Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Retirement Benefits, Description [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

BancShares sponsors noncontributory defined benefit pension plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages while all other non-service cost components are included in other noninterest expense.

For the three and six months ended June 30, 2020 and 2019, the components of net periodic benefit cost are as follows:

	Three months ended June 30				Six months ended June 30
(Dollars in thousands)	2020		2019		2020		2019
Service cost	$	3,682	$	3,271	$	7,139	$	6,384
Interest cost	8,568		9,338		17,099		18,629
Expected return on assets	(16,435)		(15,661)		(32,844)		(31,296)
Amortization of prior service cost	—		14		—		28
Amortization of net actuarial loss	6,398		2,721		12,662		5,462
Net periodic cost (benefit)	$	2,213	$	(317)	$	4,056	$	(793)

A discretionary contribution of $100.0 million was made to the pension plans during the six months ended June 30, 2020. Management evaluates the need for its pension plan contributions on a periodic basis based upon numerous factors including, but not limited to, the funded status of the plans, returns on plan assets, discount rates and the current economic environment.