Benefit Plans

9 Months Ended

Sep. 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. While the Plan remains active for those participants, the Company has not approved any new participation in the Plan since 2011. 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	52	$	48	$	154	$	144
Interest cost		318		324		954		972
Amortization of net actuarial loss		26		13		78		39
Net periodic benefit cost	$	396	$	385	$	1,186	$	1,155
Amount recognized in other comprehensive income (loss)	$	18	$	9	$	54	$	27

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:

	September 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		259		365
Actuarial loss		—		(474)
Projected benefit obligation at end of period	$	7,210	$	6,951

	September 30,		December 31,
	2024		2023
	(Dollars in thousands)
Net actuarial loss	$	(2,332)	$	(2,108)
Prior transition obligation		(633)		(701)
Accumulated other comprehensive income (loss)	$	(2,965)	$	(2,809)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Amortization of prior transition obligation
and actuarial losses	$	(53)	$	(48)	$	(157)	$	(143)
Interest cost		87		92		259		274
Net periodic benefit cost	$	34	$	44	$	102	$	131
Amount recognized in other comprehensive income (loss)	$	(53)	$	(48)	$	(157)	$	(143)