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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022202120222021
Change in Benefit Obligation:
Benefit obligation at beginning of period
$89,408 $94,742 $17,717 $17,973 
Service cost
2,062 2,369 218 208 
Interest cost
2,368 2,004 423 337 
Actuarial (gain) loss(23,658)(4,011)(3,880)102 
Benefits paid
(3,422)(5,556)(916)(903)
Administrative expenses
(102)(140)— — 
Benefit obligation at end of period
66,656 89,408 13,562 17,717 
Change in Plan Assets:
Fair value of plan assets at beginning of period
103,047 101,929 — — 
Actual return on plan assets
(17,970)6,814 — — 
Employer contributions
— — 916 903 
Benefits paid
(3,422)(5,556)(916)(903)
Administrative expenses
(102)(140)— — 
Fair value of plan assets at end of period
81,553 103,047 — — 
Funded (unfunded) status at end of period (1)
$14,897 $13,639 ($13,562)($17,717)
(1)Funded status of the qualified pension plan is included in other assets in the Consolidated Balance Sheets. Unfunded status of the non-qualified retirement plans is included in other liabilities in the Consolidated Balance Sheets.
Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Retirements Plans
The following table presents the amounts included in AOCI (AOCL) related to the qualified pension plan and non-qualified retirement plans:
(Dollars in thousands)Qualified
Pension Plan
Non-Qualified
Retirement Plans
At December 31, 2022202120222021
Net actuarial loss included in AOCI (AOCL), pre-tax
$1,846 $3,920 $3,455 $8,027 
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, 202220212020202220212020
Net Periodic Benefit Cost:
Service cost (1)
$2,062 $2,369 $2,164 $218 $208 $170 
Interest cost (2)
2,368 2,004 2,505 423 337 465 
Expected return on plan assets (2)
(4,634)(4,815)(4,538)— — — 
Recognized net actuarial loss (2)
1,020 2,121 1,582 692 723 560 
Net periodic benefit cost
816 1,679 1,713 1,333 1,268 1,195 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
Net (gain) loss(2,074)(8,132)1,708 (4,572)(621)1,244 
Recognized in other comprehensive income (loss)
(2,074)(8,132)1,708 (4,572)(621)1,244 
Total recognized in net periodic benefit cost and other comprehensive income (loss)
($1,258)($6,453)$3,421 ($3,239)$647 $2,439 
(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, 2022 and 2021:
Qualified
Pension Plan
Non-Qualified Retirement Plans
2022202120222021
Measurement dateDec 31, 2022Dec 31, 2021Dec 31, 2022Dec 31, 2021
Discount rate5.54 %3.00 %5.50 %2.90 %
Rate of compensation increase5.00 3.75 5.00 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, 2022, 2021 and 2020:
Qualified Pension PlanNon-Qualified Retirement Plans
202220212020202220212020
Measurement dateDec 31, 2021Dec 31, 2020Dec 31, 2019Dec 31, 2021Dec 31, 2020Dec 31, 2019
Equivalent single discount rate for benefit obligations
3.00 %2.71 %3.42 %2.89 %2.51 %3.30 %
Equivalent single discount rate for service cost
3.11 2.86 3.54 3.16 2.94 3.62 
Equivalent single discount rate for interest cost
2.67 2.16 3.07 2.48 1.97 2.93 
Expected long-term return on plan assets
5.25 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 Using
Fair Value
December 31, 2022Level 1Level 2Level 3
Assets:
Cash and cash equivalents$8,438 $— $— $8,438 
Obligations of U.S. government-sponsored enterprises— 42,601 — 42,601 
Obligations of states and political subdivisions— 1,728 — 1,728 
Corporate bonds— 4,854 — 4,854 
Mutual funds23,932 — — 23,932 
Total plan assets$32,370 $49,183 $— $81,553 

(Dollars in thousands)Fair Value Measurements Using
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 
The following table presents the asset allocations of the qualified pension plan, by asset category:
December 31,20222021
Asset Category:
Cash and cash equivalents10.3 %7.3 %
Fixed income securities (1)
60.3 54.7 
Equity securities (2)
29.4 38.0 
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 mutual funds at December 31, 2022 and common stocks and mutual funds at December 31, 2021.
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 31,2023$2,870 $904 
20243,243 892 
20253,553 899 
20263,888 935 
20274,169 951 
2028 and thereafter23,832 4,870