XML 69 R56.htm IDEA: XBRL DOCUMENT v3.22.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of 401(k) Contribution Plan 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 
Summary of ESOP Activities 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 
Schedule of Deferred Compensation Earnings Credits Included in Noninterest Expense 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 
Schedule of Defined Benefit Pension Plans 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)$912 
Information Pertaining to Activity in Supplemental Retirement Plans Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:
 December 31,
(in thousands)20212020
Change in benefit obligation:
Benefit obligation at beginning of year$(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)
Net Periodic Benefit Cost Recognized for Supplemental Retirement Plans 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 
Assumptions Used in Accounting for Plans 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— %— %— %
Expected Benefit Payments to Participants and Estimated Contributions to be Made by Company 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