Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the benefit obligations and fair value of assets of the plans for the years ended December 31, 2022 and 2021, and a statement of the funded status at December 31, 2022 and 2021:


	Pension Benefits						Post-retirement Benefits
(Dollars in thousands)	2022			2021			2022			2021
Change in benefit obligation:
Obligation at January 1	$	10,463		$	12,310		$	62		$	71

Interest cost	280			259			1			2
Plan participants’ contributions	—			—			47			51
Actuarial (gain) loss	(2,359)			(1,367)			(2)			1
Benefit payments	(257)			(220)			(58)			(63)


Settlements	(546)			(519)			—			—

Accumulated benefit obligation at December 31	$	7,581		$	10,463		$	50		$	62

Change in plan assets:
Fair value of plan assets at January 1	$	11,718		$	10,852		$	—		$	—
Actual (loss) return on plan assets	(1,746)			1,605			—			—
Employer contributions	2			—			11			12
Plan participants’ contributions	—			—			47			51
Benefit payments	(257)			(220)			(58)			(63)
Settlements	(546)			(519)			—			—
Fair value of plan assets at December 31	$	9,171		$	11,718		$	—		$	—
Funded status at December 31	$	1,590		$	1,255		$	(50)		$	(62)
Amounts recognized in Consolidated Balance Sheets:
Prepaid benefit costs	$	1,590		$	1,255		$	—		$	—
Accrued benefit liability	$	—		$	—		$	(50)		$	(62)
Net amount recognized	$	1,590		$	1,255		$	(50)		$	(62)
Amounts recognized in Accumulated Other Comprehensive Loss:
Unrecognized prior service cost	$	—		$	—		$	—		$	—
Unrecognized net loss (gain)	1,681			1,861			(48)			(37)
Total	$	1,681		$	1,861		$	(48)		$	(37)
Weighted-average assumptions at year-end:
Discount rate	4.98		%	2.71		%	4.98		%	2.71		%

Schedule of Net Periodic Benefit Costs

The following table details the components of the net periodic (benefit) cost for the plans at December 31:


	Pension Benefits									Post-retirement Benefits
(Dollars in thousands)	2022			2021			2020			2022			2021			2020
Interest cost	$	280		$	259		$	326		$	1		$	2		$	2
Expected return on plan assets	(670)			(658)			(747)			—			—			—
Amortization of prior service credit	—			—			—			—			—			—
Amortization of net loss (gain)	67			107			132			(4)			(4)			(5)

Settlement of benefit obligation	185			143			1,054			—			—			—
Net periodic (benefit) cost	$	(138)		$	(149)		$	765		$	(3)		$	(2)		$	(3)

Weighted-average assumptions:
Discount rate	3.14		%	2.44		%	2.53		%	2.71		%	2.38		%	3.12		%
Expected return on plan assets	7.00		%	7.00		%	7.50		%	N/A			N/A			N/A
Rate of compensation increase	N/A			N/A			N/A			N/A			N/A			N/A

Schedule of Allocation of Plan Assets

The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category:


(Dollars in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)
2022
Equity securities:

Mutual funds – equity	$	6,357	$	6,357
Debt securities:



Mutual funds – taxable income	2,439		2,439
Total fair value of pension assets	$	8,796	$	8,796
2021
Equity securities:

Mutual funds – equity	$	8,516	$	8,516
Debt securities:



Mutual funds – taxable income	2,912		2,912
Total fair value of pension assets	$	11,428	$	11,428

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows:


(Dollars in thousands)	Pension Benefits		Post-retirement Benefits
2023	$	1,082	$	10
2024	843		9
2025	656		7
2026	792		6
2027	659		6
2028 to 2032	2,780		16
Total	$	6,812	$	54