Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Costs of Retirement Plans

The following summarizes retirement plan expense for the years ended December 31:

	2020		2019		2018
	(in thousands)
401(k) Retirement Plan	$	9,853	$	8,976	$	8,482
Pension Plan	660		2,484		3,435
Total	$	10,513	$	11,460	$	11,917

Pension Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost

The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31:

	2020		2019		2018
	(in thousands)
Interest cost	$	2,726	$	3,257	$	3,053
Expected return on assets	(3,925)		(2,754)		(2,047)
Net amortization and deferral	1,859		1,981		2,429
Net periodic pension cost	$	660	$	2,484	$	3,435

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:

	2020		2019
	(in thousands)
Projected benefit obligation at beginning of year	$	86,204	$	79,426
Interest cost	2,726		3,257
Benefit payments	(4,104)		(4,114)
Change in assumptions	7,532		8,259
Experience gain	(66)		(624)
Projected benefit obligation at end of year	$	92,292	$	86,204
Fair value of plan assets at beginning of year	$	83,676	$	57,825
Employer contributions (1)	—		20,755
Actual return on plan assets	7,605		9,210
Benefit payments	(4,104)		(4,114)
Fair value of plan assets at end of year	$	87,177	$	83,676

(1)    The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million to the Pension Plan during 2019.

Schedule of Net Funded Status

The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31:

	2020		2019
	(in thousands)
Projected benefit obligation	$	(92,292)	$	(86,204)
Fair value of plan assets	87,177		83,676
Funded status	$	(5,115)	$	(2,528)

Schedule Of Changes In Unrecognized Pension And Postretirement Items

The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss):

	Unrecognized Net Loss
	Before tax		Net of tax
	(in thousands)
Balance as of December 31, 2018	$	24,347	$	18,961
Recognized as a component of 2019 periodic pension cost	(1,981)		(1,543)
Unrecognized gains arising in 2019	1,180		919
Balance as of December 31, 2019	23,546		18,337
Recognized as a component of 2020 periodic pension cost	(1,859)		(1,452)
Unrecognized losses arising in 2020	3,787		2,958
Balance as of December 31, 2020	$	25,474	$	19,843

Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations

The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31:

	2020		2019		2018
Discount rate-projected benefit obligation	2.50	%	3.25	%	4.25	%
Expected long-term rate of return on plan assets	5.00	%	5.00	%	5.00	%

Schedule of Allocation of Plan Assets

The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31:

	2020				2019
	Estimated Fair Value		% of Total Assets		Estimated Fair Value		% of Total Assets
	(dollars in thousands)
Equity mutual funds	$	37,847			$	26,377
Equity common trust funds	12,450				11,810
Equity securities	50,297		57.7	%	38,187		45.6	%
Cash and money market funds	9,444				21,182
Fixed income mutual funds	16,134				14,370
Corporate debt securities	3,319				3,124
U.S. Government agency securities	6,257				3,078
Fixed income securities and cash	35,154		40.3	%	41,754		49.9	%
Other alternative investment funds	1,726		2.0	%	3,735		4.5	%
Total	$	87,177	100.0	%	$	83,676	100.0	%

Schedule of Expected Benefit Payments

Estimated future benefit payments are as follows (in thousands):

Year
2021	$	4,399
2022	4,452
2023	4,565
2024	4,652
2025	4,724
Thereafter	24,461
Total	$	47,253

Other Postretirement Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost

The components of the net benefit for Postretirement Plan other than pensions are as follows:

	2020		2019		2018
	(in thousands)
Interest cost	$	43	$	61	$	57
Net amortization and deferral	(548)		(556)		(559)
Net postretirement benefit	$	(505)	$	(495)	$	(502)

Schedule of Changes in Accumulated Postemployment Benefit Obligations

This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31:

	2020		2019
	(in thousands)
Accumulated postretirement benefit obligation at beginning of year	$	1,450	$	1,520
Interest cost	43		61
Benefit payments	(177)		(187)
Change in experience	(32)		17
Change in assumptions	38		39
Accumulated postretirement benefit obligation at end of year	$	1,322	$	1,450

Schedule Of Changes In Unrecognized Pension And Postretirement Items

The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss):

	Before tax
	Unrecognized Prior Service Cost		Unrecognized Net Loss (Gain)		Total		Net of tax
	(in thousands)
Balance as of December 31, 2018	$	(3,940)	$	(1,096)	$	(5,036)	$	(3,928)
Recognized as a component of 2019 postretirement cost	464		92		556		433
Unrecognized gains arising in 2019	—		56		56		44
Balance as of December 31, 2019	(3,476)		(948)		(4,424)		(3,451)
Recognized as a component of 2020 postretirement cost	464		84		548		428
Unrecognized gains arising in 2020	—		6		6		5
Balance as of December 31, 2020	$	(3,012)	$	(858)	$	(3,870)	$	(3,018)

Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations

The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31:

	2020		2019		2018
Discount rate-projected benefit obligation	2.50	%	3.25	%	4.25	%
Expected long-term rate of return on plan assets	3.00	%	3.00	%	3.00	%

Schedule of Expected Benefit Payments

Estimated future benefit payments under the Postretirement Plan are as follows (in thousands):

Year
2021	$	161
2022	149
2023	138
2024	126
2025	115
Thereafter	426
Total	$	1,115