Benefit Plans

3 Months Ended

Mar. 31, 2023

Benefit Plans

Benefit Plans

8) Benefit Plans

Supplemental Retirement Plan

The Company has a supplemental retirement plan (the “Plan”) covering some current and some former key employees and directors. The Plan is a nonqualified defined benefit plan. Benefits are unsecured as there are no Plan assets. The following table presents the amount of periodic cost recognized for the periods indicated:

	Three Months Ended
	March 31,
	2023		2022
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	48	$	87
Interest cost		324		216
Amortization of net actuarial loss		13		114
Net periodic benefit cost	$	385	$	417

The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income.

Split-Dollar Life Insurance Benefit Plan

The Company maintains life insurance policies for some current and former directors and officers that are subject to split-dollar life insurance agreements. The following table sets forth the funded status of the split-dollar life insurance benefits for the periods indicated:

	March 31,		December 31,
	2023		2022
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	7,060	$	9,244
Interest cost		91		246
Actuarial loss		—		(2,430)
Projected benefit obligation at end of period	$	7,151	$	7,060

	March 31,		December 31,
	2023		2022
	(Dollars in thousands)
Net actuarial loss	$	2,371	$	2,301
Prior transition obligation		768		790
Accumulated other comprehensive loss	$	3,139	$	3,091

	Three Months Ended
	March 31,
	2023		2022
	(Dollars in thousands)
Amortization of prior transition obligation and actuarial losses	$	(47)	$	(11)
Interest cost		91		62
Net periodic benefit cost	$	44	$	51