Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Schedule of status of Pension Plan and SERP

	Pension Plan				SERP
	December 31,
(Dollars in thousands)	2023		2022		2023		2022
Accumulated benefit obligation at end of year	$	15,953	$	15,865	$	9,927	$	9,947
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	15,866	$	20,943	$	9,948	$	9,915
Service cost (income)		191		118		(200)		(135)
Interest cost		822		597		179		179
Actuarial loss (gain)		94		(4,802)		—		—
Benefits paid		(1,020)		(990)		—		(11)
Benefit obligation at end of year		15,953		15,866		9,927		9,948
Change in plan assets:
Fair value of plan assets at beginning of year		18,336		23,125		—		—
Actual return on plan assets		2,789		(3,799)		—		—
Employer contributions		—		—		—		11
Benefits paid		(1,020)		(990)		—		(11)
Fair value of plan assets at end of year		20,105		18,336		—		—
Funded status at end of year	$	4,152	$	2,470	$	(9,927)	$	(9,948)
Amounts recognized in the Consolidated Balance Sheets:
Prepaid expenses and other assets (Accounts payable and accrued expenses)	$	4,152	$	2,470	$	(9,927)	$	(9,948)
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	5,968	$	7,708	$	—	$	—
Prior service cost		119		124		—		—
Accumulated other comprehensive loss, before tax	$	6,087	$	7,832	$	—	$	—

Schedule of changes recognized in accumulated other comprehensive loss for Pension Plan

	Pension Plan
	Year Ended December 31,
(Dollars in thousands)	2023		2022
Accumulated other comprehensive loss at beginning of year, before tax	$	7,832	$	7,530
Actuarial net (gain) loss arising during the period		(1,503)		517
Amortizations (recognized in net periodic benefit cost):
Actuarial loss		(237)		(210)
Prior service cost		(5)		(5)
Total recognized in other comprehensive loss		(1,745)		302
Accumulated other comprehensive loss at end of year, before tax	$	6,087	$	7,832

Schedule of weighted average assumptions used to determine benefit obligations

	Pension Plan				SERP
	Year Ended December 31,
	2023		2022		2023		2022
Assumptions used to determine the year-end benefit obligations:
Discount rate	5.10	%	5.40	%	5.00	%	5.00	%
Rate of compensation increase	N/A		N/A		5.00	%	5.00	%

Schedule of Pension Plan's assets measured at fair value

			Fair Value of Measurements at Report Date Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Total Fair		Assets		Inputs		Inputs
(Dollars in thousands)	Value		(Level 1)		(Level 2)		(Level 3)
December 31, 2023:
Cash	$	622	$	622	$	—	$	—
Equities		13,742		13,742		—		—
Mutual funds (1)		5,741		5,741		—		—
Total	$	20,105	$	20,105	$	—	$	—
December 31, 2022:
Cash	$	1,452	$	1,452	$	—	$	—
Equities		11,659		11,659		—		—
Mutual funds (1)		5,225		5,225		—		—
Total	$	18,336	$	18,336	$	—	$	—

(1) This category includes mutual funds that invest in equities and bonds. The mutual fund managers have the ability to change the amounts invested in equities and bonds depending on their investment outlook.

Schedule of estimated future benefit payments reflecting expected future service

	Pension
(Dollars in thousands)	Plan		SERP
2024	$	1,001	$	319
2025		1,122		8,696
2026		1,195		95
2027		1,216		95
2028		1,224		95
2029 - 2033		6,017		473
Total	$	11,775	$	9,773

Schedule of weighted average assumptions used to determine net periodic benefit cost

	Pension Plan				SERP
	Year Ended December 31,
	2023		2022		2023		2022
Assumptions used to determine the net periodic benefit cost:
Discount rate	5.40	%	2.90	%	5.00	%	5.00	%
Expected return on plan assets	6.75		6.75		—		—
Rate of compensation increase	N/A		N/A		5.00		5.00

Schedule of components of net periodic benefit cost

	Pension Plan				SERP
	Year Ended December 31,
(Dollars in thousands)	2023		2022		2023		2022
Net periodic benefit (income) cost for the year:
Service cost (income)	$	191	$	118	$	(200)	$	(135)
Interest cost		822		597		179		179
Expected return on plan assets		(1,192)		(1,520)		—		—
Amortization of prior service cost		5		5		—		—
Recognized actuarial loss		237		210		—		—
Recognized curtailment loss		—		—		—		—
Net periodic benefit (income) cost for the year:	$	63	$	(590)	$	(21)	$	44