Benefit Plans

6 Months Ended

Jun. 30, 2022

Benefit Plans

Benefit Plans

8) Benefit Plans

Supplemental Retirement Plan

The Company has a supplemental retirement plan (the “Plan”) covering some current and some former key employees and directors. The Plan is a nonqualified defined benefit plan. Benefits are unsecured as there are no Plan assets. The following table presents the amount of periodic cost recognized for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	87	$	120	$	174	$	240
Interest cost		216		190		432		380
Amortization of prior service cost		—		75		—		100
Amortization of net actuarial loss		114		136		228		272
Net periodic benefit cost	$	417	$	521	$	834	$	992

The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income.

Split-Dollar Life Insurance Benefit Plan

The Company maintains life insurance policies for some current and former directors and officers that are subject to split-dollar life insurance agreements. The following table sets forth the funded status of the split-dollar life insurance benefits for the periods indicated:

	June 30,		December 31,
	2022		2021
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	9,244	$	9,689
Interest cost		123		219
Actuarial loss		—		(664)
Projected benefit obligation at end of period	$	9,367	$	9,244

	June 30,		December 31,
	2022		2021
	(Dollars in thousands)
Net actuarial loss	$	4,666	$	4,601
Prior transition obligation		835		879
Accumulated other comprehensive loss	$	5,501	$	5,480

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(Dollars in thousands)
Amortization of prior transition obligation and actuarial losses	$	(10)	$	(1)	$	(21)	$	(2)
Interest cost		61		55		123		110
Net periodic benefit cost	$	51	$	54	$	102	$	108