RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

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		%

Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years and thereafter are as follows: