Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status

	December 31,
(Dollars in thousands)	2023			2022
Change in benefit obligation
Projected benefit obligation, beginning	$	15,267		$	20,247
Service cost		1,377			1,837
Interest cost		728			492
Actuarial loss (gain)		527			(5,190)
Benefits paid		(1,087)			(2,119)
Projected benefit obligation, ending		16,812			15,267
Change in plan assets
Fair value of plan assets, beginning		18,356			23,470
Actual return on plan assets		2,319			(4,995)
Employer contributions		—			2,000
Benefits paid		(1,087)			(2,119)
Fair value of plan assets, ending		19,588			18,356
Funded status	$	2,776		$	3,089
Amounts recognized as an other asset	$	2,776		$	3,089
Amounts recognized in accumulated other comprehensive loss
Net loss	$	3,718		$	4,397
Prior service credits		(235)			(302)
Deferred taxes		(731)			(859)
Total recognized in accumulated other comprehensive loss	$	2,752		$	3,236
Weighted-average assumptions for benefit obligation at valuation date
Discount rate		4.7	%		4.9	%
Rate of compensation increase		3.0			3.0
Interest crediting rate		5.0			5.0

Schedule of net periodic benefit costs

	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Components of net periodic benefit cost:
Service cost, included in salaries and employee benefits	$	1,377	$	1,837	$	1,970
Other components of net periodic benefit cost:
Interest cost		728		492		458
Expected return on plan assets		(1,284)		(1,660)		(1,733)
Amortization of prior service credit		(67)		(68)		(68)
Pension settlement charges		—		—		1,261
Recognized net actuarial losses		171		38		243
Other components of net periodic benefit cost, included in other noninterest expense		(452)		(1,198)		161
Net periodic benefit cost	$	925	$	639	$	2,131

Schedule of weighted-average assumptions used for net periodic benefit cost

	January 1,
	2023		2022		2021
Weighted-average assumptions for net periodic benefit cost
Discount rate	4.9	%	2.5	%	2.1	%
Expected return on plan assets	7.3		7.3		7.3
Rate of compensation increase	3.0		3.0		3.0
Interest crediting rate	5.0		5.0		5.0

Schedule of benefits expected to be paid by the plan in the next ten years

(Dollars in thousands)
2024	$	1,429
2025		663
2026		968
2027		928
2028		1,767
2029 – 2033		10,679

Schedule of defined benefit pension plan weighted average asset allocations by asset category

	December 31,
	2023		2022
Mutual funds-fixed income	40	%	38	%
Mutual funds-equity	60		62
Cash and equivalents	*		*
	100	%	100	%

* Less than one percent.

Summary of fair value of defined benefit plan assets

	December 31, 2023
	Fair Value Measurements Using						Assets at Fair
(Dollars in thousands)	Level 1		Level 2		Level 3		Value
Mutual funds-fixed income 1	$	7,835	$	—	$	—	$	7,835
Mutual funds-equity 2		11,753		—		—		11,753
Cash and equivalents 3		—		—		—		—
Total pension plan assets	$	19,588	$	—	$	—	$	19,588

	December 31, 2022
	Fair Value Measurements Using						Assets at Fair
(Dollars in thousands)	Level 1		Level 2		Level 3		Value
Mutual funds-fixed income 1	$	6,975	$	—	$	—	$	6,975
Mutual funds-equity 2		11,381		—		—		11,381
Cash and equivalents 3		—		—		—		—
Total pension plan assets	$	18,356	$	—	$	—	$	18,356

1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.