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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Projected Benefit Obligations, Fair Value of Plan Assets and Funded (Unfunded) Status
The following table presents the plans’ projected benefit obligations, fair value of plan assets and funded (unfunded) status:
(Dollars in thousands)Qualified
Pension Plan
Non-Qualified
Retirement Plans
At December 31, 2021202020212020
Change in Benefit Obligation:
Benefit obligation at beginning of period
$94,742 $83,141 $17,973 $16,438 
Service cost
2,369 2,164 208 170 
Interest cost
2,004 2,505 337 465 
Actuarial (gain) loss(4,011)10,378 102 1,803 
Benefits paid
(5,556)(3,334)(903)(903)
Administrative expenses
(140)(112)— — 
Benefit obligation at end of period
89,408 94,742 17,717 17,973 
Change in Plan Assets:
Fair value of plan assets at beginning of period
101,929 93,749 — — 
Actual return on plan assets
6,814 11,626 — — 
Employer contributions
— — 903 903 
Benefits paid
(5,556)(3,334)(903)(903)
Administrative expenses
(140)(112)— — 
Fair value of plan assets at end of period
103,047 101,929 — — 
Funded (unfunded) status at end of period$13,639 $7,187 ($17,717)($17,973)
Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Retirements Plans
The following table presents the amounts included in accumulated other comprehensive income (“AOCI”) related to the qualified pension plan and non-qualified retirement plans:
(Dollars in thousands)Qualified
Pension Plan
Non-Qualified
Retirement Plans
At December 31, 2021202020212020
Net actuarial loss included in AOCI, pre-tax$3,920 $12,051 $8,027 $8,648 
Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)
The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(Dollars in thousands)Qualified
Pension Plan
Non-Qualified
Retirement Plans
Years ended December 31, 202120202019202120202019
Net Periodic Benefit Cost:
Service cost (1)
$2,369 $2,164 $2,037 $208 $170 $126 
Interest cost (2)
2,004 2,505 2,967 337 465 563 
Expected return on plan assets (2)
(4,815)(4,538)(4,495)— — — 
Amortization of prior service credit (2)
— — (16)— — — 
Recognized net actuarial loss (2)
2,121 1,582 792 723 560 408 
Net periodic benefit cost
1,679 1,713 1,285 1,268 1,195 1,097 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
Net (gain) loss(8,132)1,708 890 (621)1,244 1,620 
Prior service credit
— — 16 — — — 
Recognized in other comprehensive income (loss)
(8,132)1,708 906 (621)1,244 1,620 
Total recognized in net periodic benefit cost and other comprehensive income (loss)
($6,453)$3,421 $2,191 $647 $2,439 $2,717 
(1)Included in salaries and employee benefits expense in the Consolidated Statements of Income.
(2)Included in other expenses in the Consolidated Statements of Income.
Schedule of Assumptions Used for Net Periodic Benefit Cost
The following table presents the measurement date and weighted-average assumptions used to determine benefit obligations at December 31, 2021 and 2020:
Qualified
Pension Plan
Non-Qualified Retirement Plans
2021202020212020
Measurement dateDec 31, 2021Dec 31, 2020Dec 31, 2021Dec 31, 2020
Discount rate3.00 %2.71 %2.90 %2.50 %
Rate of compensation increase3.75 3.75 3.75 3.75 

The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019:
Qualified Pension PlanNon-Qualified Retirement Plans
202120202019202120202019
Measurement dateDec 31, 2020Dec 31, 2019Dec 31, 2018Dec 31, 2020Dec 31, 2019Dec 31, 2018
Equivalent single discount rate for benefit obligations
2.71 %3.42 %4.38 %2.51 %3.30 %4.28 %
Equivalent single discount rate for service cost
2.86 3.54 4.44 2.94 3.62 4.48 
Equivalent single discount rate for interest cost
2.16 3.07 4.12 1.97 2.93 3.98 
Expected long-term return on plan assets
5.75 5.75 5.75 N/AN/AN/A
Rate of compensation increase
3.75 3.75 3.75 3.75 3.75 3.75 
Schedule of Fair Value and Allocation of Plan Assets
The following tables present the fair values of the qualified pension plan’s assets:
(Dollars in thousands)
Fair Value Measurements UsingAssets at
Fair Value
December 31, 2021Level 1Level 2Level 3
Assets:
Cash and cash equivalents$7,532 $— $— $7,532 
Obligations of U.S. government-sponsored enterprises— 47,485 — 47,485 
Obligations of states and political subdivisions— 2,233 — 2,233 
Corporate bonds— 6,636 — 6,636 
Common stocks16,565 — — 16,565 
Mutual funds22,596 — — 22,596 
Total plan assets$46,693 $56,354 $— $103,047 

(Dollars in thousands)
Fair Value Measurements UsingAssets at
Fair Value
December 31, 2020Level 1Level 2Level 3
Assets:
Cash and cash equivalents$14,427 $— $— $14,427 
Obligations of U.S. government-sponsored enterprises
— 29,449 — 29,449 
Obligations of states and political subdivisions— 2,327 — 2,327 
Corporate bonds— 9,211 — 9,211 
Common stocks17,150 — — 17,150 
Mutual funds29,365 — — 29,365 
Total plan assets$60,942 $40,987 $— $101,929 
The following table presents the asset allocations of the qualified pension plan, by asset category:
December 31,20212020
Asset Category:
Cash and cash equivalents7.3 %14.2 %
Fixed income securities (1)
54.7 40.2 
Equity securities (2)
38.0 45.6 
Total100.0 %100.0 %
(1)Includes obligations of U.S. government agencies and U.S. government-sponsored enterprises, obligations of states and political subdivisions and corporate bonds.
(2)Includes common stocks and mutual funds.
Schedule of Expected Future Benefit Payments
The following table presents the benefit payments, which reflect expected future service, as appropriate, expected to be paid:
(Dollars in thousands)Qualified
Pension Plan
Non-Qualified
Retirement Plans
Years ending December 31,2022$2,741 $905 
20233,001 891 
20243,216 877 
20253,526 880 
20263,858 910 
2027 and thereafter22,705 4,631