Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

401(k) Plan

(Dollar amounts in thousands)


	Years Ended December 31,
	2020		2019		2018
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 shares	1,088,350		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.

Schedule of Pension Plan Cost and Obligation

Pension Plan Cost and Obligations

(Dollar amounts in thousands)


	As of December 31,
	2020			2019
Accumulated benefit obligation	$	75,278		$	70,236
Change in projected benefit obligation
Beginning balance	$	70,236		$	58,271
Service cost	—			—
Interest cost	1,377			1,841

Settlements	(6,148)			(4,268)
Actuarial loss	10,836			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 assets	6,014			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 loss	30,558			25,721
Net amount recognized	$	30,558		$	25,721
Actuarial losses included in AOCI as a percent of:
Accumulated benefit obligation	40.6		%	36.6		%
Fair value of plan assets	33.5		%	27.9		%
Amounts expected to be amortized from AOCI into net periodic benefit cost in the next fiscal year
Prior service cost	$	—		$	—
Net loss	987			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 rate	2.11		%	3.04		%

Schedule of Net Periodic Benefit Pension Costs

Net Periodic Benefit Pension Cost

(Dollar amounts in thousands)


	Years Ended December 31,
	2020			2019			2018
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 loss	816			531			533
Amortization of prior service cost	—			—			—
Recognized settlement loss	2,931			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 loss	3,747			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 rate	3.04		%	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.

Schedule of Pension Plan Asset Allocation

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)
			2020		2019		2020	2019
Asset Category
Equity securities	$	29,348	32	%	59	%	30 - 40%	50 - 65%
Fixed income	61,635		68	%	37	%	60 - 70%	25 - 55%
Cash equivalents	150		—	%	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."

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)


Year ending December 31,
2021	$	7,877
2022	6,434
2023	4,782
2024	5,241
2025	4,642
2026-2029	21,352