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Retirement Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
401(k) Plan
The Company sponsors a 401(k) Plan whereby substantially all employees age 21 and over with 90 days of service may participate. Participants may contribute a portion of their compensation subject to certain limits based on federal tax laws. Prior to July 1, 2015, the Company did not contribute to the 401(k) Plan. Effective July 1, 2015, the Company initiated a discretionary matching contribution equal to 50% of participant’s elective deferrals each quarter, up to 4% of eligible compensation. The Company recorded salaries & benefits expense attributable to the 401(k) Plan matching contributions and 401(k) Plan matching contributions for the years ended:
 Year Ended December 31,
(in thousands)202120202019
401(k) Plan benefits expense$1,211 $1,139 $1,119 
401(k) Plan contributions made by the Company$1,121 $202 $1,003 
Employee Stock Ownership Plan
Substantially all employees with at least one year of service are covered by a discretionary employee stock ownership plan (ESOP). Company shares owned by the ESOP are paid dividends and included in the calculation of earnings per share as common shares outstanding. Contributions are made to the plan at the discretion of the Board of Directors. Expenses related to the Company’s ESOP, included in benefits and other compensation costs under salaries and benefits expense, and contributions to the plan for the years ended were:
 Year Ended December 31,
(in thousands)202120202019
ESOP benefits expense$1,888 $2,400 $2,500 
ESOP contributions made by the Company$878 $1,951 $1,875 
Deferred Compensation Plans
The Company has deferred compensation plans for certain directors and key executives, which allow certain directors and key executives designated by the Board of Directors of the Company to defer a portion of their compensation. The Company has purchased insurance on the lives of certain of the participants and intends to hold these policies until death as a cost recovery of the Company’s deferred compensation obligations of $5,945,000 and $6,043,000 at December 31, 2021 and 2020, respectively. Earnings credits on deferred balances included in non-interest expense are included in the following table:
 Year Ended December 31,
(in thousands)202120202019
Deferred compensation earnings credits included in non-interest expense$176 $212 $363 
Supplemental Retirement Plans
The Company has supplemental retirement plans for certain directors and key executives. These plans are non-qualified defined benefit plans and are unsecured and unfunded. The Company has purchased insurance on the lives of the participants and intends to hold these policies until death as a cost recovery of the Company’s retirement obligations. The cash values of the insurance policies purchased to fund the deferred compensation obligations and the supplemental retirement obligations were $117,857,000 and $118,870,000 at December 31, 2021 and 2020, respectively.
The Company recorded in other liabilities the additional (funded) unfunded status of the supplemental retirement plans of $(2,399,000) and $1,294,000 related to the supplemental retirement plans as of December 31, 2021 and 2020, respectively. These amounts represent the amount by which the projected benefit obligations for these retirement plans exceeded the fair value of plan assets plus amounts previously accrued related to the plans. The projected benefit obligation is recorded in other liabilities.
At December 31, 2021 and 2020, the additional unfunded status of the supplemental retirement plans of $(2,399,000) and $1,294,000 were offset by a reduction of shareholders’ equity accumulated other comprehensive loss of $(1,690,000) and $912,000, respectively, representing the after-tax impact of the additional unfunded status of the supplemental retirement plans, and the related deferred tax asset of $(709,000) and $382,000, respectively. Amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company’s defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $26,000 of the net actuarial loss reported in the following table as of December 31, 2021 as a component of net periodic benefit cost during 2021.
 December 31,
(in thousands)20212020
Transition obligation$— $— 
Prior service cost(28)(86)
Net actuarial loss(2,371)1,380 
Amount included in accumulated other comprehensive income (loss)(2,399)1,294 
Deferred tax benefit709 (382)
Amount included in accumulated other comprehensive income (loss), net of tax$(1,690)$912 
Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:
 December 31,
(in thousands)20212020
Change in benefit obligation:
Benefit obligation at beginning of year$(38,000)$(36,737)
Service cost(913)(2,225)
Interest cost(898)(1,014)
Actuarial (loss)/gain3,580 640 
Plan amendments— — 
Benefits paid972 1,336 
Benefit obligation at end of year$(35,259)$(38,000)
Change in plan assets:
Fair value of plan assets at beginning of year$— $— 
Fair value of plan assets at end of year$— $— 
Funded status$(35,259)$(38,000)
Unrecognized net obligation existing at January 1, 1986— 
Unrecognized net actuarial (loss)/gain(2,453)1,380 
Unrecognized prior service cost(28)(86)
Accumulated other comprehensive income (loss)2,481 (1,294)
Accrued benefit cost$(35,259)$(38,000)
Accumulated benefit obligation$(34,015)$(36,298)
The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans:
 Year Ended December 31,
(in thousands)202120202019
Net pension cost included the following components:
Service cost-benefits earned during the period$913 $2,225 $879 
Interest cost on projected benefit obligation898 1,014 1,131 
Amortization of net obligation at transition— 1 2 
Amortization of prior service cost(58)(55)(54)
Recognized net actuarial loss254 9,309 408 
Net periodic pension cost$2,007 $12,494 $2,366 
The following table sets forth assumptions used in accounting for the plans:
 Year Ended December 31,
 202120202019
Discount rate used to calculate benefit obligation2.74 %2.40 %2.82 %
Discount rate used to calculate net periodic pension cost2.40 %2.82 %3.96 %
Average annual increase in executive compensation3.25 %3.25 %3.25 %
Average annual increase in director compensation— %— %— %
The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated:
(in thousands)Expected Benefit
Payments to
Participants		Estimated
Company
Contributions
2022$1,118 $1,118 
20232,208 2,208 
20242,214 2,214 
20252,203 2,203 
20262,160 2,160 
2027-203110,294 10,294