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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Costs of Retirement Plans
The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31:
 
2018
 
2017
 
2016
 
(in thousands)
401(k) Retirement Plan
$
8,482

 
$
8,121

 
$
7,418

Pension Plan
3,435

 
4,168

 
4,310

 
$
11,917

 
$
12,289

 
$
11,728
Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost
The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31:
 
2018
 
2017
 
2016
 
(in thousands)
Service cost (1)
$
—

 
$
—

 
$
688

Interest cost
3,053

 
3,320

 
3,520

Expected return on assets
(2,047
)
 
(1,804
)
 
(2,318
)
Net amortization and deferral
2,429

 
2,652

 
2,420

Net periodic pension cost
$
3,435

 
$
4,168

 
$
4,310

 
(1)
The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. Beginning January 1, 2017 the administrative costs were netted with the expected return on assets.
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:
 
2018
 
2017
 
(in thousands)
Projected benefit obligation at beginning of year
$
89,482

 
$
85,363

Interest cost
3,053

 
3,320

Benefit payments
(5,796
)
 
(3,751
)
Change in assumptions
(8,051
)
 
5,008

Experience gain
738

 
(458
)
Projected benefit obligation at end of year
$
79,426

 
$
89,482

 
 
 
 
Fair value of plan assets at beginning of year
$
54,061

 
$
48,684

Employer contributions (1)
13,042

 
3,816

Actual return on plan assets
(3,482
)
 
5,312

Benefit payments
(5,796
)
 
(3,751
)
Fair value of plan assets at end of year
$
57,825

 
$
54,061


(1)
The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $13.0 million and $3.8 million to the Pension Plan during 2018 and 2017, respectively.
Schedule of Net Funded Status
The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31:
 
2018
 
2017
 
(in thousands)
Projected benefit obligation
$
(79,426
)
 
$
(89,482
)
Fair value of plan assets
57,825

 
54,061

Funded status
$
(21,601
)
 
$
(35,421
)
Schedule Of Changes In Unrecognized Pension And Postretirement Items
The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss:
 
Unrecognized Net Loss 
 
Before tax
 
Net of tax
 
(in thousands)
Balance as of December 31, 2016
$
30,169

 
$
19,610

Recognized as a component of 2017 periodic pension cost
(2,652
)
 
(1,724
)
Unrecognized gains arising in 2017
1,042

 
678

Balance as of December 31, 2017
28,559

 
18,564

Recognized as a component of 2018 periodic pension cost
(2,429
)
 
(1,892
)
Unrecognized losses arising in 2018
(1,783
)
 
(1,389
)
Re-measurement adjustments for tax rate changes
—

 
3,678

Balance as of December 31, 2018
$
24,347

 
$
18,961
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31:
 
2018
 
2017
 
2016
Discount rate-projected benefit obligation
4.25
%
 
3.50
%
 
4.00
%
Expected long-term rate of return on plan assets
5.00
%
 
5.00
%
 
5.00
%
Schedule of Allocation of Plan Assets
The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31:
 
2018
 
2017
 
Estimated
Fair Value
 
% of Total
Assets
 
Estimated
Fair Value
 
% of Total
Assets
 
(dollars in thousands)
Equity mutual funds
$
18,532

 

 
$
19,219

 

Equity common trust funds
9,062

 

 
9,612

 

Equity securities
27,594

 
47.7
%
 
28,831

 
53.3
%
Cash and money market funds
10,754

 

 
5,675

 

Fixed income mutual funds
11,523

 

 
11,136

 

Corporate debt securities
2,985

 

 
2,999

 

U.S. Government agency securities
—

 


 
249

 


Fixed income securities and cash
25,262

 
43.7
%
 
20,059

 
37.1
%
Other alternative investment funds
4,969

 
8.6
%
 
5,171

 
9.6
%

$
57,825

 
100.0
%
 
$
54,061

 
100.0
%
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows (in thousands):
Year
 
2019
$
3,899

2020
4,203

2021
4,390

2022
4,500

2023
4,628

2024 – 2028
24,718

 
$
46,338
Other Postretirement Benefit Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost
The components of the net (benefit) expense for postretirement benefits other than pensions are as follows:
 
2018
 
2017
 
2016
 
(in thousands)
Interest cost
$
57

 
$
68

 
$
85

Net amortization and deferral
(559
)
 
(565
)
 
(551
)
Net postretirement benefit
$
(502
)
 
$
(497
)
 
$
(466
)
Schedule of Changes in Accumulated Postemployment Benefit Obligations


The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31:
 
2018
 
2017
 
(in thousands)
Accumulated postretirement benefit obligation at beginning of year
$
1,700

 
$
1,926

Interest cost
57

 
68

Benefit payments
(205
)
 
(216
)
Experience gain
35

 
(104
)
Change in assumptions
(67
)
 
26

Accumulated postretirement benefit obligation at end of year
$
1,520

 
$
1,700

 
 
 
 
Fair value of plan assets at beginning of year
$
—

 
$
3

Employer contributions
205

 
213

Benefit payments
(205
)
 
(216
)
Fair value of plan assets at end of year
$
—

 
$
—
Schedule Of Changes In Unrecognized Pension And Postretirement Items
The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss:
 
Before tax
 
 
 
Unrecognized
Prior Service
Cost
 
Unrecognized
Net Loss (Gain)
 
Total
 
Net of tax
 
(in thousands)
Balance as of December 31, 2016
$
(4,869
)
 
$
(1,183
)
 
$
(6,052
)
 
$
(3,935
)
Recognized as a component of 2017 postretirement benefit cost
465

 
101

 
566

 
368

Unrecognized gains arising in 2017
—

 
(77
)
 
(77
)
 
(50
)
Balance as of December 31, 2017
(4,404
)
 
(1,159
)
 
(5,563
)
 
(3,617
)
Recognized as a component of 2018 postretirement benefit cost
464

 
95

 
559

 
435

Unrecognized gains arising in 2018
—

 
(32
)
 
(32
)
 
(25
)
Re-measurement adjustments for tax rate changes
—

 
—

 
—

 
(721
)
Balance as of December 31, 2018
$
(3,940
)
 
$
(1,096
)
 
$
(5,036
)
 
$
(3,928
)
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31:
 
2018
 
2017
 
2016
Discount rate-projected benefit obligation
4.25
%
 
3.50
%
 
4.25
%
Expected long-term rate of return on plan assets
3.00
%
 
3.00
%
 
3.00
%
Schedule of Expected Benefit Payments
Estimated future benefit payments under the Postretirement Plan are as follows (in thousands):
Year
 
2019
$
189

2020
176

2021
164

2022
151

2023
140

2024 – 2028
534

 
$
1,354