Schedule of amounts recognized in other comprehensive income from benefit plans


	Pension Benefits						Other Benefits
(dollars in thousands)	2022		2021		2020		2022		2021		2020
Amounts arising during the year:
Net loss (gain) on pension assets	$	24,047	$	3,581	$	(4,839)	$	—	$	—	$	—
Net (gain) loss on pension obligations		(38,949)		(4,614)		14,935		(5,808)		(2,074)		303
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(5,643)		(6,961)		(5,806)		497		48		211
Prior service credit		—		—		—		—		—		51
Amount recognized in other comprehensive (loss) income	$	(20,545)	$	(7,994)	$	4,290	$	(5,311)	$	(2,026)	$	565

Summary of changes to projected or accumulated benefit obligation


	Pension Benefits				Other Benefits
(dollars in thousands)	2022		2021		2022		2021
Benefit obligation at beginning of year	$	204,432	$	219,392	$	21,362	$	22,538
Service cost		—		—		789		874
Interest cost		5,518		5,065		565		515
Actuarial gain		(38,949)		(4,614)		(5,808)		(2,074)
Benefit payments		(15,413)		(15,411)		(483)		(491)
Benefit obligation at end of year	$	155,588	$	204,432	$	16,425	$	21,362

Summary of funded status of plans


	Pension Benefits				Other Benefits
(dollars in thousands)	2022		2021		2022		2021
Pension assets for overfunded plans	$	8,713	$	15,345	$	—	$	—
Pension liabilities for underfunded plans		(86,152)		(113,129)		(16,425)		(21,362)
Funded status	$	(77,439)	$	(97,784)	$	(16,425)	$	(21,362)

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	2022		2021		2020		2022		2021		2020
Service cost	Salaries and employee benefits	$	—	$	—	$	—	$	789	$	874	$	768
Interest cost	Other noninterest expense		5,518		5,065		6,519		565		515		640
Expected return on plan assets	Other noninterest expense		(3,124)		(3,044)		(4,800)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		—		(51)
Recognized net actuarial loss (gain)	Other noninterest expense		5,643		6,961		5,806		(497)		(48)		(211)
Total net periodic benefit cost		$	8,037	$	8,982	$	7,525	$	857	$	1,341	$	1,146

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

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2022

2021

2020

2022

2021

2020

2022

2021

2020

Discount rate

2.77

%

2.37

%

3.16

%

2.77

%

2.37

%

3.16

%

2.77

%

2.37

%

3.16

%

Expected long-term return on plan assets

3.05

%

2.75

%

4.40

%

NA

Rate of compensation increase

NA

Schedule of allocation of employee retirement plan assets


	Asset Allocation
	2022		2021
Equity securities	11	%	11	%
Debt securities	87	%	85	%
Other securities	2	%	4	%
Total	100	%	100	%

Schedule of expected future benefit payments


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2023	$	15,453	$	1,217
2024		15,115		1,345
2025		15,263		1,413
2026		15,350		1,468
2027		14,397		1,530
2028 to 2032		63,403		7,810

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, 2021	$	(165,967)	$	44,274	$	(121,693)
Year ended December 31, 2022
Pension and other benefits:
Net actuarial gains arising during the year		20,710		(5,524)		15,186
Amortization of net loss included in net income		5,146		(1,373)		3,773
Net change in pension and other benefits		25,856		(6,897)		18,959
Investment securities:
Unrealized net losses arising during the year		(773,667)		206,376		(567,291)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,378		(12,905)		35,473
Net change in investment securities		(725,289)		193,471		(531,818)
Cash flow derivative hedges:
Unrealized net losses arising during the year		(6,710)		1,790		(4,920)
Reclassification of net losses included in net income		297		(79)		218
Net change in cash flow derivative hedges		(6,413)		1,711		(4,702)
Other comprehensive loss		(705,846)		188,285		(517,561)
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)


			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

Benefit Plans