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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
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. During 2024, the Company terminated 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) |  | 2024 |  | 2023
Projected benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 87,127 |  |  | $ | 85,433 |
Interest cost |  | 4,280 |  |  | 4,314 |
Actuarial (gain) loss |  | (6,047) |  |  | 865 |
Benefits paid |  | (84,576) |  |  | (3,485) |
Balance, December 31 |  | $ | 784 |  |  | $ | 87,127 |
Plan assets: |  |  |  |
Fair value, January 1 |  | $ | 86,754 |  |  | $ | 83,394 |
Actual investment return |  | 996 |  |  | 8,097 |
Expenses paid from plan assets |  | (1,045) |  |  | (1,252) |
Benefits paid |  | (84,576) |  |  | (3,485) |
Fair value, December 31 |  | $ | 2,129 |  |  | $ | 86,754 |
Funded status: |  |  |  |
Accrued pension asset (liability) |  | $ | 1,345 |  |  | $ | (373) |
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2024, the projected benefit obligation represents actual benefit payments to be made during the first quarter of 2025. During the fourth quarter of 2024, the plan liabilities were settled with lump sum payments and the purchase of annuity contracts. The remaining projected benefit obligation at December 31, 2024 represents benefit payments to be made to retirees prior to the administration of the Plan being taken over by the insurance company that assumed the annuity contracts from the Plan. For 2024, 2023 and 2022, 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-2022 Mortality Improvement Scale were used.
|  | 2024 |  | 2023 |  | 2022
Weighted average discount rate |  | 5.60 | % |  | 5.05 | % |  | 5.25 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | N/A
The accumulated benefit obligation was $784,000 and $87.1 million as of December 31, 2024 and 2023, respectively. The Company made no contributions during 2024 or 2023 to the Plan. The following pension benefit payments, as appropriate, are expected to be paid by the Plan:
|  | Amount
2025 |  | $ | 784,000 |
2026 and thereafter |  | — |
The Plan’s net periodic pension cost (benefit) included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligations |  | 4,280 |  |  | 4,314 |  |  | 3,293 |
Expected return on plan assets |  | (3,566) |  |  | (3,735) |  |  | (5,857) |
Net amortization and deferral |  | 3,458 |  |  | 154 |  |  | — |
Net periodic pension cost (benefit) |  | $ | 4,172 |  |  | $ | 733 |  |  | $ | (2,564) |
The following represent the major assumptions used to determine the net periodic pension cost (benefit) of the Plan:
|  | 2024 |  | 2023 |  | 2022
Weighted average discount rate |  | 5.05 | % |  | 5.25 | % |  | 2.85 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | N/A
Expected long-term rate of return on assets |  | 5.00 | % |  | 6.00 | % |  | 6.00 | %
Prior to the Plan termination, the investment objective for the Plan was to maximize total return with a tolerance for average risk. As of December 31, 2024, the remaining Plan assets of $2.1 million are fully invested in cash. A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31,
|  | 2024 |  | 2023
(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 |  | $ | 2,129 |  |  | $ | 2,129 |  |  | $ | — |  |  | $ | 614 |  |  | $ | 614 |  |  | $ | — |
Real estate investment trusts |  | — |  |  | — |  |  | — |  |  | 2,849 |  |  | — |  |  | 2,849 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Small/Mid Cap Growth |  | — |  |  | — |  |  | — |  |  | 987 |  |  | — |  |  | 987 |
Non-U. S. Core |  | — |  |  | — |  |  | — |  |  | 3,811 |  |  | — |  |  | 3,811 |
U.S. Large Cap Passive |  | — |  |  | — |  |  | — |  |  | 3,333 |  |  | — |  |  | 3,333 |
Emerging Markets |  | — |  |  | — |  |  | — |  |  | 1,391 |  |  | — |  |  | 1,391 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  | — |  |  | — |  |  | — |  |  | 69,710 |  |  | — |  |  | 69,710 |
Opportunistic |  | — |  |  | — |  |  | — |  |  | 4,059 |  |  | — |  |  | 4,059 |
Total |  | $ | 2,129 |  |  | $ | 2,129 |  |  | $ | — |  |  | $ | 86,754 |  |  | $ | 614 |  |  | $ | 86,140 |
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) |  | 2024 |  | 2023
Benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 9,501 |  |  | $ | 9,579 |
Interest cost |  | 450 |  |  | 472 |
Benefits paid |  | (382) |  |  | (400) |
Actuarial gain |  | (757) |  |  | (150) |
Balance, December 31 |  | $ | 8,812 |  |  | $ | 9,501 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2024, 2023 and 2022, the SERP’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve.
|  | 2024 |  | 2023 |  | 2022
Weighted average discount rate |  | 5.50 | % |  | 4.95 | % |  | 5.15 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | N/A
The accumulated benefit obligation was $8.8 million and $9.5 million as of December 31, 2024 and 2023, respectively. Since this is an unfunded plan, there are no plan assets. Benefits paid were $382,000 in 2024, $400,000 in 2023, and $348,000 in 2022. Expected future benefits payable by the Company over the next ten years are as follows:
|  | Amount
2025 |  | $ | 792,000 |
2026 |  | 789,000 |
2027 |  | 786,000 |
2028 |  | 781,000 |
2029 |  | 774,000 |
2030-2034 |  | $ | 3,711,000 |
Net periodic benefit cost related to the SERP included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligations |  | 450 |  |  | 472 |  |  | 318 |
Net amortization and deferral |  | — |  |  | — |  |  | 108 |
Net periodic pension cost |  | $ | 450 |  |  | $ | 472 |  |  | $ | 426 |
The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:
|  | The Plan |  | SERP
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss (gain) |  | — |  |  | 4,434 |  |  | (1,044) |  |  | (287) |
Total |  | $ | — |  |  | $ | 4,434 |  |  | $ | (1,044) |  |  | $ | (287) |
The estimated pretax prior service cost and net actuarial loss (gain) in accumulated other comprehensive loss at December 31, 2024 expected to be recognized as components of net periodic benefit cost in 2025 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 2024, 2023, and 2022 was $4.9 million, $6.8 million, and $7.9 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 2024, 2023 and 2022 were $4.1 million, $5.1 million, and $4.6 million, respectively.

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