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Retirement Plans and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans and Other Postretirement Benefits Retirement Plans and Other Postretirement Benefits
Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$48,777 $47,279 $2,209 $2,524 
Service cost565 532 56 76 
Interest cost2,383 2,365 108 129 
Actuarial (loss) gain(2,225)1,436 (301)(427)
Benefits paid(4,730)(2,835)(86)(93)
Benefit obligation at end of year$44,770 $48,777 $1,986 $2,209 
Change in plan assets:
Fair value of plan assets at beginning of year$54,348 $49,399 $— $— 
Actual return on plan assets7,002 7,627 — — 
Benefits paid(4,730)(2,835)(86)(93)
Employer contribution and non-qualified benefit payments157 157 86 93 
Fair value of plan assets at end of year$56,777 $54,348 $— $— 
Funded status12,007 5,571 (1,986)(2,209)
Unrecognized net actuarial loss (gain)9,265 15,715 (1,015)(784)
Net amount recognized$21,272 $21,286 $(3,001)$(2,993)

The net actuarial loss (gain) for December 31, 2024 and 2023 was the result of changes in the discount rate, interest crediting rate, cash balance conversion rate and driven by greater than expected compensation increases for certain active participants and active participants working past normal retirement date.
Components of net periodic benefit cost (income) were as follows: 
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)202420232022202420232022
Service cost$565 $532 $558 $56 $76 $123 
Interest cost2,383 2,365 1,573 108 129 96 
Expected loss on plan assets(3,478)(3,056)(3,756)— — — 
Amortization of net actuarial loss (gain)700 1,001 817 (113)(16)56 
Net periodic benefit cost (income)$170 $842 $(808)$51 $189 $275 

The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the consolidated statement of income.
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
Expected amortization expense for 2025:
Amortization (accretion) of net actuarial loss (gain)$251 $(102)

During 2025, the Corporation expects to contribute approximately $156 thousand to the Retirement Plans and approximately $107 thousand to Other Postretirement Benefit Plans.
The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
For the fiscal year ending:
2025$3,202 $107 
20263,270 112 
20273,297 117 
20283,328 121 
20293,365 128 
Years 2030-203416,818 680 
       Total$33,280 $1,265 
Weighted-average assumptions used to determine benefit obligations at December 31, 2024 and 2023 were as follows:
Retirement PlansOther Postretirement Benefits
2024202320242023
Assumed discount rate5.6 %5.0 %5.6 %5.0 %
Assumed salary increase rate3%-6%3%-6%— — 

The benefit obligation for all plans at December 31, 2024 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date.

Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2024 and 2023 were as follows:
Retirement PlansOther Postretirement Benefits
2024202320242023
Assumed discount rate5.0 %5.2 %5.0 %5.2 %
Assumed long-term rate of investment return6.5 %6.5 %— — 
Assumed salary increase rate3%-6%3%-6%— — 
Assumed cash balance interest crediting rate5.6 %4.8 %— — 

The net periodic costs for the years ended December 31, 2024 and 2023 was based on the Pri-2012 White Collar Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate was based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. Historical investment returns was the basis used to determine the overall expected long-term rate of return on assets. The assumed salary increase rate considers available service years from the valuation date through the participant's normal retirement date.

The Corporation's pension plan asset allocation at December 31, 2024 and 2023, by asset category was as follows:
Percentage of Plan Assets at December 31,
20242023
Asset Category:
Equity securities60 %64 %
Debt securities38 34 
Other2 2 
Total100 %100 %
Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 6.5%. Equity securities do not include any common stock of the Corporation.

The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures."
Fair Value Measurements at December 31,
(Dollars in thousands)20242023
Level 1:
Mutual funds$35,030 $35,554 
Short-term investments1,042 1,208 
U.S. treasury bonds1,641 243 
Level 2:
U.S. government obligations7,427 7,699 
Corporate bonds9,855 6,937 
Certificates of deposit1,782 2,707 
Total fair value of plan assets$56,777 $54,348 

The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan was $2.2 million for the years ended December 31, 2024 and 2023, and $2.1 million for the year ended December 31, 2022.    

The Corporation sponsors a Supplemental Non-Qualified Pension Plan ("SNQPP"), which was established in 1981 prior to the existence of the 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. The Corporation recorded expense of $46 thousand and $174 thousand for the SNQPP for the years ended December 31, 2024 and 2022, respectively, and income of $15 thousand for the year ended December 31, 2023.