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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Payroll taxes$1,585 $1,443 $1,403 
Medical plans1,841 1,771 1,860 
401(k) match and profit sharing1,167 1,574 1,829 
Periodic pension cost1,061 1,608 1,796 
Other44 50 52 
Total employee benefits$5,698 $6,446 $6,940 
Schedule of Obligations and Funded Status
Obligations and Funded Status at December 31, 2023 and 2022
(in thousands)20232022
Change in projected benefit obligation:
Balance, January 1$29,131 $38,661 
Service cost946 1,491 
Interest cost1,428 1,174 
Actuarial loss (gain)49 (11,301)
Benefits paid(931)(894)
Balance, December 31,
$30,623 $29,131 
Change in plan assets:
Fair value, January 1$30,932 $37,416 
Actual return on plan assets6,350 (6,475)
Employer contribution— 1,000 
Expenses paid(109)(115)
Benefits paid(931)(894)
Fair value, December 31,
$36,242 $30,932 
Funded status at end of year$5,619 $1,801 
Accumulated benefit obligation$25,897 $24,265 
Amounts recognized in the statement of financial position consist of the following:
(in thousands)20232022
Non-current assets$5,619 $1,801 
Current liabilities— — 
Non-current liabilities— — 
Net asset (liability) at end of year$5,619 $1,801 
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)202320222021
Service cost - benefits earned during the year$946 $1,491 $1,692 
Interest costs on projected benefit obligations (a)1,428 1,174 1,072 
Expected return on plan assets (a)(2,178)(2,282)(1,843)
Expected administrative expenses (a)115 118 104 
Amortization of prior service cost (a)— — — 
Amortization of unrecognized net (gain) loss (a)(640)— 367 
Net periodic pension cost$(329)$501 $1,392 
(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 income (loss) at December 31, 2023 and 2022 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(in thousands)20232022
Net accumulated actuarial net gain$9,745 $6,256 
Accumulated other comprehensive gain9,745 6,256 
Net periodic benefit cost in excess of cumulative employer contributions(4,126)(4,455)
Net amount recognized at December 31, balance sheet
$5,619 $1,801 
Net actuarial gain arising during period$4,129 $2,547 
Amortization of net actuarial gain (640)— 
Total recognized in other comprehensive income (loss)$3,489 $2,547 
Total recognized in net periodic pension cost and other comprehensive income (loss)
$(3,818)$(2,046)
Schedule of Assumptions Utilized
Assumptions utilized to determine benefit obligations as of December 31, 2023, 2022, and 2021 and to determine pension expense for the years then ended are as follows:
202320222021
Determination of benefit obligation at year end:
Discount rate4.95 %5.10 %3.10 %
Annual rate of compensation increase4.50 %4.50 %4.50 %
Determination of pension expense for year ended:
Discount rate for the service cost5.10 %3.10 %2.80 %
Annual rate of compensation increase4.50 %4.50 %4.50 %
Expected long-term rate of return on plan assets6.75 %6.75 %6.75 %
Schedule of Annual Returns on Plan Assets During the past five years, the Company's plan assets have experienced the following annual returns:
(in thousands)20232022202120202019
Plan Assets:
Actual rate of return21.1%(17.0)%22.1%19.7%25.8%
Schedule of Fair Value of Pension Plan Assets
The fair value of the Company's pension plan assets at December 31, 2023 and 2022 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, 2023
Cash equivalents$1,521 $1,521 $— $— 
U.S government agency obligations2,587 — 2,587 — 
Mutual funds32,134 32,134 — — 
Total$36,242 $33,655 $2,587 $— 
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 $— 
Schedule of Future Benefit Payments
The following future benefit payments are expected to be paid:
YearPension
benefits
(in thousands)
2024$1,061 
20251,109 
20261,194 
20271,335 
20281,460 
2028 to 20329,450