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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Company froze the benefits of the Plan as of February 28, 2021. As such, subsequent to February 28, 2021, there is no service cost associated with the Plan. A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
(In thousands) |  | 2023 |  | 2022
Projected benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 85,433 |  |  | $ | 117,323 |
Interest cost |  | 4,314 |  |  | 3,293 |
Actuarial gain |  | 865 |  |  | (31,982) |
Benefits paid |  | (3,485) |  |  | (3,201) |
Balance, December 31 |  | $ | 87,127 |  |  | $ | 85,433 |
Plan assets: |  |  |  |
Fair value, January 1 |  | $ | 83,394 |  |  | $ | 114,136 |
Actual investment return |  | 8,097 |  |  | (26,820) |
Expenses paid from plan assets |  | (1,252) |  |  | (721) |
Benefits paid |  | (3,485) |  |  | (3,201) |
Fair value, December 31 |  | $ | 86,754 |  |  | $ | 83,394 |
Funded status: |  |  |  |
Accrued pension liability |  | $ | (373) |  |  | $ | (2,039) |
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2023, 2022 and 2021, the Plan’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve. For 2023 and 2022, the Pri-2012 Mortality Table and MP-2021 Mortality Improvement Scale were used. For 2021, the Pri-2012 Mortality Table and MP-2021 Mortality Improvement Scale were used.
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 5.05 | % |  | 5.25 | % |  | 2.85 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a)
(a)6.0% graded down to 3.25% over the first seven years of service. The accumulated benefit obligation was $87.1 million and $85.4 million as of December 31, 2023 and 2022, respectively. The Company made no contributions during 2023 or 2022 to the Plan. The Company has not determined if it will make a contribution to the Plan in 2024. The following pension benefit payments, as appropriate, are expected to be paid by the Plan:
|  | Amount
2024 |  | $ | 4,328,000 |
2025 |  | 4,532,000 |
2026 |  | 4,758,000 |
2027 |  | 4,968,000 |
2028 |  | 5,161,000 |
2029-2033 |  | 28,280,000 |
The Plan’s net periodic pension cost (benefit) included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | 1,002 |
Interest cost on projected benefit obligations |  | 4,314 |  |  | 3,293 |  |  | 3,076 |
Expected return on plan assets |  | (3,735) |  |  | (5,857) |  |  | (6,310) |
Net amortization and deferral |  | 154 |  |  | — |  |  | 393 |
Net periodic pension cost (benefit) |  | $ | 733 |  |  | $ | (2,564) |  |  | $ | (1,839) |
The following represent the major assumptions used to determine the net periodic pension cost (benefit) of the Plan:
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 5.25 | % |  | 2.85 | % |  | 2.55 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a )
Expected long-term rate of return on assets |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
(a)6.0% graded down to 3.25% over the first seven years of service. For 2023 and 2022, the Pri-2012 Mortality Table and the MP-2021 Mortality Improvement Table were used. For 2021, the Pri-2012 Mortality Table and the MP-2020 Mortality Improvement Table were used. The investment objective for the Plan is to maximize total return with a tolerance for average risk. Asset allocation is a balance between fixed income and equity investments, with a target allocation of approximately 86% fixed income, and 14% equity. Due to volatility in the market, this target allocation is not always desirable and asset allocations can fluctuate between acceptable ranges. The fixed income component is invested in pooled investment grade securities. The equity components are invested in pooled large cap, small/mid cap and non-U.S. stocks. The expected one-year nominal returns and annual standard deviations are shown by asset class below:
Asset Class |  | % of Total Portfolio |  | One-Year Nominal Return |  | Annual Standard Deviation
Core Fixed Income |  | 86.0 | % |  | 4.52 | % |  | 4.30 | %
Global Equity |  | 14.0 | % |  | 8.54 | % |  | 18.12 | %
Applying appropriate correlation factors between each of the asset classes the long-term rate of return on assets is estimated to be 5.00%. A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31,
|  | 2023 |  | 2022
(In thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2)
Cash |  | $ | 614 |  |  | $ | 614 |  |  | $ | — |  |  | $ | 566 |  |  | $ | 566 |  |  | $ | — |
Real estate investment trusts |  | 2,849 |  |  | — |  |  | 2,849 |  |  | 7,120 |  |  | — |  |  | 7,120 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Small/Mid Cap Growth |  | 987 |  |  | — |  |  | 987 |  |  | 2,055 |  |  | — |  |  | 2,055 |
Non-U. S. Core |  | 3,811 |  |  | — |  |  | 3,811 |  |  | 7,822 |  |  | — |  |  | 7,822 |
U.S. Large Cap Passive |  | 3,333 |  |  | — |  |  | 3,333 |  |  | 8,319 |  |  | — |  |  | 8,319 |
Emerging Markets |  | 1,391 |  |  | — |  |  | 1,391 |  |  | 3,000 |  |  | — |  |  | 3,000 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  | 69,710 |  |  | — |  |  | 69,710 |  |  | 51,756 |  |  | — |  |  | 51,756 |
Opportunistic |  | 4,059 |  |  | — |  |  | 4,059 |  |  | 2,756 |  |  | — |  |  | 2,756 |
Total |  | $ | 86,754 |  |  | $ | 614 |  |  | $ | 86,140 |  |  | $ | 83,394 |  |  | $ | 566 |  |  | $ | 82,828 |
Supplemental Executive Retirement Plan The Company also has an unfunded supplemental executive retirement plan (“SERP”) which covers key executives of the Company whose benefits are limited by the Internal Revenue Service under the Company’s qualified retirement plan. The SERP is a noncontributory plan in which the Company’s subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as the Plan. A summary of the activity in the SERP’s projected benefit obligation and amounts recognized in the Company’s consolidated balance sheets is as follows:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 9,579 |  |  | $ | 12,420 |
Interest cost |  | 472 |  |  | 318 |
Benefits paid |  | (400) |  |  | (348) |
Actuarial gain |  | (150) |  |  | (2,811) |
Balance, December 31 |  | $ | 9,501 |  |  | $ | 9,579 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2023, 2022 and 2021, the SERP’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve.
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 4.95 | % |  | 5.15 | % |  | 2.65 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a)
(a)6.00% graded down to 3.25% over the first seven years of service. The accumulated benefit obligation was $9.5 million and $9.6 million as of December 31, 2023 and 2022, respectively. Since this is an unfunded plan, there are no plan assets. Benefits paid were $400,000 in 2023, $348,000 in 2022, and $282,000 in 2021. Expected future benefits payable by the Company over the next ten years are as follows:
|  | Amount
2024 |  | $ | 792,000 |
2025 |  | 790,000 |
2026 |  | 787,000 |
2027 |  | 783,000 |
2028 |  | 778,000 |
2029-2033 |  | $ | 3,754,000 |
Net periodic pension cost related to the SERP included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | 147 |
Interest cost on projected benefit obligations |  | 472 |  |  | 318 |  |  | 291 |
Net amortization and deferral |  | — |  |  | 108 |  |  | 203 |
Net periodic pension cost |  | $ | 472 |  |  | $ | 426 |  |  | $ | 641 |
The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:
|  | The Plan |  | SERP
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss (gain) |  | 4,434 |  |  | 6,833 |  |  | (287) |  |  | (136) |
Total |  | $ | 4,434 |  |  | $ | 6,833 |  |  | $ | (287) |  |  | $ | (136) |
The estimated pretax prior service cost and net actuarial loss (gain) in accumulated other comprehensive loss at December 31, 2023 expected to be recognized as components of net periodic benefit cost in 2024 for both the Plan and SERP is $0. The Company also maintains a noncontributory profit sharing program, which covers most of its employees. Employer contributions are calculated based upon formulas which relate to current operating results and other factors. Profit sharing expense recognized in personnel expense in the consolidated statements of income in 2023, 2022, and 2021 was $6.8 million, $7.9 million, and $6.4 million, respectively. The Company also sponsors a defined contribution 401(k) plan to provide additional retirement benefits to substantially all employees. Contributions under the 401(k) plan for 2023, 2022 and 2021 were $5.1 million, $4.6 million, and $3.5 million, respectively.

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