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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Costs of Retirement Plans
The following summarizes retirement plan expense for the years ended December 31:
202220212020
 (dollars in thousands)
401(k) Retirement Plan$10,988 $10,338 $9,853 
Pension Plan(1,347)217 660 
Total$9,641 $10,555 $10,513 
Multiemployer Plan
Information regarding the Prudential Bancorp Pension Plan as of December 31, 2022 is as follows:

Legal Name of PlanPentegra Defined Benefit Plan for Financial Institutions
(dollars in thousands)
Plan Employer Identification Number23-1928421
The Corporation's contribution for the year ended December 31, 2022(1)
$320 
Are the Corporation's contributions more than 5% of total contributions?No
Funded Status84.33 %
(1) Includes 2023 prepayment of $125 thousand.
Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost
The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31:
202220212020
 (dollars in thousands)
Interest cost$2,393 $2,244 $2,726 
Expected return on assets(4,393)(4,044)(3,925)
Net amortization and deferral653 2,017 1,859 
Net periodic pension cost$(1,347)$217 $660 
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following table summarizes the changes in the projected benefit obligation and fair value of Pension Plan assets for the plan years ended December 31:
20222021
 (dollars in thousands)
Projected benefit obligation at beginning of year$87,530 $92,292 
Interest cost2,393 2,244 
Benefit payments(4,502)(4,272)
Change in assumptions(17,131)(2,613)
Experience gain426 (121)
Projected benefit obligation at end of year$68,716 $87,530 
Fair value of plan assets at beginning of year$94,115 $87,177 
Actual return on plan assets(11,476)11,210 
Benefit payments(4,502)(4,272)
Fair value of plan assets at end of year$78,137 $94,115 
Schedule of Net Funded Status
The following table presents the funded status of the Pension Plan, included in other assets and other liabilities on the consolidated balance sheets, as of December 31:
20222021
 (dollars in thousands)
Projected benefit obligation$(68,716)$(87,530)
Fair value of plan assets78,137 94,115 
Funded status$9,421 $6,585 
Schedule Of Changes In Unrecognized Pension And Postretirement Items
The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss):
 Unrecognized Net Loss 
 Before taxNet of tax
 (dollars in thousands)
Balance as of December 31, 2020$25,474 $19,843 
Recognized as a component of 2021 periodic pension cost(2,017)(1,574)
Unrecognized losses arising in 2021(9,899)(7,724)
Balance as of December 31, 202113,558 10,545 
Recognized as a component of 2022 periodic pension cost(653)(510)
Unrecognized losses arising in 2022(835)(651)
Balance as of December 31, 2022$12,070 $9,384 
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31:
202220212020
Discount rate-projected benefit obligation4.93 %2.80 %2.50 %
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Schedule of Allocation of Plan Assets
The following table presents a summary of the fair values of the Pension Plan's assets as of December 31:
 20222021
 Estimated
Fair Value		% of Total
Assets		Estimated
Fair Value		% of Total
Assets
 (dollars in thousands)
Equity mutual funds$23,338 $35,752 
Equity common trust funds16,919 19,824 
Equity securities40,257 51.5 %55,576 59.1 %
Cash and money market funds9,102 8,447 
Fixed income mutual funds15,252 15,566 
Corporate debt securities2,324 2,733 
U.S. Government agency securities7,041 9,524 
Fixed income securities and cash33,719 43.2 %36,270 38.5 %
Other alternative investment funds4,161 5.3 %2,269 2.4 %
Total$78,137 100.0 %$94,115 100.0 %
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows (in thousands):
Year 
2023$4,676 
20244,730 
20254,791 
20264,904 
20274,959 
Thereafter24,632 
Total$48,692 
Other Postretirement Benefit Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost
The components of the net benefit for Postretirement Plan other than pensions are as follows:
202220212020
 (dollars in thousands)
Interest cost$34 $32 $43 
Net amortization and deferral(525)(536)(548)
Net postretirement benefit$(491)$(504)$(505)
Schedule of Changes in Accumulated Postemployment Benefit Obligations
This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31:
20222021
 (dollars in thousands)
Accumulated postretirement benefit obligation at beginning of year$1,244 $1,322 
Interest cost34 32 
Benefit payments(155)(167)
Change in experience51 71 
Change in assumptions(202)(14)
Accumulated postretirement benefit obligation at end of year$972 $1,244 
Schedule Of Changes In Unrecognized Pension And Postretirement Items
The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss):
 Before tax 
 Unrecognized
Prior Service
Cost		Unrecognized
Net Loss (Gain)		TotalNet of tax
 (dollars in thousands)
Balance as of December 31, 2020$(3,012)$(858)$(3,870)$(3,018)
Recognized as a component of 2021 postretirement cost464 72 536 418 
Unrecognized gains arising in 2021— 57 57 44 
Balance as of December 31, 2021(2,548)(729)(3,277)(2,556)
Recognized as a component of 2022 postretirement cost464 61 525 410 
Unrecognized gains arising in 2022— (150)(150)(118)
Balance as of December 31, 2022$(2,084)$(818)$(2,902)$(2,264)
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31:
202220212020
Discount rate-projected benefit obligation4.93 %2.80 %2.50 %
Expected long-term rate of return on plan assets3.00 %3.00 %3.00 %
Schedule of Expected Benefit Payments
Estimated future benefit payments under the Postretirement Plan are as follows (dollars in thousands):
Year 
2023$150 
2024136 
2025124 
2026111 
2027100 
Thereafter297 
Total $918