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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
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)202220212020
401(k) Plan benefits expense$1,541 $1,211 $1,139 
401(k) Plan contributions made by the Company$1,214 $1,121 $202 
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)202220212020
ESOP benefits expense$2,824 $1,888 $2,400 
ESOP contributions made by the Company$3,535 $878 $1,951 
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)202220212020
Deferred compensation earnings credits included in non-interest expense$187 $176 $212 
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 $455,000 of the net actuarial loss reported in the following table as of December 31, 2022 as a component of net periodic benefit cost during 2022.
 December 31,
(in thousands)20222021
Transition obligation$— $— 
Prior service cost— (28)
Net actuarial (gain) / loss(13,901)(2,371)
Amount included in accumulated other comprehensive income (loss)(13,901)(2,399)
Deferred tax liability / (benefit)4,109 709 
Amount included in accumulated other comprehensive income (loss), net of tax$(9,792)$(1,690)
Information Pertaining to Activity in Supplemental Retirement Plans Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:
 December 31,
(in thousands)20222021
Change in benefit obligation:
Benefit obligation at beginning of year$(43,834)$(46,197)
Acquisition of obligations(3,310)— 
Service cost(1,624)(1,103)
Interest cost(1,731)(1,518)
Actuarial (loss)/gain10,266 3,580 
Plan amendments(2,141)— 
Benefits paid2,033 1,404 
Benefit obligation at end of year$(40,341)$(43,834)
Change in plan assets:
Fair value of plan assets at beginning of year$— $— 
Fair value of plan assets at end of year$— $— 
Funded status$(40,341)$(43,834)
Unrecognized net obligation existing at January 1, 1986— — 
Unrecognized net actuarial (loss)/gain(13,901)(2,453)
Unrecognized prior service cost— (28)
Accumulated other comprehensive loss13,901 2,481 
Accrued benefit cost$(40,341)$(43,834)
Accumulated benefit obligation$(40,340)$(42,590)
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)202220212020
Net pension cost included the following components:
Service cost-benefits earned during the period$1,624 $1,103 $2,830 
Interest cost on projected benefit obligation1,731 1,518 1,224 
Amortization of net obligation at transition— — 
Amortization of prior service cost(28)(58)(55)
Recognized net actuarial loss(86)254 9,309 
Amortization of loss/(gain)(114)— — 
Recognition of pension service cost to due amendment2,141 — — 
Net periodic pension cost$5,268 $2,817 $13,309 
Assumptions Used in Accounting for Plans The following table sets forth assumptions used in accounting for the plans:
 Year Ended December 31,
 202220212020
Discount rate used to calculate benefit obligation5.23 %2.74 %2.40 %
Discount rate used to calculate net periodic pension cost2.74 %2.40 %2.82 %
Average annual increase in executive compensation— %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
2023$1,914 $1,914 
20243,017 3,017 
20252,988 2,988 
20263,076 3,076 
20272,974 2,974 
2028-203218,981 18,981