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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021, and 2020 are as follows:
(in thousands)202220212020
Payroll taxes$1,443 $1,403 $1,273 
Medical plans1,771 1,860 1,854 
401(k) match and profit sharing1,573 1,829 1,586 
Periodic pension cost1,608 1,796 1,614 
Other50 52 59 
Total employee benefits$6,445 $6,940 $6,386 
Schedule of Obligations and Funded Status
Obligations and Funded Status at December 31, 2022 and December 31, 2021 consist of the following:
(in thousands)20222021
Change in projected benefit obligation:
Balance, January 1$38,661 $36,957 
Service cost1,491 1,692 
Interest cost1,174 1,072 
Actuarial loss(11,301)(232)
Benefits paid(894)(828)
Balance, December 31,
$29,131 $38,661 
Change in plan assets:
Fair value, January 1$37,416 $30,084 
Actual return on plan assets(6,475)7,278 
Employer contribution1,000 1,000 
Expenses paid(115)(118)
Benefits paid(894)(828)
Fair value, December 31,
$30,932 $37,416 
Funded status at end of year$1,801 $(1,245)
Accumulated benefit obligation$24,265 $30,690 
Amounts recognized in the statement of financial position consist of the following:
(in thousands)20222021
Non-current assets$1,801 $— 
Current liabilities— — 
Non-current liabilities— (1,245)
Net asset (liability) at end of year$1,801 $(1,245)
Schedule of Components of Net Pension Cost
The following items are components of net pension cost for the years ended December 31, 2022, 2021, and 2020 are as follows:
(in thousands)202220212020
Service cost - benefits earned during the year$1,491 $1,692 $1,614 
Interest costs on projected benefit obligations (a)1,174 1,072 1,127 
Expected return on plan assets (a)(2,282)(1,843)(1,598)
Expected administrative expenses (a)118 104 110 
Amortization of prior service cost (a)— — 50 
Amortization of unrecognized net loss (a)— 367 164 
Net periodic pension cost$501 $1,392 $1,467 
(a)The components of net periodic pension cost other than the service cost component are included in other non-interest expense.
Schedule of Accumulated Other Comprehensive Loss
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive (loss) income at December 31, 2022 and 2021 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(in thousands)20222021
Prior service costs$— $— 
Net accumulated actuarial net loss6,256 3,710 
Accumulated other comprehensive loss6,256 3,710 
Net periodic benefit cost in excess of cumulative employer contributions(4,455)(4,955)
Net amount recognized at December 31, balance sheet
$1,801 $(1,245)
Net actuarial gain (loss) arising during period$2,547 $5,653 
Prior service cost amortization— — 
Amortization of net actuarial loss— 367 
Total recognized in other comprehensive income (loss)$2,547 $6,020 
Total recognized in net periodic pension cost and other comprehensive (loss) income$(2,046)$(4,628)
Schedule of Assumptions Utilized
Assumptions utilized to determine benefit obligations as of December 31, 2022, 2021, and 2020 and to determine pension expense for the years then ended are as follows:
202220212020
Determination of benefit obligation at year end:
Discount rate5.10 %3.10 %2.80 %
Annual rate of compensation increase4.50 %4.50 %4.50 %
Determination of pension expense for year ended:
Discount rate for the service cost3.10 %2.80 %3.45 %
Annual rate of compensation increase4.50 %4.50 %4.00 %
Expected long-term rate of return on plan assets6.75 %6.75 %6.75 %
Schedule of Fair Value of Pension Plan Assets uring the past five years, the Company's plan assets have experienced the following annual returns:
(in thousands)20222021202020192018
Plan Assets:
Actual rate of return(17.0)%22.1%19.7%25.8%(6.2)%
The fair value of the Company's pension plan assets at December 31, 2022 and 2021 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, 2022
Cash equivalents$1,772 $1,772 $— $— 
U.S government agency obligations491 — 491 — 
Equity securities1,518 1,518 — — 
Mutual funds27,151 27,151 — — 
Total$30,932 $30,441 $491 $— 
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 $— 
Schedule of Future Benefit Payments
The following future benefit payments are expected to be paid:
YearPension
benefits
(in thousands)
2023$1,037 
20241,038 
20251,104 
20261,190 
20271,340 
2028 to 20328,873