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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

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,	2023	2022	2023	2022
Change in Benefit Obligation:
Benefit obligation at beginning of period	$66,656	$89,408	$13,562	$17,717
Service cost	1,403	2,062	156	218
Interest cost	3,540	2,368	706	423
Actuarial (gain) loss	8,522	(23,658)	(279)	(3,880)
Benefits paid	(4,570)	(3,422)	(950)	(916)
Administrative expenses	(267)	(102)	—	—

Benefit obligation at end of period	75,284	66,656	13,195	13,562
Change in Plan Assets:
Fair value of plan assets at beginning of period	81,553	103,047	—	—
Actual return on plan assets	6,121	(17,970)	—	—
Employer contributions	—	—	950	916
Benefits paid	(4,570)	(3,422)	(950)	(916)
Administrative expenses	(267)	(102)	—	—
Fair value of plan assets at end of period	82,837	81,553	—	—
Funded (unfunded) status at end of period (1)	$7,553	$14,897	($13,195)	($13,562)

(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 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,	2023	2022	2023	2022
Net actuarial loss included in AOCL, pre-tax	$8,837	$1,846	$2,939	$3,455

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,	2023	2022	2021	2023	2022	2021
Net Periodic Benefit Cost:
Service cost (1)	$1,403	$2,062	$2,369	$156	$218	$208
Interest cost (2)	3,540	2,368	2,004	706	423	337
Expected return on plan assets (2)	(4,590)	(4,634)	(4,815)	—	—	—

Recognized net actuarial loss (2)	—	1,020	2,121	237	692	723

Net periodic benefit cost	353	816	1,679	1,099	1,333	1,268
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
Net loss (gain)	6,991	(2,074)	(8,132)	(516)	(4,572)	(621)


Recognized in other comprehensive income (loss)	6,991	(2,074)	(8,132)	(516)	(4,572)	(621)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$7,344	($1,258)	($6,453)	$583	($3,239)	$647

(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, 2023 and 2022:


	Qualified Pension Plan				Non-Qualified Retirement Plans
	2023		2022		2023		2022
Measurement date	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Discount rate	4.51	%	5.54	%	5.10	%	5.50	%
Rate of compensation increase	0.50		5.00		N/A		5.00

The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021:


	Qualified Pension Plan						Non-Qualified Retirement Plans
	2023		2022		2021		2023		2022		2021
Measurement date	Dec 31, 2022		Dec 31, 2021		Dec 31, 2020		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020

Equivalent single discount rate for benefit obligations	5.54	%	3.00	%	2.71	%	5.50	%	2.89	%	2.51	%
Equivalent single discount rate for service cost	5.60		3.11		2.86		5.61		3.16		2.94
Equivalent single discount rate for interest cost	5.43		2.67		2.16		5.40		2.48		1.97
Expected long-term return on plan assets	5.25		5.25		5.75		N/A		N/A		N/A
Rate of compensation increase	5.00		3.75		3.75		5.00		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, 2023	Level 1	Level 2	Level 3
Assets:
Cash and cash equivalents	$16,820	$—	$—	$16,820
Obligations of U.S. government-sponsored enterprises	—	58,147	—	58,147

Obligations of states and political subdivisions	—	1,459	—	1,459
Corporate bonds	—	1,974	—	1,974

Mutual funds	4,437	—	—	4,437
Total plan assets	$21,257	$61,580	$—	$82,837


(Dollars in thousands)	Fair Value Measurements Using			Fair Value
December 31, 2022	Level 1	Level 2	Level 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 funds	23,932	—	—	23,932
Total plan assets	$32,370	$49,183	$—	$81,553

The following table presents the asset allocations of the qualified pension plan, by asset category:


December 31,	2023		2022
Asset Category:
Cash and cash equivalents	20.3	%	10.3	%
Fixed income securities (1)	74.3		60.3
Mutual funds	5.4		29.4
Total	100.0	%	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.

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,	2024		$2,830	$859
	2025	(1)	76,626	873
	2026		—	918
	2027		—	942
	2028		—	934
	2029 and thereafter		—	4,749

(1)The expected benefit payments for the qualified pension plan in 2025 reflects the termination of the plan that is expected to be completed in 2025.