Pension and Retirement Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension and Retirement Plans

9. Pension and Retirement Plans

The components of net periodic benefit cost (credit) were as follows:

	Three Months Ended June 30,
	Pension Plan						Supplemental Retirement Plan				Retirement Healthcare Plan
	2022			2021			2022		2021		2022		2021
	(dollars in thousands)
Net periodic benefit cost (credit)
Service cost	$	—		$	—		$	98	$	106	$	6	$	8
Interest cost		345			303			71		56		5		5
Expected return on assets		(1,002	)		(891	)		—		—		—		—
Amortization of net actuarial loss		—			—			—		11		—		—
Net periodic benefit cost (credit)	$	(657	)	$	(588	)	$	169	$	173	$	11	$	13

	Six Months Ended June 30,
	Pension Plan						Supplemental Retirement Plan				Retirement Healthcare Plan
	2022			2021			2022		2021		2022		2021
	(dollars in thousands)
Net periodic benefit cost (credit)
Service cost	$	—		$	—		$	199	$	212	$	14	$	17
Interest cost		655			606			130		113		10		9
Expected return on assets		(1,938	)		(1,783	)		—		—		—		—
Amortization of prior service credit		—			(1	)		—		—		—		—
Amortization of net actuarial loss		—			—			—		22		—		—
Net periodic benefit cost (credit)	$	(1,283	)	$	(1,178	)	$	329	$	347	$	24	$	26

The Company froze the accrual of benefits on the qualified defined benefit pension plan in 2017. The Company did not make any contributions to the qualified defined benefit pension plan during the three and six months ended June 30, 2022, nor does it expect to make any contributions to the qualified defined benefit plan during the remainder of 2022.

Employee Profit-Sharing and 401(k) Plan

The Company maintains a Profit-Sharing Plan (“PSP”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of federal law. The Company matches employee contributions up to 100% of the first 4% of each participant’s salary, eligible bonus, and eligible incentive. Employees are eligible to participate in the PSP on the first day of their initial date of service. Each year, the Company may also make a discretionary contribution to the PSP and employees are eligible to participate in the discretionary contribution portion of the PSP on the first day of their initial date of service. Additionally, employees must be employed on the last day of the calendar year or retire at the normal retirement age of 65 during the calendar year to receive the discretionary contribution.

Employee Stock Ownership Plan

The Company has an Employee Stock Ownership Plan (“ESOP”) for its eligible employees. Employees are eligible to participate upon the attainment of age 21 and the completion of 12 months of service consisting of at least 1,000 hours. Purchases of the Company’s common stock by the ESOP will be funded by employer contributions or reinvestment of cash dividends.

Total expenses related to the PSP and ESOP for the three months ended June 30, 2022 and June 30, 2021 amounted to $1.1 million and $1.2 million, respectively. Total expenses related to the PSP and ESOP for the six months ended June 30, 2022 and June 30, 2021 amounted to $2.5 million and $2.3 million, respectively.

Defined Contribution Supplemental Executive Retirement Plan

For executives participating in the Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”), the Company will make a discretionary contribution of up to 10% of each executive’s base salary and bonus to his or her account under the Company’s DC SERP. Total expenses related to the DC SERP for the three months ended June 30, 2022, and June 30, 2021, amounted to $68,000 and $50,000, respectively. Total expenses related to the DC SERP for the six months ended June 30, 2022, and June 30, 2021, amounted to $135,000 and $100,000, respectively.