Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following table provides a reconciliation of the changes in the supplemental retirement benefit obligation and the net periodic benefit cost for the years ended December 31:

(Dollars in thousands)	2024			2023			2022
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	$	1,192		$	1,420		$	1,708
Net periodic benefit cost:
Interest cost	61			69			74
Actuarial gain	(7)			(21)			(86)
Net periodic benefit costs	$	54		$	48		$	(12)
Benefits paid	(276)			(276)			(276)
Benefit obligation at end of year	$	970		$	1,192		$	1,420
Funded status:
Accrued liability as of December 31	$	(970)		$	(1,192)		$	(1,420)
Discount rate used for benefit obligation(1)	5.50		%	5.25		%	4.75		%

__________________________________________

(1)Management utilizes the Moody's 20-year AA corporate bond rates to establish the reasonableness of the discount rate used. The Company reviews and periodically updates the discount rate to reflect changes in bond market rates. The impact of the discount rate change is reflected as the actuarial gain or loss.

The following table provides a reconciliation of the changes in the post-retirement supplemental life insurance plan obligation and the net periodic benefit cost for the years ended December 31:

(Dollars in thousands)	2024			2023			2022
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	$	2,277		$	2,358		$	2,620
Net periodic benefit cost:
Service cost	(32)			(29)			(26)
Interest cost	124			115			105
Actuarial gain	(25)			(167)			(341)
Total net period cost	$	67		$	(81)		$	(262)
Benefit obligation at end of year	$	2,344		$	2,277		$	2,358
Funded status:
Accrued liability as of December 31	$	(2,344)		$	(2,277)		$	(2,358)
Discount rate used for benefit obligation(1)	5.50		%	5.25		%	4.75		%

__________________________________________

(1)    Management utilizes the Moody's 20-year AA corporate bond rates to establish the reasonableness of the discount rate used. The Company reviews and periodically updates the discount rate to reflect changes in bond market rates. The impact of the discount rate change is reflected as the actuarial gain or loss.

Schedule of Expected Benefit Payments

SERP benefits expected to be paid in each of the next five years and in the aggregate five years thereafter: 

(Dollars in thousands)	Payments
2025	$	276
2026	276
2027	276
2028	165
2029	95
2030-2034	24