Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Benefit Plans

Schedule of amounts recognized in other comprehensive income from benefit plans

	Pension Benefits						Other Benefits
(dollars in thousands)	2020		2019		2018		2020		2019		2018
Amounts arising during the year:
Net (gain) loss on pension assets	$	(4,839)	$	(16,278)	$	12,209	$	—	$	—	$	—
Net loss (gain) on pension obligations		14,935		21,512		(6,619)		303		540		(2,755)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(5,806)		(6,995)		(7,315)		211		385		—
Prior service credit		—		—		—		51		429		429
Amount recognized in other comprehensive income	$	4,290	$	(1,761)	$	(1,725)	$	565	$	1,354	$	(2,326)

Schedule of amounts within accumulated other comprehensive income not yet recognized in net periodic benefit cost

	Pension Benefits				Other Benefits
(dollars in thousands)	2020		2019		2020		2019
Net actuarial loss (gain)	$	44,351	$	40,061	$	(1,068)	$	(1,582)
Prior service credit		—		—		—		(51)
Total, pretax effect		44,351		40,061		(1,068)		(1,633)
Tax impact		(11,831)		(10,786)		285		440
Ending balance in accumulated other comprehensive loss	$	32,520	$	29,275	$	(783)	$	(1,193)

Summary of changes to projected or accumulated benefit obligation

	Pension Benefits				Other Benefits
(dollars in thousands)	2020		2019		2020		2019
Benefit obligation at beginning of year	$	213,285	$	199,072	$	21,305	$	19,716
Service cost		—		14		768		710
Interest cost		6,519		8,261		640		808
Actuarial loss		14,935		22,573		303		540
Curtailment gain		—		(1,061)		—		—
Benefit payments		(15,347)		(15,574)		(478)		(469)
Benefit obligation at end of year	$	219,392	$	213,285	$	22,538	$	21,305

Summary of changes to fair value of plan assets

	Pension Benefits				Other Benefits
(dollars in thousands)	2020		2019		2020		2019
Fair value of plan assets at beginning of year	$	112,659	$	99,581	$	—	$	—
Actual return on plan assets		9,637		20,863		—		—
Benefit payments from trust		(7,501)		(7,785)		—		—
Fair value of plan assets at end of year	$	114,795	$	112,659	$	—	$	—

Summary of funded status of plans

	Pension Benefits				Other Benefits
(dollars in thousands)	2020		2019		2020		2019
Pension assets for overfunded plans	$	16,237	$	16,291	$	—	$	—
Pension liabilities for underfunded plans		(120,834)		(116,917)		(22,538)		(21,305)
Funded status	$	(104,597)	$	(100,626)	$	(22,538)	$	(21,305)

Schedule of projected and accumulated benefit obligation and fair value of plan assets

	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2020		2019		2020		2019		2020		2019
Projected benefit obligation	$	98,558	$	96,368	$	120,834	$	116,917	$	219,392	$	213,285
Accumulated benefit obligation		98,558		96,368		120,766		116,834		219,324		213,202
Fair value of plan assets		114,795		112,659		—		—		114,795		112,659
Overfunded (underfunded) portion of PBO/ABO		16,237		16,291		(120,834)		(116,917)		(104,597)		(100,626)

Summary of change in net actuarial loss and amortization

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)
Year ended December 31, 2020
Pension and other benefits:
Net actuarial losses arising during the year		(10,399)		2,774		(7,625)
Prior service credit		(51)		14		(37)
Amortization of net loss included in net income		5,595		(1,492)		4,103
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		(4,855)		1,200		(3,655)
Investment securities:
Unrealized net gains arising during the year		91,289		(24,365)		66,924
Reclassification of net losses to net income:
Investment securities losses, net		114		(30)		84
Net change in investment securities		91,403		(24,395)		67,008
Other comprehensive income		86,548		(23,195)		63,353
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Year ended December 31, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(5,774)		1,555		(4,219)
Prior service credit		(429)		115		(314)
Amortization of net loss included in net income		6,610		(1,780)		4,830
Net change in pension and other benefits		407		(110)		297
Investment securities:
Unrealized net gains arising during the period		134,343		(36,178)		98,165
Reclassification of net losses to net income:
Investment securities losses, net		2,715		(731)		1,984
Net change in investment securities		137,058		(36,909)		100,149
Other comprehensive income		137,465		(37,019)		100,446
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2017	$	(159,423)	$	63,040	$	(96,383)
Year ended December 31, 2018
Early adoption of ASU No. 2018-02		—		(20,068)		(20,068)
Pension and other benefits:
Net actuarial losses arising during the year		(2,835)		763		(2,072)
Prior service credit		(429)		116		(313)
Amortization of net loss included in net income		7,315		(1,970)		5,345
Net change in pension and other benefits		4,051		(1,091)		2,960
Investment securities:
Unrealized net losses arising during the year		(43,545)		11,686		(31,859)
Reclassification of net gains to net income:
OTTI losses on available-for-sale debt securities, net		24,085		(6,485)		17,600
Net change in investment securities		(19,460)		5,201		(14,259)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the year		1,475		(397)		1,078
Reclassification of net gains to net income:
Other noninterest expense		(7,558)		2,035		(5,523)
Net change in cash flow derivative hedges		(6,083)		1,638		(4,445)
Other comprehensive loss		(21,492)		5,748		(15,744)
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)

Schedule of components of net periodic benefit cost

	Income line item where recognized in	Pension Benefits						Other Benefits
(dollars in thousands)	the consolidated statements of income	2020		2019		2018		2020		2019		2018
Service cost	Salaries and employee benefits	$	—	$	14	$	696	$	768	$	710	$	750
Interest cost	Other noninterest expense		6,519		8,261		7,362		640		808		739
Expected return on plan assets	Other noninterest expense		(4,800)		(4,585)		(5,273)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		(51)		(429)		(429)
Recognized net actuarial loss (gain)	Other noninterest expense		5,806		6,995		7,315		(211)		(385)		—
Total net periodic benefit cost		$	7,525	$	10,685	$	10,100	$	1,146	$	704	$	1,060

Schedule of funded pension benefit amounts included in pension benefits

	Funded Pension Benefits
(dollars in thousands)	2020		2019		2018
Interest cost	$	2,946	$	3,808	$	3,420
Expected return on plan assets		(4,800)		(4,585)		(5,273)
Recognized net actuarial loss		1,421		3,714		2,600
Total net periodic benefit cost	$	(433)	$	2,937	$	747

Schedule of assumptions used to determine benefit obligations and net periodic benefit cost

The following weighted-average assumptions were used to determine benefit obligations at December 31, 2020 and 2019:

	FHI ERP Pension Benefits				SERP Pension Benefits				Other Benefits
	2020		2019		2020		2019		2020		2019
Discount rate	2.37	%	3.16	%	2.37	%	3.16	%	2.37	%	3.16	%
Rate of compensation increase	NA		NA		NA		4.00	%	NA		NA

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 were as follows:

	FHI ERP Pension Benefits						SERP Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Discount rate	3.16	%	4.30	%	3.51	%	3.16	%	4.30	%	3.51	%	3.16	%	4.30	%	3.51	%
Expected long-term return on plan assets	4.40	%	4.75	%	4.75	%	NA		NA		NA		NA		NA		NA
Rate of compensation increase	NA		NA		NA		NA		4.00	%	4.00	%	NA		NA		NA

Schedule of assumed healthcare cost trend rates

	2020		2019		2018
Healthcare cost trend rate assumed for next year	6.25	%	6.50	%	7.00	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2026		2026		2026

Schedule of allocation of employee retirement plan assets

	Asset Allocation
	2020		2019
Equity securities	13	%	31	%
Debt securities	85	%	66	%
Other securities	2	%	3	%
Total	100	%	100	%

Schedule of target allocation of employee retirement plan assets

	Target
	Allocation
Equity securities	10	%
Debt securities	88	%
Other securities	2	%

Schedule of expected future benefit payments

	Pension		Other
(dollars in thousands)	Benefits		Benefits
2021	$	15,861	$	1,227
2022		15,608		1,324
2023		15,238		1,412
2024		14,829		1,480
2025		14,960		1,504
2026 to 2030		67,898		7,960

Schedule of fair value of employee retirement plan assets

	December 31, 2020
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	2,576	$	—	$	—	$	2,576
Fixed income - U.S. Treasury securities		—		6,776		—		6,776
Fixed income - U.S. government agency securities		—		12,441		—		12,441
Fixed income - U.S. corporate securities		—		70,401		—		70,401
Fixed income - municipal securities		—		521		—		521
Fixed income - mutual funds		5,626		—		—		5,626
Fixed income - international securities		1,980		—		—		1,980
Equity - large-cap exchange-traded funds		9,321		—		—		9,321
Equity - mid-cap exchange-traded funds		1,566		—		—		1,566
Equity - small-cap exchange-traded funds		785		—		—		785
Equity - international funds		2,802		—		—		2,802
Total	$	24,656	$	90,139	$	—	$	114,795

	December 31, 2019
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	2,824	$	—	$	—	$	2,824
Fixed income - U.S. Treasury securities		—		4,053		—		4,053
Fixed income - U.S. government agency securities		—		3,504		—		3,504
Fixed income - U.S. corporate securities		—		58,808		—		58,808
Fixed income - municipal securities		—		484		—		484
Fixed income - mutual funds		6,204		—		—		6,204
Fixed income - international securities		1,544		—		—		1,544
Equity - large-cap exchange-traded funds		23,278		—		—		23,278
Equity - mid-cap exchange-traded funds		3,379		—		—		3,379
Equity - small-cap exchange-traded funds		1,645		—		—		1,645
Equity - international funds		6,936		—		—		6,936
Total	$	45,810	$	66,849	$	—	$	112,659

Pension and other benefits, net actuarial losses arising during the period

Benefit Plans

Summary of change in net actuarial loss and amortization

	Pension Benefits				Other Benefits
(dollars in thousands)	2020		2019		2020		2019
Net actuarial loss (gain) at beginning of year	$	40,061	$	41,822	$	(1,582)	$	(2,507)
Amortization cost		(5,806)		(6,995)		211		385
Liability loss		14,935		21,512		303		540
Asset gain		(4,839)		(16,278)		—		—
Net actuarial loss (gain) at end of year	$	44,351	$	40,061	$	(1,068)	$	(1,582)