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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of employee benefits charged to operating expenses
Employee benefits charged to operating expenses are summarized in the table below for the years ended December 31, as indicated.
(in thousands)202120202019
Payroll taxes$1,403 $1,273 $1,112 
Medical plans1,860 1,854 1,826 
401(k) match and profit sharing1,829 1,586 1,290 
Periodic pension cost1,796 1,614 1,430 
Other52 59 63 
Total employee benefits$6,940 $6,386 $5,721 
Schedule of obligations and funded status
Obligations and Funded Status at December 31,
(in thousands)20212020
Change in projected benefit obligation:
Balance, January 1$36,957 $34,009 
Service cost1,692 1,614 
Interest cost1,072 1,127 
Actuarial loss(232)933 
Benefits paid(828)(726)
Balance, December 31,
$38,661 $36,957 
Change in plan assets:
Fair value, January 1$30,084 $25,689 
Actual return on plan assets7,278 4,725 
Employer contribution1,000 500 
Expenses paid(118)(104)
Benefits paid(828)(726)
Fair value, December 31,
$37,416 $30,084 
Funded status at end of year$(1,245)$(6,873)
Accumulated benefit obligation$30,690 $30,156 
Amounts recognized in the statement of financial position consist of the following:
(in thousands)20212020
Noncurrent assets$— $— 
Current liabilities— — 
Noncurrent liabilities(1,245)(6,873)
Net liability at end of year$(1,245)$(6,873)
Schedule of components of net pension cost
The following items are components of net pension cost for the years ended December 31, as indicated:
(in thousands)202120202019
Service cost - benefits earned during the year$1,692 $1,614 $1,430 
Interest costs on projected benefit obligations (a)1,072 1,127 1,169 
Expected return on plan assets (a)(1,843)(1,598)(1,467)
Expected administrative expenses (a)104 110 122 
Amortization of prior service cost (a)— 50 79 
Amortization of unrecognized net loss (a)367 164 — 
Net periodic pension cost$1,392 $1,467 $1,333 
(a)The components of net periodic pension cost other than the service cost component are included in other non-interest expense.
Schedule of amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss, including amounts recognized in other comprehensive income
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive (loss) income at December 31, 2021 and 2020 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(in thousands)20212020
Prior service costs$— $— 
Net accumulated actuarial net loss3,710 (2,311)
Accumulated other comprehensive loss3,710 (2,311)
Net periodic benefit cost in excess of cumulative employer contributions(4,955)(4,562)
Net amount recognized at December 31, balance sheet
$(1,245)$(6,873)
Net actuarial gain (loss) arising during period$5,653 $2,200 
Prior service cost amortization— 50 
Amortization of net actuarial loss367 164 
Total recognized in other comprehensive income (loss)$6,020 $2,414 
Total recognized in net periodic pension cost and other comprehensive (loss) income$(4,628)$(947)
Schedule of assumptions utilized to determine benefit obligations and to determine pension expense
Assumptions utilized to determine benefit obligations as of December 31, 2021, 2020, and 2019 and to determine pension expense for the years then ended are as follows:
202120202019
Determination of benefit obligation at year end:
Discount rate3.10 %2.80 %3.45 %
Annual rate of compensation increase4.50 %4.50 %4.00 %
Determination of pension expense for year ended:
Discount rate for the service cost2.80 %3.45 %4.40 %
Annual rate of compensation increase4.00 %4.00 %4.00 %
Expected long-term rate of return on plan assets6.75 %6.75 %6.75 %
Schedule of fair value of the Company's pension plan assets, by asset category
The fair value of the Company's pension plan assets at December 31, 2021 and 2020 by asset category was as follows:
Fair Value Measurements
(in thousands)Fair ValueQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2021
Cash equivalents$1,449 $1,449 $— $— 
Corporate bonds303 — 303 — 
Equity securities1,774 1,774 — — 
Mutual funds33,890 33,890 — — 
Total$37,416 $37,113 $303 $— 
December 31, 2020
Cash equivalents$666 $666 $— $— 
Corporate bonds311 — 311 — 
Equity securities1,473 1,473 — — 
Mutual funds27,634 27,634 — — 
Total$30,084 $29,773 $311 $— 
Schedule of future benefit payments expected to be paid
The following future benefit payments are expected to be paid:
YearPension
benefits
(in thousands)
2022$1,017 
20231,045 
20241,048 
20251,116 
20261,203 
2027 to 20308,353