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Retirement Plans and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Plans and Other Postretirement Benefits Retirement Plans and Other Postretirement Benefits
Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$57,698 $59,431 $3,536 $3,540 
Service cost558 567 123 143 
Interest cost1,573 1,431 96 85 
Actuarial gain(9,776)(1,043)(1,136)(124)
Benefits paid(2,774)(2,688)(95)(108)
Benefit obligation at end of year$47,279 $57,698 $2,524 $3,536 
Change in plan assets:
Fair value of plan assets at beginning of year$60,479 $55,366 $— $— 
Actual (loss) return on plan assets(8,463)7,644 — — 
Benefits paid(2,774)(2,688)(95)(108)
Employer contribution and non-qualified benefit payments157 157 95 108 
Fair value of plan assets at end of year$49,399 $60,479 $— $— 
Funded status2,120 2,781 (2,524)(3,536)
Unrecognized net actuarial loss (gain)19,851 18,226 (371)820 
Net amount recognized$21,971 $21,007 $(2,895)$(2,716)

The net actuarial (gain) loss for December 31, 2022 and 2021 was the result of changes in the discount rate, interest crediting rate, cash balance conversion rate and driven by mortality losses on retirees.
Components of net periodic benefit (income) cost were as follows: 
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)202220212020202220212020
Service cost$558 $567 $477 $123 $143 $109 
Interest cost1,573 1,431 1,692 96 85 96 
Expected loss on plan assets(3,756)(3,656)(3,291)— — — 
Amortization of net actuarial loss817 1,269 1,176 56 47 26 
Net periodic benefit (income) cost$(808)$(389)$54 $275 $275 $231 

The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the consolidated statement of income.
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
Expected amortization expense for 2023:
Amortization (accretion) of net actuarial loss (gain)$1,000 $(15)

During 2023, the Corporation expects to contribute approximately $156 thousand to the Retirement Plans and approximately $130 thousand to Other Postretirement Benefits.
The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
For the fiscal year ending:
2023$3,112 $130 
20243,203 135 
20253,210 137 
20263,267 142 
20273,279 150 
Years 2028-203216,447 830 
       Total$32,518 $1,524 
Weighted-average assumptions used to determine benefit obligations at December 31, 2022 and 2021 were as follows:
Retirement PlansOther Postretirement Benefits
2022202120222021
Assumed discount rate5.2 %2.8 %5.2 %2.8 %
Assumed salary increase rate3%-6%3%-6%— — 

The benefit obligation for all plans at December 31, 2022 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date.

Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2022 and 2021 were as follows:
Retirement PlansOther Postretirement Benefits
2022202120222021
Assumed discount rate2.8 %2.4 %2.8 %2.4 %
Assumed long-term rate of investment return6.5 %6.5 %— — 
Assumed salary increase rate3%-6%3%-6%— — 
Assumed cash balance interest crediting rate2.6 %2.0 %— — 

The net periodic costs for the years ended December 31, 2022 and 2021 was based on the Pri-2012 White Collar Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate was based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date.

The Corporation's pension plan asset allocation at December 31, 2022 and 2021, by asset category was as follows:
Percentage of Plan Assets at December 31,
20222021
Asset Category:
Equity securities62 %64 %
Debt securities36 34 
Other2 2 
Total100 %100 %
Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 6.5%. Equity securities do not include any common stock of the Corporation.

The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures."
Fair Value Measurements at December 31,
(Dollars in thousands)20222021
Level 1:
Mutual funds$32,982 $41,951 
Short-term investments1,187 1,619 
Level 2:
U.S. government obligations6,629 7,050 
Corporate bonds5,427 6,536 
Certificates of deposit3,174 3,323 
Total fair value of plan assets$49,399 $60,479 

The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan was $2.1 million, $1.8 million and $1.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.    

The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP), which was established in 1981 prior to the existence of the 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. Expense recorded by the Corporation for the SNQPP for the years ended December 31, 2022, 2021 and 2020 was $174 thousand, $112 thousand and $224 thousand, respectively.