The following tables set forth information pertaining to the defined benefit retirement plan for the periods presented:
| | | | | | | | | | | Year Ended | (Dollars in thousands) | | | December 31, 2022 | Change in benefit obligation: | | | | Benefit obligation at beginning of year | | | $ | 20,420 | | Interest cost | | | 212 | | Actuarial gains | | | (1,766) | | Benefits paid | | | (5,398) | | Annuity purchase | | | (13,468) | | Benefit obligation at end of the year | | | — | | | | | | Change in plan assets, at fair value: | | | | Fair value of plan assets at beginning of year | | | 20,785 | | Actual return on plan assets | | | (1,969) | | Employer contributions | | | 50 | | Benefits paid | | | (5,398) | | Annuity purchase | | | (13,468) | | Fair value of plan assets at end of year | | | — | | | | | | Funded status at end of year | | | $ | — | | | | | | Amounts recognized in AOCI: | | | | Net actuarial losses | | | $ | — | | | | | | Benefit obligation actuarial assumptions: | | | | Weighted-average discount rate | | | N/A |
| | | | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | | | 2022 | | 2021 | Components of net periodic benefit cost: | | | | | | Interest cost | | | $ | 212 | | | $ | 485 | | Expected return on plan assets | | | (207) | | | (549) | | Amortization of net actuarial losses | | | 225 | | | 701 | | Settlement | | | 4,884 | | | — | | Net periodic benefit cost | | | $ | 5,114 | | | $ | 637 | | | | | | | | Net periodic cost actuarial assumptions: | | | | | | Weighted-average discount rate | | | 2.4 | % | | 2.3 | % | Expected long-term rate of return on plan assets | | | 2.3 | % | | 2.7 | % |
The following tables set forth information pertaining to the SERP for the periods presented:
| | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2023 | | 2022 | Change in benefit obligation | | | | Benefit obligation at beginning of year | $ | 9,220 | | | $ | 12,297 | | Interest cost | 448 | | | 301 | | Actuarial losses (gains) | 181 | | | (2,960) | | Benefits paid | (575) | | | (418) | | Benefit obligation at end of year | 9,274 | | | 9,220 | | | | | | Change in plan assets | | | | Fair value of plan assets at beginning of year | — | | | — | | Employer contributions | 575 | | | 418 | | Benefits paid | (575) | | | (418) | | Fair value of plan assets at end of year | — | | | — | | | | | | Funded status at end of year | $ | (9,274) | | | $ | (9,220) | | | | | | Amounts recognized in AOCI | | | | Net transition obligation | $ | — | | | $ | (7) | | | | | | Net actuarial losses | 106 | | | 701 | | Total amounts recognized in AOCI | $ | 106 | | | $ | 694 | | | | | | Benefit obligation actuarial assumptions | | | | Weighted-average discount rate | 4.8 | % | | 5.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2023 | | 2022 | | 2021 | Components of net periodic benefit cost | | | | | | Interest cost | $ | 448 | | | $ | 301 | | | $ | 264 | | Amortization of net actuarial (gains) losses | (74) | | | 79 | | | 335 | | Amortization of net transition obligation | 7 | | | 18 | | | 18 | | | | | | | | | | | | | | Net periodic benefit cost | $ | 381 | | | $ | 398 | | | $ | 617 | | | | | | | | Net periodic cost actuarial assumptions | | | | | | Weighted-average discount rate | 5.1 | % | | 2.7 | % | | 2.1 | % |
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