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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
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)20222021
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$104,097 $117,506 
Interest cost3,160 2,950 
Actuarial gain(23,020)(2,136)
Benefits paid(10,871)(14,223)
Projected Benefit Obligation at End of Year$73,366 $104,097 
Change in Plan Assets
Fair value of plan assets at beginning of year$107,525 $122,344 
Actual loss on plan assets(23,568)(596)
Benefits paid(10,871)(14,223)
Fair Value of Plan Assets at End of Year$73,086 $107,525 
Funded Status$(280)$3,428 
Accumulated Other Comprehensive Income (Loss)
The following table sets forth the amounts recognized in accumulated OCI at December 31:
(dollars in thousands)20222021
Net actuarial loss19,409 18,029 
Total (Before Tax Effects)
$19,409 $18,029 
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation
Below are the actuarial weighted average assumptions used in determining the benefit obligation:
20222021
Discount rate5.41 %2.80 %
Rate of compensation increase(1)
— %— %
(1)Rate of compensation increase is not applicable due to the plan 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:
202220212020
Discount rate2.80 %2.48 %3.25 %
Rate of compensation increase(1)
— %— %— %
Expected return on assets3.29 %2.42 %3.45 %
(1)Rate of compensation increase is not applicable due to the plan 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)202220212020
Components of Net Periodic Pension Cost
Interest cost on projected benefit obligation$3,160 $2,950 $3,456 
Expected return on plan assets(3,158)(2,677)(3,925)
Recognized net actuarial loss1,229 1,051 1,419 
Settlement charge1,097 1,629 833 
Net Periodic Pension Expense$2,328 $2,953 $1,783 
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
Net actuarial loss/(gain)$3,706 $1,137 $(1,282)
Recognized net actuarial loss(1,229)(1,051)(1,419)
Settlement loss recognized(1,097)$(1,629)(833)
Total Changes in Plan Assets and Benefit Obligation Before Tax Effects$1,380 $(1,543)$(3,534)
Total Recognized in Net Benefit Cost and Other Comprehensive Income/(Loss) (Before Tax Effects)$3,708 $1,410 $(1,751)
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
2023$6,285 
20246,071 
20255,973 
20265,861 
20275,858 
2028 - 203228,021 
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, 2022 and 2021. During the years ended December 31, 2022 and 2021 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 2022 or 2021.
December 31, 2022
Fair Value Asset Classes(1)
(dollars in thousands)Level 1Level 2Level 3Total
Cash and cash equivalents(2)
$939 $— $— $939 
Fixed income(3)
64,878 — — 64,878 
Equities:
Equity index mutual funds—international(4)
2,231 — — 2,231 
Domestic individual equities(5)
5,038 — — 5,038 
Total Assets at Fair Value$73,086 $— $— $73,086 
(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, 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 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.