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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
401(k) Plan
The Company has a defined contribution retirement savings plan (the "401(k) Plan") that covers qualified employees who meet certain eligibility requirements. The 401(k) 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 401(k) Plan, which permits the Company to contribute an amount up to 15% of the employee's compensation to the 401(k) Plan. The Company's matching contributions vest immediately, while the automatic and discretionary components vest over six years. Starting on January 1, 2021, all active qualified employees become immediately vested in all Company contributions.
401(k) Plan
(Dollar amounts in thousands)
 Years Ended December 31,
 202020192018
401(k) Plan expense(1)
$8,469 $8,226 $7,803 
Company dividends received by the 401(k) Plan$138 $414 $457 
Company shares held by the 401(k) Plan at the end of the year: 
Number of shares1,088,350 812,886 1,047,213 
Fair value$17,327 $18,745 $20,745 
(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,
 20202019
Accumulated benefit obligation$75,278 $70,236 
Change in projected benefit obligation  
Beginning balance$70,236 $58,271 
Service cost— — 
Interest cost1,377 1,841 
Settlements(6,148)(4,268)
Actuarial loss10,836 15,200 
Benefits paid(1,023)(808)
Ending balance$75,278 $70,236 
Change in fair value of plan assets  
Beginning balance$92,290 $76,210 
Actual return on plan assets6,014 21,156 
Benefits paid(1,023)(808)
Employer contributions— — 
Settlements(6,148)(4,268)
Ending balance$91,133 $92,290 
Funded status recognized in the Consolidated Statements of Financial Condition  
Noncurrent asset$15,855 $22,054 
Amounts recognized in AOCI 
Prior service cost$— $— 
Net loss30,558 25,721 
Net amount recognized$30,558 $25,721 
Actuarial losses included in AOCI as a percent of:  
Accumulated benefit obligation40.6 %36.6 %
Fair value of plan assets33.5 %27.9 %
Amounts expected to be amortized from AOCI into net periodic benefit cost in the
  next fiscal year
 
Prior service cost$— $— 
Net loss987 820 
Net amount expected to be recognized$987 $820 
Weighted-average assumptions at the end of the year used to determine the
  actuarial present value of the projected benefit obligation
  
Discount rate2.11 %3.04 %
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 AOCI 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 AOCI as of December 31, 2020 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,
 202020192018
Components of net periodic benefit cost   
Interest cost$1,377 $1,841 $2,031 
Expected return on plan assets(3,763)(4,642)(3,820)
Recognized net actuarial loss816 531 533 
Amortization of prior service cost— — — 
Recognized settlement loss2,931 1,781 2,703 
Net periodic cost (income)1,361 (489)1,447 
Other changes in plan assets and benefit obligations recognized as
a charge to other comprehensive income (loss)
Net (loss) gain for the period(8,584)1,313 (7,086)
Amortization of net loss3,747 2,311 3,236 
Total unrealized (loss) gain(4,837)3,624 (3,850)
Total recognized in net periodic pension cost and other
comprehensive income (loss)		$(6,198)$4,113 $(5,297)
Weighted-average assumptions used to determine the net periodic
  cost
Discount rate3.04 %4.10 %3.45 %
Expected return on plan assets(1)
5.75% / 3.60%
5.75 %5.75 %
(1)During 2020, the Company updated asset allocations based upon the funded status of the plan which resulted in a change in the expected return on plan assets.

Pension Plan Asset Allocation
(Dollar amounts in thousands)
  
Percentage of Plan Assets
as of December 31,
Target Allocation
as of December 31,
 
Fair Value of Plan Assets(1)
 2020201920202019
Asset Category    
Equity securities$29,348 32 %59 %
30 - 40%
50 - 65%
Fixed income61,635 68 %37 %
60 - 70%
25 - 55%
Cash equivalents150 — %4 %
0 - 5%
0 - 10%
Total$91,133 100 %100 % 
(1)Additional information regarding the fair value of Pension Plan assets as of December 31, 2020 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 and Benefit Plans 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, 
2021$7,877 
20226,434 
20234,782 
20245,241 
20254,642 
2026-202921,352