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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
401(k) and Profit Sharing Plan

The Company has a 401(k) plan and the majority of its employees participate in it. Employees may contribute pre-tax contributions to the 401(k) plan up to the maximum amount allowed by federal tax laws. The Company makes matching contributions of up to 4% of an employee’s eligible compensation. For the years ended December 31, 2022, 2021, and 2020 expenses under the 401(k) plan matching contributions totaled $1.6 million, $1.5 million, and $1.5 million, respectively. For years prior to 2022, the Company, at its discretion, made profit sharing contributions to employees' 401(k) accounts in addition to its regular 401(k) plan matching contribution. For each of the years ended December 31, 2021 and 2020, these additional profit sharing contributions totaled 3% of employee eligible compensation, and expenses were $1.3 million and $1.4 million, respectively.

SERP and Other Postretirement Benefit Plan

The Company sponsors unfunded, non-qualified SERPs for certain officers. These agreements are designed to make up the shortfall (when compared to a non-highly compensated employee) in replacing income at retirement due to IRS compensation and benefit limits under the 401(k) plan and Social Security. The SERP provides for a minimum 15-year guaranteed benefit for all vested participants. There are no new entrants to the Company's SERP.

The Company also provides medical and life insurance to certain eligible retired employees under the other postretirement benefit plan. This postretirement plan is a benefit only to certain qualifying participants. There are no new entrants to the Company's medical and health postretirement benefit plan.

The following table summarizes changes in the benefit obligation and plan assets for each postretirement benefit plan as of the dates indicated:
SERPOther Postretirement
Benefits
December 31,December 31,
(In thousands)2022202120222021
Benefit obligations:        
Beginning of year$16,610 $16,031 $4,167 $4,420 
Service cost534 504 21 26 
Interest cost460 389 111 103 
Actuarial (gain) loss(1,996)222 (863)(202)
Benefits paid(566)(536)(175)(180)
End of year15,042 16,610 3,261 4,167 
Fair value of plan assets:
Beginning of year— — — — 
Employer contributions566 536 175 180 
Benefits paid(566)(536)(175)(180)
End of year— — — — 
Unfunded status at end of year(1)
$15,042 $16,610 $3,261 $4,167 
Amounts recognized in AOCI, net of tax:
Net actuarial loss (gain)$412 $2,653 $(29)$718 
Prior service credit— — (76)(94)
Total$412 $2,653 $(105)$624 
(1)    Presented within other liabilities on the consolidated statements of condition.

The accumulated benefit obligation for the SERP at December 31, 2022 and 2021 was $15.0 million and $16.5 million, respectively.

For the year ending December 31, 2022, the estimated actuarial loss on the SERP that will be amortized from AOCI into net periodic benefit cost is $0. All prior service costs have been fully amortized.
For the year ending December 31, 2022, the estimated actuarial gain and prior service credit on other postretirement benefits that will be amortized from AOCI into net periodic benefit cost is $3,000 and $24,000, respectively.

The components of net periodic benefit cost and other amounts recognized in OCI, before taxes, were as follows for the periods indicated:
SERPOther Postretirement
Benefits
For the Year Ended
December 31,		For the Year Ended
December 31,
(In thousands)202220212020202220212020
Net periodic benefit cost:            
Service cost(1)
$534 $504 $464 $21 $26 $28 
Interest cost(2)
460 389 460 111 103 123 
Recognized net actuarial loss(2)
859 778 623 88 116 78 
Amortization of prior service credit(2)
— — — (24)(24)(24)
Net periodic benefit cost1,853 1,671 1,547 196 221 205 
Changes in funded status recognized in OCI, before taxes:
      
Net actuarial (gain) loss arising during period(1,996)222 911 (863)(202)371 
Reclassifications to net periodic benefit cost:
Amortization of net unrecognized actuarial loss
(859)(778)(623)(88)(116)(78)
Amortization of prior service credit
— — — 24 24 24 
Total recognized in OCI, before taxes
(2,855)(556)288 (927)(294)317 
Total recognized in net periodic benefit cost and OCI, before taxes
$(1,002)$1,115 $1,835 $(731)$(73)$522 
(1)    Presented in salaries and employee benefits on the consolidated statements of income.
(2)    Presented in other expenses on the consolidated statements of income.

The following assumptions were used in determining benefit obligations and net period benefit costs:
SERPOther Postretirement
Benefits
  202220212020202220212020
Weighted-average assumptions as of end of year:
            
Discount rate for benefit obligation
5.1 %2.8 %2.5 %5.2 %2.8 %2.4 %
Discount rate for net periodic benefit cost
2.8 %2.5 %3.2 %2.8 %2.4 %3.2 %
Rate of compensation increase for benefit obligation
3.0 %3.0 %3.0 %N/AN/AN/A
Rate of compensation increase for net periodic benefit cost
3.0 %3.0 %3.0 %N/AN/AN/A
Health care cost trend rate assumed for future years
N/AN/AN/A
4.5% - 7.5%
4.5% - 6.5%
4.5% - 6.5%

A 1.0% increase or decrease in the assumed health care cost trend rate would not materially increase or decrease the Company's accumulated postretirement benefit obligation and the related service and interest cost as of December 31, 2022.
For the year ending December 31, 2022, the expected contribution for the SERP is $873,000 and for the other postretirement benefits plan is $295,000. The expected benefit payments for the next ten years are presented in the following table:
(In thousands)SERPOther Postretirement
Benefits
2023$873 $295 
20241,136 287 
20251,285 261 
20261,285 248 
20271,262 236 
Next 5 years6,256 1,129