984

 
54

 
142

Expected return on plan assets
(10,224
)
 
(11,044
)
 
—

 
—

Amortization of prior service cost
—

 
—

 
(492
)
 
(492
)
Amortization of gain (loss)
1,865

 
1,984

 
(72
)
 
(116
)
Settlements
3,400

 
3,100

 
—

 
—

Benefit expense
$
2,814

 
$
2,482

 
$
(510
)
 
$
(466
)
 
Pension Benefits
 
Post Retirement Benefits
 
Six months ended June 30,
 
Six months ended June 30,
(dollar amounts in thousands)
2016
 
2015
 
2016
 
2015
Service cost (1)
$
2,050

 
$
915

 
$
—

 
$
—

Interest cost
13,496

 
15,969

 
109

 
283

Expected return on plan assets
(20,447
)
 
(22,087
)
 
—

 
—

Amortization of prior service credit
—

 
—

 
(984
)
 
(984
)
Amortization of gain (loss)
3,729

 
3,966

 
(144
)
 
(232
)
Settlements
6,800

 
5,650

 
—

 
—

Benefit expense
$
5,628

 
$
4,413

 
$
(1,019
)
 
$
(933
)
(1)
Since no participants will be earning benefits after December 31, 2013, the 2015 and 2016 service cost represents only administrative expenses.
Schedule of Allocation of Plan Assets
Bank, as trustee, held all Plan assets at June 30, 2016 and December 31, 2015. The Plan assets consisted of the following investments:
 
Fair Value
(dollar amounts in thousands)
June 30, 2016
 
December 31, 2015
Cash equivalents:
 
 
 
 
 
 
 
Federated-money market
$
5,841

 
1
%
 
$
15,590

 
3
%
Fixed income:
 
 
 
 
 
 
 
Corporate obligations
220,504

 
36

 
205,081

 
34

U.S. government obligations
65,827

 
11

 
64,456

 
11

Mutual funds-fixed income
26,661

 
4

 
32,874

 
6

U.S. government agencies
7,904

 
1

 
6,979

 
1

Equities:
 
 
 
 
 
 
 
Mutual funds-equities
129,997

 
21

 
136,026

 
23

Preferred stock
5,100

 
1

 
—

 
—

Common stock
135,757

 
22

 
120,046

 
20

Exchange traded funds
6,574

 
1

 
6,530

 
1

Limited partnerships
10,395

 
2

 
6,635

 
1

Fair value of plan assets
$
614,560

 
100
%
 
$
594,217

 
100
%
Inv
Schedule of Costs of Retirement Plans
following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
 
Three Months Ended June 30,
 
Six months ended June 30,
(dollar amounts in thousands)
2016
 
2015
 
2016
 
2015
SERP & SRIP
$
598

 
$
578

 
$
1,312

 
$
1,157

Defined contribution plan
8,348

 
8,078

 
16,269

 
15,523

Benefit cost
$
8,946

 
$
8,656

 
$
17,581

 
$
16,680