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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2021
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, 2021 and 2020, the components of net periodic benefit cost are as follows:
| Three months ended June 30 |  | Six months ended June 30
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 4,023 |  |  | $ | 3,682 |  |  | $ | 7,676 |  |  | $ | 7,139 |
Interest cost | 7,528 |  |  | 8,568 |  |  | 14,932 |  |  | 17,099 |
Expected return on assets | (19,621) |  |  | (16,435) |  |  | (39,216) |  |  | (32,844) |
Amortization of net actuarial loss | 7,018 |  |  | 6,398 |  |  | 13,547 |  |  | 12,662 |
Net periodic (benefit) cost | $ | (1,052) |  |  | $ | 2,213 |  |  | $ | (3,061) |  |  | $ | 4,056 |
No discretionary contribution was made to the pension plans during the six months ended June 30, 2021. A discretionary contribution of $100.0 million was made to the pension plans during the six months ended June 30, 2020. The funding policy of the pension plans is to contribute an amount each year to meet all Employee Retirement Income Security Act minimum requirements, including amounts to meet quarterly funding requirements, avoid “at-risk” status and avoid any benefit restrictions. BancShares may also contribute additional voluntary amounts each year (up to the maximum tax-deductible amount) in order to achieve certain target funding levels in the plans, with consideration also given to current and future cash flow and tax positions. No contributions are currently expected for the year ending December 31, 2021.

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