Employee Benefit Plans

3 Months Ended

Mar. 31, 2020

Retirement Benefits, Description [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

BancShares sponsors noncontributory defined benefit pension plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages while all other non-service cost components are included in other noninterest expense.

For the three months ended March 31, 2020 and 2019, the components of net periodic benefit cost are as follows:

	Three months ended March 31
(Dollars in thousands)	2020			2019
Service cost	$	3,457		$	3,113
Interest cost	8,531			9,291
Expected return on assets	(16,409		)	(15,635		)
Amortization of prior service cost	—			14
Amortization of net actuarial loss	6,264			2,741
Net periodic cost (benefit)	$	1,843		$	(476	)

A discretionary contribution of $100.0 million was made to the pension plans during the three months ended March 31, 2020. Management evaluates the need for its pension plan contributions on a periodic basis based upon numerous factors including, but not limited to, the funded status of the plans, returns on plan assets, discount rates and the current economic environment.