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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Expected Benefit Payments [Table Text Block] | stimated future benefit payments for the BHB Plan. These payments were calculated prior to the approval of the BHB Plan's termination.
| Amount
| (Dollars in thousands)
2023 | $ | 546 |
2024 | $ | 445 |
2025 | $ | 453 |
2026 | $ | 458 |
2027 | $ | 488 |
2028-2032 | $ | 2,731 |
Expected future benefit payments for the defined benefit supplemental executive retirement plans are presented below:
| Defined Benefit Supplemental Executive Retirement Plans Expected Benefit Payments
| (Dollars in thousands)
2023 | $ | 471 |
2024 | $ | 1,202 |
2025 | $ | 1,241 |
2026 | $ | 1,230 |
2027 | $ | 1,191 |
2028-2032 | $ | 6,102 |
Schedule of Multiemployer Plan |
|  |  | Funding Status of Pension Plan |  | FIP/RP Status Pending/ Implemented |  | Surcharge Imposed |  | Expiration Date of Collective- Bargaining Agreement |  | Minimum Contributions Required for Future Periods
| EIN/Pension Plan Number |  | 2022 |  | 2021 |
Pentegra defined benefit plan for financial institutions | 13-5645888/333 |  | At least 80 percent |  | At least 80 percent |  | No |  | No |  | N/A |  | $ | — |
Schedule of Multiemployer Plan Contributions | The Company’s contributions to the Pension Plans were as follows for the periods indicated:
|  |  |  |  | Required Contributions - Plan Year Allocation
| Contribution |  |  |  | 2022-2023 |  | 2021-2022 |  | 2020-2021
| (Dollars in thousands)
2022 | $ | 499 |  |  |  |  | $ | 499 |  |  | $ | — |  |  | $ | — |
2021 | $ | 626 |  |  |  |  | $ | — |  |  | $ | 626 |  |  | $ | — |
2020 | $ | 929 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 929 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Information pertaining to the BHB Plan is as follows:
| Years Ended December 31
| 2022 | 2021
| (Dollars in thousands)
Change in plan assets: |  |
Fair value of plan assets at beginning of year | $ | 14,099 |  | $ | 12,225 |
Actual return on plan assets | (2,126) |  | 1,480 |
Employer contribution | — |  | 950 |
Benefits paid | (2,084) |  | (556) |
Settlement payments | — |  | — |
Fair value of plan assets at end of year | $ | 9,889 |  | $ | 14,099 |
Change in benefit obligation: |  |
Benefit obligation at beginning of year | 13,939 |  | 15,052 |
Interest cost | 366 |  | 344 |
Actuarial gain | (3,505) |  | (901) |
Benefits paid | (2,084) |  | (556) |
Settlement payments | — |  | — |
Benefit obligation at end of year | $ | 8,716 |  | $ | 13,939 |
Funded status at end of year | $ | 1,173 |  | $ | 160 |
Schedule of Net Benefit Costs [Table Text Block] |
| Years Ended December 31
| 2022 | 2021
| (Dollars in thousands)
Interest cost | $ | 366 |  | $ | 344 |
Expected return on plan assets | (966) |  | (891) |
Amortization of net actuarial loss | 28 |  | 208 |
Settlement gain | (31) |  | — |
Net period pension benefit | $ | (603) |  | $ | (339) |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | The fair value of major categories of the BHB Plan assets as of December 31, 2021 are summarized below:
|  |  | Fair Value Measurements at Reporting Date Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| December 31, 2021
| (Dollars in thousands)
Collective funds | $ | 1,542 |  |  | 1,542 |  |  | $ | — |  |  | $ | — |
Equity securities | 3,391 |  |  | 3,391 |  |  | — |  |  | — |
Mutual funds | 1,702 |  |  | 1,702 |  |  | — |  |  | — |
Total investments in the fair value hierarchy | $ | 6,635 |  |  | $ | 6,635 |  |  | $ | — |  |  | $ | — |
Investments measured at net asset value (1) | 7,464 |  |  |  |  |  |  |
| $ | 14,099 |  |  |  |  |  |  |
(1)Under the Fair Value Measurements and Disclosure Topic of the FASB ASC, certain investments that were measured at fair value at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Supplemental Retirement Expense and Contributions Paid | The following table shows the defined benefit supplemental retirement expense, and the contributions paid to the plans which were used only to pay the current year benefits for the years indicated:
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Retirement expense | $ | 1,681 |  |  | $ | 2,275 |  |  | $ | 1,770 |
Benefits paid | $ | 475 |  |  | $ | 475 |  |  | $ | 475 |
Schedule of Supplemental Executive Retirement Plans | The following table illustrates the status of the defined benefit supplemental executive retirement plans at December 31 for the years presented:
| Defined Benefit Supplemental Executive Retirement Benefits
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Change in accumulated benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 19,498 |  |  | $ | 20,752 |  |  | $ | 17,361 |
Service cost | 561 |  |  | 574 |  |  | 505 |
Interest cost | 492 |  |  | 424 |  |  | 518 |
Actuarial (gain) loss | (4,365) |  |  | (1,777) |  |  | 2,843 |
Benefits paid | (475) |  |  | (475) |  |  | (475) |
Benefit obligation at end of year | $ | 15,711 |  |  | $ | 19,498 |  |  | $ | 20,752 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |  |  | $ | — |
Employer contribution | 475 |  |  | 475 |  |  | 475 |
Benefits paid | (475) |  |  | (475) |  |  | (475) |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (15,711) |  |  | $ | (19,498) |  |  | $ | (20,752) |
Assets | — |  |  | — |  |  | — |
Liabilities | (15,711) |  |  | (19,498) |  |  | (20,752) |
Funded status at end of year | $ | (15,711) |  |  | $ | (19,498) |  |  | $ | (20,752) |
Amounts recognized in accumulated other comprehensive income ("AOCI") |  |  |  |  |
Net (gain) loss | $ | (1,970) |  |  | $ | 3,002 |  |  | $ | 5,881 |
Prior service cost | 22 |  |  | 43 |  |  | 218 |
Amounts recognized in AOCI | $ | (1,948) |  |  | $ | 3,045 |  |  | $ | 6,099 |
Information for plans with an accumulated benefit obligation in excess of plan assets |  |  |  |  |
Projected benefit obligation | $ | 15,711 |  |  | $ | 19,498 |  |  | $ | 20,752 |
Accumulated benefit obligation | $ | 15,711 |  |  | $ | 19,498 |  |  | $ | 20,752 |
Net periodic benefit cost |  |  |  |  |
Service cost | $ | 561 |  |  | $ | 574 |  |  | $ | 505 |
Interest cost | 492 |  |  | 424 |  |  | 518 |
Amortization of prior service cost | 22 |  |  | 174 |  |  | 276 |
Recognized net actuarial loss | 606 |  |  | 1,103 |  |  | 471 |
Net periodic benefit cost | $ | 1,681 |  |  | $ | 2,275 |  |  | $ | 1,770 |
Discount rate used for benefit obligation | 4.67% - 4.93% |  | 1.28% - 2.57% |  | 0.43% - 2.18%
Discount rate used for net periodic benefit cost | 1.28% - 2.57% |  | 0.43% - 2.18% |  | 2.00% - 3.04%
Rate of compensation increase | n/a |  | n/a |  | n/a

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