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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth information regarding the Pension, RIM, Post-retirement and Split-Dollar Life Insurance Plans at December 31, 2021 and 2020:

(14) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd)


	December 31,
	2021		2020		2021		2020		2021		2020		2021		2020
	Pension Plan				RIM Plan				Post-retirement Plan				Split-Dollar Life Insurance
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	312,440	$	263,826	$	16,530	$	13,696	$	30,621	$	24,603	$	19,981	$	14,100
Acquired	—		—		—		—		—		—		—		1,981
Service cost	8,044		7,985		398		267		520		394		562		467
Interest cost	7,317		7,608		343		405		562		683		500		507
Actuarial (gain) loss	(9,023)		40,281		(1,292)		2,506		(4,805)		5,506		(903)		3,137
Benefits paid	(8,362)		(7,260)		(329)		(344)		(563)		(565)		—		(211)
Benefit obligation at end of year	310,416		312,440		15,650		16,530		26,335		30,621		20,140		19,981

Change in plan assets:
Fair value of plan assets at beginning of year	411,907		356,347		—		—		—		—		—		—
Actuarial return on plan assets	53,587		50,820		—		—		—		—		—		—
Employer contributions	35,000		12,000		329		344		563		565		—		211
Benefits paid	(8,362)		(7,260)		(329)		(344)		(563)		(565)		—		(211)
Fair value of plan assets at end of year	492,132		411,907		—		—		—		—		—		—
Funded status at end of year	$	181,716	$	99,467	$	(15,650)	$	(16,530)	$	(26,335)	$	(30,621)	$	(20,140)	$	(19,981)

Schedule of Net Benefit Costs

Net periodic benefit (income) cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the years ended December 31, 2021 and 2020, and 2019, includes the following components:


	For the Year Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	8,044	$	398	$	520	$	562	Compensation and employee benefits
Interest cost	7,317		343		562		500		Other non-interest expense
Expected return on plan assets	(26,833)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	2,001		664		613		765		Other non-interest expense
Net periodic (income) benefit cost	$	(9,471)	$	1,405	$	1,695	$	1,883


	For the Year Ended December 31, 2020
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	7,985	$	267	$	394	$	467	Compensation and employee benefits
Interest cost	7,608		405		683		507		Other non-interest expense
Expected return on plan assets	(23,375)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	4,902		397		309		454		Other non-interest expense
Net periodic (income) benefit cost	$	(2,880)	$	1,069	$	1,386	$	1,484

(14) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd)


	For the Year Ended December 31, 2019
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	6,494	$	210	$	339	$	354	Compensation and employee benefits
Interest cost	8,569		466		826		457		Other non-interest expense
Expected return on plan assets	(21,058)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	3,070		244		147		247		Other non-interest expense
Net periodic (income) benefit cost	$	(2,925)	$	920	$	1,312	$	1,114

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income related to the Pension Plan, RIM Plan, and Post-retirement Plan on a pre-tax basis, at December 31, 2021, 2020, and 2019, are summarized in the following table:


	At December 31,
	2021								2020
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	350	$	—	$	—	$	—	$	405
Unrecognized net actuarial income	38,909		5,730		6,999		7,071		76,686		7,686		12,417		8,741
Total accumulated other comprehensive income	$	38,909	$	5,730	$	6,999	$	7,421	$	76,686	$	7,686	$	12,417	$	9,146

(14) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd)


	At December 31, 2019
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	461
Unrecognized net actuarial income	68,752		5,777		7,221		6,058
Total accumulated other comprehensive income	$	68,752	$	5,777	$	7,221	$	6,519

The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2021, 2020, and 2019 were as follows:


	At and For the Years Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.140	%	2.970	%	2.900	%	3.220	%
Rate of compensation increase	3.750		3.750		N/A		3.750
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	2.920	%	2.670	%	2.590	%	3.010	%
Remeasurement rate	3.200		N/A		N/A		N/A
Service cost	3.210		2.930		2.960		3.260
Remeasurement rate	3.460		N/A		N/A		N/A
Interest cost	2.280		2.100		1.880		2.530
Remeasurement rate	2.550		N/A		N/A		N/A
Expected rate of return on plan assets	6.200		N/A		N/A		N/A
Rate of compensation increase	3.750		3.750		N/A		3.750

(14) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd)


	At and For the Years Ended December 31, 2020
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	2.920	%	2.670	%	2.590	%	3.010	%
Rate of compensation increase	3.750		3.750		N/A		3.750
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	3.490	%	3.330	%	3.270	%	3.540	%
Remeasurement rate	2.740		N/A		N/A		N/A
Service cost	3.660		3.460		3.520		3.710
Remeasurement rate	2.970		N/A		N/A		N/A
Interest cost	3.120		3.000		2.850		3.280
Remeasurement rate	2.220		N/A		N/A		N/A
Expected rate of return on plan assets	6.500		N/A		N/A		N/A
Rate of compensation increase	3.500		3.500		N/A		3.500


	At and For the Years Ended December 31, 2019
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.490	%	3.330	%	3.270	%	3.540	%
Rate of compensation increase	3.500		3.500		N/A		3.500
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	4.570	%	4.470	%	4.410	%	4.630	%
Remeasurement rate	3.850		N/A		N/A		N/A
Service cost	4.700		4.570		4.600		4.740
Remeasurement rate	4.040		N/A		N/A		N/A
Interest cost	4.250		4.180		4.050		4.390
Remeasurement rate	3.440		N/A		N/A		N/A
Expected rate of return on plan assets	7.000		N/A		N/A		N/A
Rate of compensation increase	3.500		3.500		N/A		3.500

Schedule of Expected Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows:


For the Year Ended December 31,	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

2022	$	9,026	$	399	$	1,354	$	313
2023	10,502		496		1,379		365
2024	11,224		634		1,442		413
2025	11,855		736		1,503		458
2026	12,497		780		1,554		512
2027 - 2031	71,132		4,267		7,840		2,695

Schedule of Allocation of Plan Assets

The weighted average asset allocation of pension assets at December 31, 2021 and 2020 were as follows:


	December 31,
	2021		2020

Domestic equities	44.2	%	44.1	%
Foreign equities	12.2		13.4
Fixed income	40.7		37.8
Real estate	2.4		4.4
Cash	0.5		0.3
Total	100.0	%	100.0	%

The target allocation of assets and acceptable ranges around the targets are as follows:


			Allowable Range
Equities			40-60%
Fixed income			40-60%
Real estate			0-10%
Cash			0-15%

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2021 and 2020, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.


	December 31, 2021
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	2,537	$	2,537	$	—	$	—
Mutual funds - value stock fund	36,477		36,477		—		—
Mutual funds - fixed income	200,349		200,349		—		—
Mutual funds - international stock	60,042		60,042		—		—
Mutual funds - institutional stock index	181,013		181,013		—		—
Commingled real estate funds	11,714		—		11,714		—
	$	492,132	$	480,418	$	11,714	$	—

(14) Employee Benefit Plans (continued)

Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd)


	December 31, 2020
			Fair Value Measurements
	Fair value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	1,434	$	1,434	$	—	$	—
Mutual funds - value stock fund	29,914		29,914		—		—
Mutual funds - fixed income	155,864		155,864		—		—
Mutual funds - international stock	55,300		55,300		—		—
Mutual funds - institutional stock index	151,436		151,436		—		—
Commingled real estate funds	17,959		—		17,959		—
	$	411,907	$	393,948	$	17,959	$	—

Employee Stock Ownership Plan (ESOP) Disclosures

The ESOP shares were as follows:


	At December 31,
	2021		2020
	(In thousands)

Allocated shares	802		606
Unearned shares	3,702		3,929
Total ESOP shares	4,504		4,535
Fair value of unearned ESOP shares	$	77,226	$	61,139

Nonvested Restricted Stock Shares Activity

The following is a summary of the Company's restricted stock activity during the years ended December 31, 2021 and 2020:


	Number of Restricted Shares	Weighted Average Grant Date Fair Value

Non-vested at January 1, 2020	1,420,012	$	15.67
Grants	33,160	15.08
Vested	(172,756)	15.66
Forfeited	(17,247)	16.02
Non-vested at December 31, 2020	1,263,169	$	15.66
Grants	50,203	17.86
Vested	(193,528)	15.58
Forfeited	(65,509)	15.62
Non-vested at December 31, 2021	1,054,335	$	15.78

Share-based Payment Arrangement, Option, Activity

The following is a summary of the Company's option activity during the years ended December 31, 2021 and 2020:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

Outstanding January 1, 2020	3,784,044	$	15.67	9.6	$	4,812,490
Expired	(10,457)	15.98		—	—
Forfeited	(64,959)	15.84		—	—
Outstanding, December 31, 2020	3,708,628	$	15.66	8.6	$	—
Granted	109,654	17.86		—	—
Exercised	(28,522)	15.60		—	—
Expired	(20,894)	15.60		—	—
Forfeited	(131,324)	15.66		—	—
Outstanding, December 31, 2021	3,637,542	$	15.78	7.6	$	18,654,905
Options exercisable at December 31, 2021	1,427,311	$	15.67	7.5	$	7,412,277