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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
Profit Sharing Plan
The Company has a defined contribution retirement savings plan (the "Profit Sharing Plan") that covers qualified employees who meet certain eligibility requirements. The Profit Sharing Plan gives qualified employees (including certain highly compensated employees) the option to contribute up to 100% of their pre-tax base salary through salary deductions under Section 401(k) of the Internal Revenue Code. At the employees' direction, employee contributions are invested among a variety of investment alternatives. In addition, the Company makes a matching contribution of 4% of the eligible employee's compensation. On an annual basis, the Company automatically contributes 2% of the employee's eligible compensation regardless of voluntary contributions made by the employee. There is also a discretionary profit sharing component of the Profit Sharing Plan, which permits the Company to distribute up to 15% of the employee's compensation. The Company's matching contributions vest immediately, while the automatic and discretionary components vest over six years.
Profit Sharing Plan
(Dollar amounts in thousands)
 Years Ended December 31,
 201920182017
Profit sharing expense(1)
$8,226  $7,803  $7,346  
Company dividends received by the Profit Sharing Plan$414  $457  $441  
Company shares held by the Profit Sharing Plan at the end of the year: 
Number of shares812,886  1,047,213  1,079,975  
Fair value$18,745  $20,745  $25,930  
(1)Included in retirement and other employee benefits in the Consolidated Statements of Income.
Pension Plan
The Company sponsors a defined benefit pension plan (the "Pension Plan"), which provides for retirement benefits based on years of service and compensation levels of the participants. The Pension Plan covers employees who met certain eligibility requirements and were hired before April 1, 2007, the date it was amended to eliminate new enrollment of new participants. Effective January 1, 2014, benefit accruals were frozen under the Pension Plan.
Actuarially determined pension costs are charged to current operations and included in retirement and other employee benefits in the Consolidated Statements of Income. The Company's funding policy is to contribute amounts to the Pension Plan that are sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 plus additional amounts as the Company deems appropriate.
Pension Plan Cost and Obligations
(Dollar amounts in thousands)
 As of December 31,
 20192018
Accumulated benefit obligation$70,236  $58,271  
Change in projected benefit obligation  
Beginning balance$58,271  $67,923  
Service cost—  —  
Interest cost1,841  2,031  
Settlements(4,268) (7,199) 
Actuarial loss (gain)15,200  (3,717) 
Benefits paid(808) (767) 
Ending balance$70,236  $58,271  
Change in fair value of plan assets  
Beginning balance$76,210  $66,159  
Actual return on plan assets21,156  (6,983) 
Benefits paid(808) (767) 
Employer contributions—  25,000  
Settlements(4,268) (7,199) 
Ending balance$92,290  $76,210  
Funded status recognized in the Consolidated Statements of Financial Condition  
Noncurrent asset$22,054  $17,939  
Amounts recognized in accumulated other comprehensive loss 
Prior service cost$—  $—  
Net loss25,721  29,345  
Net amount recognized$25,721  $29,345  
Actuarial losses included in accumulated other comprehensive loss as a percent of  
Accumulated benefit obligation36.6 %50.4 %
Fair value of plan assets27.9 %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 loss820  426  
Net amount expected to be recognized$820  $426  
Weighted-average assumptions at the end of the year used to determine the
  actuarial present value of the projected benefit obligation
  
Discount rate3.04 %4.10 %
To estimate the interest cost component of the net periodic benefit expense for the Pension Plan, the Company utilizes a full yield curve approach by applying specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. To the extent the cumulative actuarial losses included in accumulated other comprehensive loss exceed 10% of the greater of the accumulated benefit obligation or the market-related value of the Pension Plan assets, it is
the Company's policy to amortize the Pension Plan's net actuarial losses into income over the average remaining life expectancy of the Pension Plan participants. Actuarial losses included in accumulated other comprehensive loss as of December 31, 2019 exceeded 10% of the accumulated benefit obligation and the fair value of Pension Plan assets. The amortization of net actuarial losses is a component of the net periodic benefit cost. Amortization of the net actuarial losses and prior service cost included in other comprehensive income (loss) is not expected to have a material impact on the Company's future results of operations, financial position, or liquidity.
Net Periodic Benefit Pension Cost
(Dollar amounts in thousands)
 Years Ended December 31,
 201920182017
Components of net periodic benefit cost   
Interest cost$1,841  $2,031  $1,712  
Expected return on plan assets(4,642) (3,820) (3,802) 
Recognized net actuarial loss531  533  591  
Amortization of prior service cost—  —  —  
Recognized settlement loss1,781  2,703  2,480  
Net periodic (income) cost (489) 1,447  981  
Other changes in plan assets and benefit obligations recognized as
a charge to other comprehensive income (loss)
Net gain (loss) for the period1,313  (7,086) (83) 
Amortization of net loss2,311  3,236  3,071  
Total unrealized gain (loss)3,624  (3,850) 2,988  
Total recognized in net periodic pension cost and other
comprehensive income (loss)		$4,113  $(5,297) $2,007  
Weighted-average assumptions used to determine the net periodic
  cost
Discount rate4.10 %3.45 %3.86 %
Expected return on plan assets5.75 %5.75 %6.25 %
Pension Plan Asset Allocation
(Dollar amounts in thousands)
   
Percentage of Plan Assets
as of December 31,
 Target Allocation
Fair Value of Plan Assets(1)
 20192018
Asset Category    
Equity securities
50 - 65%
$54,800  59 %61 %
Fixed income
25 - 55%
33,976  37 %37 %
Cash equivalents
0 - 10%
3,514  4 %2 %
Total $92,290  100 %100 %
(1)Additional information regarding the fair value of Pension Plan assets as of December 31, 2019 can be found in Note 22, "Fair Value."
The expected long-term rate of return on Pension Plan assets represents the average rate of return expected to be earned over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, the Company considers long-term returns based on historical market data and projections of future returns for each asset category, as well as historical actual returns on the Pension Plan assets with the assistance of its independent actuarial consultant. Using this reference data, the Company develops a forward-looking return expectation for each asset category and a weighted-average expected long-term rate of return based on the target asset allocation.
The investment objective of the Pension Plan is to maximize the return on Pension Plan assets over a long-term horizon to satisfy the Pension Plan obligations. In establishing its investment and asset allocation strategies, the Company considers expected returns and the volatility associated with different strategies. The investment strategies established by the Company's Retirement Plan Committee provide for growth of capital with a moderate level of volatility by investing assets according to the target allocations stated above and reallocating those assets as needed to stay within those allocations. Investments are weighted
toward publicly traded securities. Investment strategies that include alternative asset classes, such as private equity hedge funds and real estate, are generally avoided.
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)
Year ending December 31, 
2020$8,478  
20215,300  
20225,872  
20234,497  
20244,977  
2025-202820,844