Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Benefit Plans

Schedule of amounts recognized in other comprehensive income from benefit plans

	Pension Benefits						Other Benefits
(dollars in thousands)	2023		2022		2021		2023		2022		2021
Amounts arising during the year:
Net (gain) loss on pension assets	$	(3,246)	$	24,047	$	3,581	$	—	$	—	$	—
Net loss (gain) on pension obligations		4,851		(38,949)		(4,614)		(542)		(5,808)		(2,074)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(2,818)		(5,643)		(6,961)		1,676		497		48
Prior service credit		—		—		—		—		—		—
Amount recognized in other comprehensive (loss) income	$	(1,213)	$	(20,545)	$	(7,994)	$	1,134	$	(5,311)	$	(2,026)

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

	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain)	$	14,599	$	15,812	$	(7,271)	$	(8,405)
Prior service credit		—		—		—		—
Total, pretax effect		14,599		15,812		(7,271)		(8,405)
Tax impact		(3,894)		(4,218)		1,939		2,242
Ending balance in accumulated other comprehensive loss	$	10,705	$	11,594	$	(5,332)	$	(6,163)

Summary of changes to projected or accumulated benefit obligation

	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Benefit obligation at beginning of year	$	155,588	$	204,432	$	16,425	$	21,362
Service cost		—		—		545		789
Interest cost		8,275		5,518		844		565
Actuarial gain		4,851		(38,949)		(542)		(5,808)
Benefit payments		(15,143)		(15,413)		(488)		(483)
Benefit obligation at end of year	$	153,571	$	155,588	$	16,784	$	16,425

Summary of changes to fair value of plan assets

	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Fair value of plan assets at beginning of year	$	78,149	$	106,648	$	—	$	—
Actual return on plan assets		6,780		(20,924)		—		—
Benefit payments from trust		(7,326)		(7,575)		—		—
Fair value of plan assets at end of year	$	77,603	$	78,149	$	—	$	—

Summary of funded status of plans

	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Pension assets for overfunded plans	$	10,533	$	8,713	$	—	$	—
Pension liabilities for underfunded plans		(86,501)		(86,152)		(16,784)		(16,425)
Funded status	$	(75,968)	$	(77,439)	$	(16,784)	$	(16,425)

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)	2023		2022		2023		2022		2023		2022
Projected benefit obligation	$	67,070	$	69,436	$	86,501	$	86,152	$	153,571	$	155,588
Accumulated benefit obligation		67,070		69,436		86,501		86,152		153,571		155,588
Fair value of plan assets		77,603		78,149		—		—		77,603		78,149
Overfunded (underfunded) portion of PBO/ABO		10,533		8,713		(86,501)		(86,152)		(75,968)		(77,439)

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	2023		2022		2021		2023		2022		2021
Service cost	Salaries and employee benefits	$	—	$	—	$	—	$	545	$	789	$	874
Interest cost	Other noninterest expense		8,275		5,518		5,065		844		565		515
Expected return on plan assets	Other noninterest expense		(3,534)		(3,124)		(3,044)		—		—		—
Prior service credit	Other noninterest expense		—		—		—		—		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		2,818		5,643		6,961		(1,676)		(497)		(48)
Total net periodic benefit cost		$	7,559	$	8,037	$	8,982	$	(287)	$	857	$	1,341

Schedule of funded pension benefit amounts included in pension benefits

	Funded Pension Benefits
(dollars in thousands)	2023		2022		2021
Interest cost	$	3,643	$	2,466	$	2,261
Expected return on plan assets		(3,534)		(3,124)		(3,044)
Recognized net actuarial loss		2,818		1,906		1,609
Total net periodic benefit cost	$	2,927	$	1,248	$	826

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

	FHI ERP Pension Benefits				SERP Pension Benefits				Other Benefits
	2023		2022		2023		2022		2023		2022
Discount rate	5.22	%	5.57	%	5.22	%	5.57	%	5.22	%	5.57	%
Rate of compensation increase	NA		NA		NA		NA		NA		NA

	FHI ERP Pension Benefits						SERP Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Discount rate	5.57	%	2.77	%	2.37	%	5.57	%	2.77	%	2.37	%	5.57	%	2.77	%	2.37	%
Expected long-term return on plan assets	4.75	%	3.05	%	2.75	%	NA		NA		NA		NA		NA		NA
Rate of compensation increase	NA		NA		NA		NA		NA		NA		NA		NA		NA

Schedule of assumed healthcare cost trend rates

	2023		2022		2021
Healthcare cost trend rate assumed for next year	6.00	%	6.00	%	6.00	%
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	2028		2028		2026

Schedule of allocation of employee retirement plan assets

	Asset Allocation
	2023		2022
Equity securities	11	%	11	%
Debt securities	86	%	87	%
Other securities	3	%	2	%
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
2024	$	15,095	$	1,220
2025		15,371		1,326
2026		15,495		1,417
2027		14,570		1,507
2028		13,986		1,561
2029 to 2033		61,456		7,863

Schedule of fair value of employee retirement plan assets

	December 31, 2023
	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	$	2,353	$	—	$	—	$	2,353
Fixed income - U.S. Treasury securities		—		11,354		—		11,354
Fixed income - U.S. government agency securities		—		5,899		—		5,899
Fixed income - U.S. corporate securities		—		47,546		—		47,546
Fixed income - municipal securities		—		379		—		379
Fixed income - international securities		1,901		—		—		1,901
Equity - large-cap exchange-traded funds		5,311		—		—		5,311
Equity - mid-cap exchange-traded funds		844		—		—		844
Equity - small-cap exchange-traded funds		394		—		—		394
Equity - international funds		1,622		—		—		1,622
Total	$	12,425	$	65,178	$	—	$	77,603

	December 31, 2022
	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	$	1,712	$	—	$	—	$	1,712
Fixed income - U.S. Treasury securities		—		6,593		—		6,593
Fixed income - U.S. government agency securities		—		6,656		—		6,656
Fixed income - U.S. corporate securities		—		53,051		—		53,051
Fixed income - municipal securities		—		382		—		382
Fixed income - international securities		1,199		—		—		1,199
Equity - large-cap exchange-traded funds		5,544		—		—		5,544
Equity - mid-cap exchange-traded funds		1,001		—		—		1,001
Equity - small-cap exchange-traded funds		461		—		—		461
Equity - international funds		1,550		—		—		1,550
Total	$	11,467	$	66,682	$	—	$	78,149

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, 2022	$	(871,813)	$	232,559	$	(639,254)
Year ended December 31, 2023
Pension and other benefits:
Net actuarial losses arising during the year		(1,063)		284		(779)
Amortization of net loss included in net income		1,142		(305)		837
Net change in pension and other benefits		79		(21)		58
Investment securities:
Unrealized net gains arising during the year		55,141		(14,709)		40,432
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,190		(12,855)		35,335
Investment securities losses, net		39,986		(10,666)		29,320
Net change in investment securities		143,317		(38,230)		105,087
Cash flow derivative hedges:
Unrealized net losses arising during the year		(940)		251		(689)
Reclassification of net losses included in net income		6,257		(1,669)		4,588
Net change in cash flow derivative hedges		5,317		(1,418)		3,899
Other comprehensive income		148,713		(39,669)		109,044
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)

			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)

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

Benefit Plans

Summary of change in net actuarial loss and amortization

	Pension Benefits				Other Benefits
(dollars in thousands)	2023		2022		2023		2022
Net actuarial loss (gain) at beginning of year	$	15,812	$	36,357	$	(8,405)	$	(3,094)
Amortization cost		(2,818)		(5,643)		1,676		497
Liability loss (gain)		4,851		(38,949)		(542)		(5,808)
Asset (gain) loss		(3,246)		24,047		—		—
Net actuarial loss (gain) at end of year	$	14,599	$	15,812	$	(7,271)	$	(8,405)