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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Benefit Cost | Net periodic benefit cost of these plans for the years ended December 31, was as follows:
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Service cost | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation | 25 |  |  | 35 |  |  | 23 |
Amortization of transition obligation | — |  |  | — |  |  | — |
Amortization of prior service cost | 76 |  |  | 75 |  |  | 76 |
Gain amortization | (108) |  |  | (96) |  |  | (27) |
Net periodic benefit cost | $ | (7) |  |  | $ | 14 |  |  | $ | 72 |
Schedule of Changes in Benefit Obligations and Plan Assets | The following table sets forth the change in the benefit obligation and plan assets as of December 31:
| 2023 |  | 2022
| (dollars in thousands)
Change in Benefit Obligation |  |  |
Benefit obligation at beginning of year | $ | 708 |  |  | $ | 986 |
Service cost | — |  |  | — |
Interest cost | 35 |  |  | 22 |
Amendments | — |  |  | — |
Actuarial gain | (119) |  |  | (212) |
Net benefits paid | (63) |  |  | (88) |
Benefit obligation at end of year | 561 |  |  | 708 |
Change in Plan Assets |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |
Actual return on plan assets | — |  |  | — |
Employer contributions | 63 |  |  | 88 |
Net benefits paid | (63) |  |  | (88) |
Fair value of plan assets at end of year | — |  |  | — |
Funded Status at End of Year | 561 |  |  | 708 |
Unrecognized prior service cost | (310) |  |  | (386) |
Unrecognized net gain | 750 |  |  | 728 |
Amounts recognized in retained earnings | $ | 1,001 |  |  | $ | 1,050 |
Schedule of Amounts Recognized as Other Liabilities | As of December 31, the funded status of the plan is:
| 2023 |  | 2022
| (dollars in thousands)
Amounts Recognized in the Statement of Financial Condition as Other liabilities | $ | 561 |  |  | $ | 708 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table identifies the related tax effects allocated to each component of other comprehensive income in the Consolidated Statements of Comprehensive Income as of December 31. Reclassification adjustments related to securities available for sale are included in the “Net securities (losses) gains” line in the Consolidated Statements of Income.
| 2023 |  | 2022 |  | 2021
| Pretax Amount |  | Tax (Expense) Benefit |  | Net of Tax Amount |  | Pretax Amount |  | Tax (Expense) Benefit |  | Net of Tax Amount |  | Pretax Amount |  | Tax (Expense) Benefit |  | Net of Tax Amount
| (dollars in thousands)
Unrealized gains (losses) on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on securities arising during the period | $ | 18,499 |  |  | $ | (3,449) |  |  | $ | 15,050 |  |  | $ | (131,838) |  |  | $ | 27,686 |  |  | $ | (104,152) |  |  | $ | (29,892) |  |  | $ | 6,278 |  |  | $ | (23,614) |
Reclassification adjustment for losses (gains) on securities included in net income | 103 |  |  | (22) |  |  | 81 |  |  | (2) |  |  | — |  |  | (2) |  |  | (16) |  |  | 3 |  |  | (13) |
Total unrealized gains (losses) on securities | 18,602 |  |  | (3,471) |  |  | 15,131 |  |  | (131,840) |  |  | 27,686 |  |  | (104,154) |  |  | (29,908) |  |  | 6,281 |  |  | (23,627) |
Unrealized gains (losses) on derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on derivatives arising during the period | 13,462 |  |  | (2,733) |  |  | 10,729 |  |  | (31,573) |  |  | 6,630 |  |  | (24,943) |  |  | (3,356) |  |  | 705 |  |  | (2,651) |
Total unrealized gains (losses) on derivatives | 13,462 |  |  | (2,733) |  |  | 10,729 |  |  | (31,573) |  |  | 6,630 |  |  | (24,943) |  |  | (3,356) |  |  | 705 |  |  | (2,651) |
Unrealized gains for postretirement obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost | 76 |  |  | (15) |  |  | 61 |  |  | 76 |  |  | (16) |  |  | 60 |  |  | 76 |  |  | (16) |  |  | 60 |
Net gain | 22 |  |  | (7) |  |  | 15 |  |  | 143 |  |  | (30) |  |  | 113 |  |  | 275 |  |  | (58) |  |  | 217 |
Total unrealized gains for postretirement obligations | 98 |  |  | (22) |  |  | 76 |  |  | 219 |  |  | (46) |  |  | 173 |  |  | 351 |  |  | (74) |  |  | 277 |
Total other comprehensive income (loss) | $ | 32,162 |  |  | $ | (6,226) |  |  | $ | 25,936 |  |  | $ | (163,194) |  |  | $ | 34,270 |  |  | $ | (128,924) |  |  | $ | (32,913) |  |  | $ | 6,912 |  |  | $ | (26,001) |
The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31:
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Amounts recognized in accumulated other comprehensive income, net of tax: |  |  |  |  |
Net (gain) loss | $ | (590) |  |  | $ | (575) |  |  | $ | (461) |
Prior service cost | 244 |  |  | 305 |  |  | 364 |
Total | $ | (346) |  |  | $ | (270) |  |  | $ | (97) |
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation | Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows:
| 2023 |  | 2022 |  | 2021
Weighted-Average Assumptions |  |  |  |  |
Discount rate | 4.90 | % |  | 5.31 | % |  | 2.38 | %
Health care cost trend: Initial | 6.95 | % |  | 6.50 | % |  | 5.90 | %
Health care cost trend: Ultimate | 4.75 | % |  | 4.75 | % |  | 4.75 | %
Year ultimate reached | 2029 |  | 2028 |  | 2027
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost | Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows:
| 2023 |  | 2022 |  | 2021
Weighted-Average Assumptions |  |  |  |  |
Discount rate | 4.90 | % |  | 5.31 | % |  | 2.38 | %
Health care cost trend: Initial | 6.95 | % |  | 6.50 | % |  | 5.90 | %
Health care cost trend: Ultimate | 4.75 | % |  | 4.75 | % |  | 4.75 | %
Year ultimate reached | 2029 |  | 2028 |  | 2027
Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows:
| 2023 |  | 2022 |  | 2021
Weighted-Average Assumptions for Net Periodic Cost |  |  |  |  |
Discount rate | 5.31 | % |  | 2.38 | % |  | 1.83 | %
Health care cost trend: Initial | 6.50 | % |  | 5.90 | % |  | 5.95 | %
Health care cost trend: Ultimate | 4.75 | % |  | 4.75 | % |  | 4.75 | %
Year ultimate reached | 2028 |  | 2027 |  | 2026
Corridor | 10.00 | % |  | 10.00 | % |  | 10.00 | %
Recognition period for gains and losses | 9.3 |  | 9.9 |  | 10.4
Schedule of Projected Benefit Payments | As of December 31, 2023, the projected benefit payments for the next ten years are as follows:
| Projected Benefit Payments
| (dollars in thousands)
2024 | $ | 83,837 |
2025 | 78,462 |
2026 | 73,542 |
2027 | 67,517 |
2028 | 61,396 |
2029 - 2033 | 219,643 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2024 are as follows:
| Postretirement Benefits
| (dollars in thousands)
Net gain | $ | (108) |
Prior service cost | 76 |
Total | $ | (32) |

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