Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

(Dollar amounts in thousands)



	Years Ended December 31,
	2018		2017		2016
Profit sharing expense⁽¹⁾	$	7,803	$	7,346	$	6,171
Company dividends received by the Profit Sharing Plan	$	457	$	441	$	494
Company shares held by the Profit Sharing Plan at the end of the year:
Number of shares	1,047,213		1,079,975		1,175,858
Fair value	$	20,745	$	25,930	$	29,667


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

Schedule of Pension Plan Cost and Obligation

Pension Plan Cost and Obligations

(Dollar amounts in thousands)



	As of December 31,
	2018			2017
Accumulated benefit obligation	$	58,271		$	67,923
Change in projected benefit obligation
Beginning balance	$	67,923		$	68,959
Service cost	—			—
Interest cost	2,031			1,712
Settlements	(7,199		)	(6,271		)
Actuarial (gain) loss	(3,717		)	4,240
Benefits paid	(767		)	(717		)
Ending balance	$	58,271		$	67,923
Change in fair value of plan assets
Beginning balance	$	66,159		$	65,189
Actual return on plan assets	(6,983		)	7,958
Benefits paid	(767		)	(717		)
Employer contributions	25,000			—
Settlements	(7,199		)	(6,271		)
Ending balance	$	76,210		$	66,159
Funded status recognized in the Consolidated Statements of Financial Condition
Noncurrent asset (liability)	$	17,939		$	(1,764	)
Amounts recognized in accumulated other comprehensive loss
Prior service cost	$	—		$	—
Net loss	29,345			25,495
Net amount recognized	$	29,345		$	25,495
Actuarial losses included in accumulated other comprehensive loss as a percent of
Accumulated benefit obligation	50.4		%	37.5		%
Fair value of plan assets	38.5		%	38.5		%
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	426			561
Net amount expected to be recognized	$	426		$	561
Weighted-average assumptions at the end of the year used to determine the actuarial present value of the projected benefit obligation
Discount rate	4.10		%	3.45		%

Schedule of Net Periodic Benefit Pension Costs

Net Periodic Benefit Pension Cost

(Dollar amounts in thousands)



	Years Ended December 31,
	2018			2017			2016
Components of net periodic benefit cost
Interest cost	$	2,031		$	1,712		$	1,635
Expected return on plan assets	(3,820		)	(3,802		)	(4,057		)
Recognized net actuarial loss	533			591			571
Amortization of prior service cost	—			—			—
Recognized settlement loss	2,703			2,480			1,338
Net periodic cost (income)	1,447			981			(513		)
Other changes in plan assets and benefit obligations recognized as a charge to other comprehensive (loss) income
Net loss for the period	(7,086		)	(83		)	(3,911		)
Amortization of net loss	3,236			3,071			1,909
Total unrealized (loss) gain	(3,850		)	2,988			(2,002		)
Total recognized in net periodic pension cost and other comprehensive (loss) income	$	(5,297	)	$	2,007		$	(1,489	)
Weighted-average assumptions used to determine the net periodic cost
Discount rate	3.45		%	3.86		%	3.99		%
Expected return on plan assets	5.75		%	6.25		%	6.50		%

Schedule of Pension Plan Asset Allocation

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⁾		2018		2017
Asset Category
Equity securities	50 - 60%	$	46,772	61	%	60	%
Fixed income	30 - 48%	27,887		37	%	35	%
Cash equivalents	2 - 10%	1,551		2	%	5	%
Total		$	76,210	100	%	100	%


⁽¹⁾	Additional information regarding the fair value of Pension Plan assets as of December 31, 2018 can be found in Note 21, "Fair Value."

Schedule of Estimated Future Pension Benefit Payments

The following table presents estimated future pension benefit payments under the Pension Plan for retirees already receiving benefits and future retirees, assuming they retire and begin receiving unreduced benefits as soon as they are eligible.

Estimated Future Pension Benefit Payments

(Dollar amounts in thousands)



	Total
Year ending December 31,
2019	$	5,589
2020	5,000
2021	4,681
2022	4,978
2023	3,827
2024-2027	19,488