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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities
The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:
(dollars in thousands)20212020
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$117,506 $113,679 
Interest cost2,950 3,456 
Actuarial gain/(loss)(2,136)10,525 
Benefits paid(14,223)(10,154)
Projected Benefit Obligation at End of Year$104,097 $117,506 
Change in Plan Assets
Fair value of plan assets at beginning of year$122,344 $116,652 
Actual return on plan assets(596)15,731 
Employer contributions— 115 
Benefits paid(14,223)(10,154)
Fair Value of Plan Assets at End of Year$107,525 $122,344 
Funded Status$3,428 $4,838 
Accumulated Other Comprehensive Income (Loss)
The following table sets forth the amounts recognized in accumulated other comprehensive income at December 31:
(dollars in thousands)20212020
Net actuarial loss(18,029)(19,572)
Total (Before Tax Effects)
$(18,029)$(19,572)
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation
Below are the actuarial weighted average assumptions used in determining the benefit obligation:
20212020
Discount rate2.80 %2.48 %
Rate of compensation increase(1)
— %— %
(1)Rate of compensation increase is not applicable for 2021 and 2020 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.
The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
202120202019
Discount rate2.48 %3.25 %4.31 %
Rate of compensation increase(1)
— %— %— %
Expected return on assets2.42 %3.45 %4.80 %
(1)Rate of compensation increase is not applicable for 2021, 2020, and 2019 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
(dollars in thousands)202120202019
Components of Net Periodic Pension Cost
Interest cost on projected benefit obligation$2,950 $3,456 $3,987 
Expected return on plan assets(2,677)(3,925)(4,731)
Amortization of prior service credit - DNB merger— — 7 
Recognized net actuarial loss1,051 1,419 1,604 
Settlement charge1,629 833 — 
Net Periodic Pension Expense$2,953 $1,783 $867 
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
Net actuarial loss/(gain)$1,137 $(1,282)$2,370 
Recognized net actuarial loss(1,051)(1,419)(1,604)
Settlement loss recognized(1,629)(833)— 
Recognized prior service credit— — — 
Total (Before Tax Effects)$(1,543)$(3,534)$766 
Total Recognized in Net Benefit Cost and Other Comprehensive Income/(Loss) (Before Tax Effects)$1,410 $(1,751)$1,633 
Schedule of Expected Benefit Payments
The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
(dollars in thousands)Amount
2022$7,088 
20237,023 
20246,768 
20256,590 
20266,361 
2027 - 203130,536 
Pension Plan Assets Measured at Fair Value on Recurring Basis
The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2021 and 2020. During the years ended December 31, 2021 and 2020 there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2021 or 2020.
December 31, 2021
Fair Value Asset Classes(1)
(dollars in thousands)Level 1Level 2Level 3Total
Cash and cash equivalents(2)
$3,759 $— $— $3,759 
Fixed income(3)
93,495 — — 93,495 
Equities:
Equity index mutual funds—international(4)
3,043 — — 3,043 
Domestic individual equities(5)
7,228 — — 7,228 
Total Assets at Fair Value$107,525 $— $— $107,525 
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)This asset class includes FDIC insured money market instruments.
(3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar.
(4)The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares.
(5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
December 31, 2020
Fair Value Asset Classes(1)
(dollars in thousands)Level 1Level 2Level 3Total
Cash and cash equivalents(2)
$1,563 $— $— $1,563 
Fixed income(3)
108,583 — — 108,583 
Equities:
Equity index mutual funds—international(4)
3,332 — — 3,332 
Domestic individual equities(5)
8,866 — — 8,866 
Total Assets at Fair Value$122,344 $— $— $122,344 
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)This asset class includes FDIC insured money market instruments.
(3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar.
(4)The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares.
(5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.