Benefit Plans

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	51	$	48	$	102	$	96
Interest cost		318		324		636		648
Amortization of net actuarial loss		26		13		52		26
Net periodic benefit cost	$	395	$	385	$	790	$	770
Amount recognized in other comprehensive income (loss)	$	18	$	9	$	36	$	18

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,
	2024		2023
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	6,951	$	7,060
Interest cost		172		365
Actuarial loss		—		(474)
Projected benefit obligation at end of period	$	7,123	$	6,951

	June 30,		December 31,
	2024		2023
	(Dollars in thousands)
Net actuarial loss	$	(2,258)	$	(2,108)
Prior transition obligation		(655)		(701)
Accumulated other comprehensive income (loss)	$	(2,913)	$	(2,809)

	June 30,				June 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Amortization of prior transition obligation
and actuarial losses	$	(52)	$	(48)	$	(104)	$	(95)
Interest cost		86		91		172		182
Net periodic benefit cost	$	34	$	43	$	68	$	87
Amount recognized in other comprehensive income (loss)	$	(52)	$	(48)	$	(104)	$	(96)