Pension and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Components of Projected Benefit Obligations and Funded Status

Projected benefit obligations and funded status were as follows:

	Pension Plan						Supplemental Retirement Plan
	2021			2020			2021			2020
	(dollars in thousands)
Change in projected benefit obligation
Obligation at beginning of year	$	50,117		$	45,401		$	10,505		$	9,622
Service cost		—			—			400			355
Interest cost		1,211			1,438			223			283
Actuarial (gain) loss		(1,838	)		4,827			(451	)		840
Benefits paid		(1,615	)		(1,549	)		(602	)		(595	)
Obligation at end of year		47,875			50,117			10,075			10,505
Change in plan assets
Fair value at beginning of year		55,802			50,131			—			—
Actual return on plan assets		6,451			7,220			—			—
Employer contribution		—			—			602			595
Benefits paid		(1,615	)		(1,549	)		(602	)		(595	)
Fair value at end of year		60,638			55,802			—			—
Funded status at end of year	$	12,763		$	5,685		$	(10,075	)	$	(10,505	)

Projected benefit obligations and funded status were as follows:

	Postretirement Healthcare Plan
	2021			2020
	(dollars in thousands)
Change in projected benefit obligation
Obligation at beginning of year	$	761		$	689
Service cost		31			30
Interest cost		18			21
Actuarial (gain) loss		(62	)		51
Benefits paid		(19	)		(30	)
Obligation at end of year		729			761
Change in plan assets
Fair value at beginning of year		—			—
Employer contribution		19			30
Benefits paid		(19	)		(30	)
Fair value at end of year		—			—
Funded status at end of year	$	(729	)	$	(761	)

Schedule of Accumulated Benefit Obligation

	Pension Plan				Supplemental Retirement Plan
	2021		2020		2021		2020
	(dollars in thousands)
Accumulated benefit obligation	$	47,875	$	50,117	$	9,472	$	9,909

	Postretirement Healthcare Plan
	2021		2020
	(dollars in thousands)
Accumulated benefit obligation	$	729	$	761

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) consisted of:

	Pension Plan						Supplemental Retirement Plan
	2021			2020			2021		2020
	(dollars in thousands)
Net actuarial (gain) loss	$	(206	)	$	4,517		$	1,468	$	1,959
Prior service credit		—			(3	)		—		—
Total	$	(206	)	$	4,514		$	1,468	$	1,959

Amounts recognized in accumulated other comprehensive income (loss) consisted of:

	Postretirement Healthcare Plan
	2021			2020
	(dollars in thousands)
Net actuarial (gain) loss	$	(44	)	$	18

Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income/ (Loss)

The components of net periodic benefit cost and amounts recognized in other comprehensive income (loss) were as follows:

	Pension Plan						Supplemental Retirement Plan
	2021			2020			2021			2020
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	—		$	—		$	400		$	355
Interest cost		1,211			1,438			223			283
Expected return on assets		(3,566	)		(3,201	)		—			—
Amortization of prior service credit		(3	)		(4	)		—			—
Amortization of net actuarial loss		—			—			40			8
Net periodic benefit cost		(2,358	)		(1,767	)		663			646
Amounts recognized in other comprehensive income (loss)
Net actuarial loss/(gain)		(4,723	)		807			(451	)		840
Amortization of prior service credit		3			4			—			—
Amortization of net actuarial loss		—			—			(40	)		(8	)
Total recognized in other comprehensive income (loss)		(4,720	)		811			(491	)		832
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	(7,078	)	$	(956	)	$	172		$	1,478

The components of net periodic benefit cost and amounts recognized in other comprehensive income (loss) were as follows:

	Postretirement Healthcare Plan
	2021			2020
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	31		$	30
Interest cost		18			21
Net periodic benefit cost		49			51
Amounts recognized in other comprehensive income (loss)
Net actuarial (gain) loss		(62	)		51
Total recognized in other comprehensive income		(62	)		51
Total recognized in net periodic benefit cost and    other comprehensive income (loss)	$	(13	)	$	102

Schedule of Weighted-average Assumptions Used to Determine Projected Benefit Obligations and Net Periodic Benefit Cost

Weighted-average assumptions used to determine projected benefit obligations are as follows:

	Pension Plan						Supplemental Retirement Plan
	2021			2020			2021			2020
Discount rate		2.79	%		2.45	%		2.63	%		2.21	%
Rate of compensation increase	N/A			N/A				4.00	%		4.00	%

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

	Pension Plan						Supplemental Retirement Plan
	2021			2020			2021			2020
Discount rate		2.45	%		3.22	%		2.21	%		3.04	%
Expected long-term return on plan assets		6.50	%		6.50	%	N/A			N/A
Rate of compensation increase	N/A			N/A				4.00	%		4.00	%

Weighted-average assumptions used to determine the projected benefit obligation are as follows:

	Postretirement Healthcare Plan
	2021			2020
Discount rate		2.85	%		2.52	%
Rate of compensation increase	N/A			N/A

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

	Postretirement Healthcare Plan
	2021			2020
Discount rate		2.52	%		3.26	%
Expected long-term return on plan assets	N/A			N/A
Rate of compensation increase	N/A			N/A

Schedule of Pension Plan Weighted-average Asset Allocations by Asset

The Company’s Pension Plan weighted-average asset allocations by asset category were as follows:

	December 31,
	2021			2020
Equity securities		68	%		42	%
Debt securities		29			46
Other		—			9
Cash and equivalents		3			3
Total		100	%		100	%

Summary of Various Categories of Pension Plan Assets

The following table summarizes the various categories of the Pension Plan’s assets:

	Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Asset category
Cash and cash equivalents	$	1,689	$	—	$	—	$	1,689
Fixed income		—		13,338		—		13,338
Equity securities
Common stock
Large cap core		16,940		—		—		16,940
Small cap core		2,359		—		—		2,359
Mutual funds
Domestic equity		10,413		—		—		10,413
International		6,579		—		—		6,579
Domestic fixed income		9,320		—		—		9,320
Total	$	47,300	$	13,338	$	—	$	60,638

	Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Asset category
Cash and cash equivalents	$	1,527	$	—	$	—	$	1,527
Fixed income		—		14,402		—		14,402
Equity securities
Common stock
Large cap core		12,604		—		—		12,604
Small cap core		1,767		—		—		1,767
Mutual funds
Domestic equity		9,306		—		—		9,306
International		4,868		—		—		4,868
Domestic fixed income		11,328		—		—		11,328
Total	$	41,400	$	14,402	$	—	$	55,802

Schedule of Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:

	Postretirement Healthcare Plan
	2021			2020
Health care cost trend rate assumed for next year		4.00	%		4.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.00	%		4.00	%
Year that the rate reaches the ultimate trend rate		2021			2020

Schedule of Benefits Expected to be Paid in the Next Ten Years

Benefits expected to be paid in the next ten years are as follows:

	Pension Plan		Supplemental Retirement Plan		Postretirement Healthcare Plan		Total
	(dollars in thousands)
Year-ended December 31,
2022	$	2,008	$	615	$	34	$	2,657
2023		2,116		611		34		2,761
2024		2,206		607		34		2,847
2025		2,275		603		33		2,911
2026		2,395		599		33		3,027
2027-2031		12,443		3,479		161		16,083
Total	$	23,443	$	6,514	$	329	$	30,286