RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Summary of Costs of Retirement Plans

Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to salaries and employee benefits in the Consolidated Statements of Income for the years ended December 31 were as follows (in thousands):

	2022		2021	2020
Qualified noncontributory defined benefit retirement plan	$	1,298	1,178	1,111
401(k) plan	636		610	590

Components of Net Benefit Costs

The components of net periodic pension cost of the nonqualified defined benefit retirement plan for the years ended December 31 are summarized as follows (in thousands):

	2022		2021	2020
Service cost	$	—	—	—
Interest cost	54		52	63
Amortization of unrecognized (gain) loss	8		8	2
Net periodic pension cost	$	62	60	65

Reconciliation of Changes in Projected Benefit Obligations

A reconciliation of changes in the projected benefit obligation of the nonqualified defined benefit retirement plan at December 31 follows (in thousands):

	2022		2021	2020
Projected benefit obligation at beginning of year	$	1,999	2,124	2,045
Service cost	—		—	—
Interest cost	54		52	63
Actuarial (gain) or loss	(303)		(33)	155
Benefits paid	(144)		(144)	(139)
Projected benefit obligation at end of year	$	1,606	1,999	2,124

Amount Recognized in OCI

Amounts recognized in accumulated other comprehensive income (loss), net of tax, at December 31 for the nonqualified defined benefit retirement plan consists of (in thousands):

	2022		2021	2020
Net actuarial (gain) or loss	$	(246)	(32)	122

Schedule of Key Assumptions Used

Key weighted-average assumptions used to determine the benefit obligation and net periodic pension costs for the nonqualified defined benefit retirement plan for the years ended December 31 were as follows:

	2022		2021		2020
Benefit obligation:
Discount rate	5.02	%	2.83	%	2.52	%
Salary increase rate	—	%	—	%	—	%
Net periodic pension cost:
Discount rate	2.83	%	2.52	%	3.22	%
Salary increase rate	—	%	—	%	—	%
Amortization period in years	19.41		20.16		21.24

Expected Benefit Payments

Estimated future benefit payments reflecting expected future service for the years ended after December 31, 2022 are (in thousands):

2023	$	144
2024	144
2025	144
2026	143
2027	142
2028-2032	648