Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

(Dollar amounts in thousands)



	Years Ended December 31,
	2015		2014		2013
Profit sharing expense ⁽¹⁾	$	6,919	$	6,354	$	2,914
Company dividends received by the Profit Sharing Plan	$	466	$	428	$	159
Company shares held by the Profit Sharing Plan at the end of the year:
Number of shares	1,277,567		1,364,558		1,426,708
Fair value	$	23,546	$	23,348	$	25,010


⁽¹⁾	Included in retirement and other employee benefits in the Consolidated Statements of Income.

Pension Plan Cost and Obligations

(Dollar amounts in thousands)



	As of December 31,
	2015			2014
Accumulated benefit obligation	$	67,185		$	67,283
Change in projected benefit obligation:
Beginning balance	$	67,283		$	61,292
Service cost	—			—
Interest cost	2,334			2,346
Settlements	(7,320		)	(6,502		)
Actuarial loss	5,336			10,508
Benefits paid	(448		)	(361		)
Ending balance	$	67,185		$	67,283
Change in fair value of plan assets:
Beginning balance	$	72,193		$	74,370
Actual return on plan assets	478			4,686
Benefits paid	(448		)	(361		)
Settlements	(7,320		)	(6,502		)
Ending balance	$	64,903		$	72,193
Funded status recognized in the Consolidated Statements of Financial Condition:
Noncurrent (liability) asset	$	(2,282	)	$	4,910
Amounts recognized in accumulated other comprehensive loss:
Prior service cost	$	—		$	—
Net loss	26,481			19,911
Net amount recognized	$	26,481		$	19,911
Actuarial losses included in accumulated other comprehensive loss as a percent of:
Accumulated benefit obligation	39.4		%	29.6		%
Fair value of plan assets	40.8		%	27.6		%
Amounts expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year:
Prior service cost	$	—		$	—
Net loss	516			401
Net amount expected to be recognized	$	516		$	401
Weighted-average assumptions at the end of the year used to determine the actuarial present value of the projected benefit obligation:
Discount rate	3.99		%	3.60		%

Net Periodic Benefit Pension Cost

(Dollar amounts in thousands)



	Years Ended December 31,
	2015				2014				2013
Components of net periodic benefit cost:
Service cost	$	—			$	—			$	2,600
Interest cost	2,334				2,346				2,414
Expected return on plan assets	(4,333		)		(4,931		)		(4,299		)
Recognized net actuarial loss	367				249				1,453
Amortization of prior service cost	—				—				1
Recognized settlement loss	2,254				1,377				—
Net periodic cost (income)	622				(959		)		2,169
Other changes in plan assets and benefit obligations recognized as a charge to other comprehensive (loss) income:
Net (loss) gain for the period	(9,191		)		(10,752		)		16,146
Amortization of prior service cost	—				—				1
Amortization of net loss	2,621				1,625				1,453
Total unrealized (loss) gain	(6,570		)		(9,127		)		17,600
Total recognized in net periodic pension cost and other comprehensive (loss) income	$	(7,192	)		$	(8,168	)		$	15,431
Weighted-average assumptions used to determine the net periodic cost:
Discount rate	3.60		%		4.30		%		3.40		%
Expected return on plan assets	6.50		%		7.25		%		7.25		%
Rate of compensation increase	N/A			⁽¹⁾	N/A			⁽¹⁾	2.50		%

N/A – Not applicable.


⁽¹⁾	The rate of compensation increase is no longer applicable in determining the net periodic cost due to the amendment to freeze benefit accruals, which is discussed above.

Pension Plan Asset Allocation

(Dollar amounts in thousands)



				Percentage of Plan Assets as of December 31,
	Target Allocation	Fair Value of Plan Assets ⁽¹⁾		Percentage of Plan Assets as of December 31,
	Target Allocation	Fair Value of Plan Assets ⁽¹⁾		2015		2014
Asset Category:
Equity securities	50 - 60%	$	38,314	59	%	59	%
Fixed income	30 - 48%	22,457		35	%	36	%
Cash equivalents	2 - 10%	4,132		6	%	5	%
Total		$	64,903	100	%	100	%


⁽¹⁾	Additional information regarding the fair value of Pension Plan assets as of December 31, 2015 can be found in Note 22, "Fair Value."

Estimated future pension benefit payments for fiscal years ending December 31, 2016 through 2025 are as follows.

Estimated Future Pension Benefit Payments

(Dollar amounts in thousands)