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Employee Benefit Plans
 12 Months Ended
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)20242023
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.
202420232022
Weighted average discount rate 5.60 %5.05 %5.25 %
Rate of increase in compensation levels N/AN/AN/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)202420232022
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:
202420232022
Weighted average discount rate 5.05 %5.25 %2.85 %
Rate of increase in compensation levels N/AN/AN/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,
20242023
(In thousands)TotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Observable
Inputs
(Level 2)		TotalQuoted 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)20242023
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.
202420232022
Weighted average discount rate 5.50 %4.95 %5.15 %
Rate of increase in compensation levels N/AN/AN/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 
2026789,000 
2027786,000 
2028781,000 
2029774,000 
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)202420232022
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 PlanSERP
(In thousands)2024202320242023
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.