Quarterly report pursuant to Section 13 or 15(d)

BENEFIT PLANS (Tables)

v3.4.0.3
BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 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 March 31,
 
Three months ended March 31,
(dollar amounts in thousands)
2016
 
2015
 
2016
 
2015
Service cost (1)
$
1,025

 
$
457

 
$
—

 
$
—

Interest cost
6,748

 
7,985

 
55

 
141

Expected return on plan assets
(10,223
)
 
(11,043
)
 
—

 
—

Amortization of prior service credit
—

 
—

 
(492
)
 
(492
)
Amortization of gain (loss)
1,864

 
1,982

 
(72
)
 
(116
)
Settlements
3,400

 
2,550

 
—

 
—

Benefit expense
$
2,814

 
$
1,931

 
$
(509
)
 
$
(467
)
(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 March 31, 2016 and December 31, 2015. The Plan assets consisted of the following investments:
 
Fair Value
(dollar amounts in thousands)
March 31, 2016
 
December 31, 2015
Cash equivalents:
 
 
 
 
 
 
 
Federated-money market
$
7,878

 
2
%
 
$
15,590

 
3
%
Fixed income:
 
 
 
 
 
 
 
Corporate obligations
212,386

 
35

 
205,081

 
34

U.S. government obligations
62,909

 
10

 
64,456

 
11

Mutual funds-fixed income
30,773

 
5

 
32,874

 
6

U.S. government agencies
7,454

 
1

 
6,979

 
1

Equities:
 
 
 
 
 
 
 
Mutual funds-equities
134,081

 
22

 
136,026

 
23

Common stock
135,222

 
23

 
120,046

 
20

Exchange traded funds
6,554

 
1

 
6,530

 
1

Limited partnerships
7,329

 
1

 
6,635

 
1

Fair value of plan assets
$
604,586

 
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 March 31,
(dollar amounts in thousands)
2016
 
2015
SERP & SRIP
$
714

 
$
578

Defined contribution plan
7,920

 
7,445

Benefit cost
$
8,634

 
$
8,023