Benefit Plans

3 Months Ended

Mar. 31, 2024

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
	March 31,
	2024		2023
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	50	$	48
Interest cost		318		324
Amortization of net actuarial loss		27		13
Net periodic benefit cost	$	395	$	385
Amount recognized in other comprehensive income	$	18	$	8

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:

	March 31,		December 31,
	2024		2023
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	6,951	$	7,060
Interest cost		86		365
Actuarial loss		—		(474)
Projected benefit obligation at end of period	$	7,037	$	6,951

	March 31,		December 31,
	2024		2023
	(Dollars in thousands)
Net actuarial loss	$	2,183	$	2,108
Prior transition obligation		678		701
Accumulated other comprehensive loss	$	2,861	$	2,809

	Three Months Ended
	March 31,
	2024		2023
	(Dollars in thousands)
Amortization of prior transition obligation
and actuarial losses	$	(52)	$	(47)
Interest cost		86		91
Net periodic benefit cost	$	34	$	44
Amount recognized in other comprehensive income	$	(52)	$	(48)