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Retirement Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans 401(k) Plan The Company sponsors a 401(k) Plan whereby substantially all employees aged 21 and over with 90 days of service may participate. Participants may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company provides a discretionary matching contribution equal to 50% of participant’s elective deferrals, up to 4% of eligible compensation. The Company recorded salaries & benefits expense attributable to the 401(k) Plan matching contributions for the years ended:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
401(k) Plan benefits expense | $ | 1,705 |  |  | $ | 1,767 |  |  | $ | 1,541 |
401(k) Plan contributions made by the Company | $ | 1,752 |  |  | $ | 1,524 |  |  | $ | 1,214 |
Employee Stock Ownership Plan Substantially all employees with at least one year of service are covered by a discretionary employee stock ownership plan (ESOP). Company shares owned by the ESOP are paid dividends and included in the calculation of earnings per share as common shares outstanding. Contributions are made to the plan at the discretion of the Board of Directors. Expenses related to the Company’s ESOP, included in benefits and other compensation costs under salaries and benefits expense, and contributions to the plan for the years ended were:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
ESOP benefits expense | $ | 3,514 |  |  | $ | 3,075 |  |  | $ | 2,824 |
ESOP contributions made by the Company | $ | 3,640 |  |  | $ | 2,977 |  |  | $ | 3,535 |
Deferred Compensation Plans The Company has deferred compensation plans for certain directors and key executives, which allow certain directors and key executives designated by the Board of Directors of the Company to defer a portion of their compensation. The Company has purchased insurance on the lives of certain of the participants and intends to hold these policies until death as a cost recovery of the Company’s deferred compensation obligations of $5.0 million and $5.2 million at December 31, 2024 and 2023, respectively. Earnings credits on deferred balances included in non-interest expense are included in the following table:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Deferred compensation earnings credits included in non-interest expense | $ | 212 |  |  | $ | 210 |  |  | $ | 187 |
Supplemental Retirement Plans The Company has supplemental retirement plans for certain directors and key executives. These plans are non-qualified defined benefit plans and are unsecured and unfunded. The Company has purchased insurance on the lives of the participants and intends to hold these policies until death as a cost recovery of the Company’s retirement obligations. The cash values of the insurance policies purchased to fund the deferred compensation obligations and the supplemental retirement obligations were $140.1 million and $136.9 million at December 31, 2024 and 2023, respectively. The Company recorded in other liabilities the additional funded status of the supplemental retirement plans of $16.1 million and $13.5 million related to the supplemental retirement plans as of December 31, 2024 and 2023, respectively. These amounts represent the amount by which the projected benefit obligations for these retirement plans exceeded the fair value of plan assets plus amounts previously accrued related to the plans. The projected benefit obligation is recorded in other liabilities. At December 31, 2024 and 2023, the additional funded status of the supplemental retirement plans of $16.1 million and $13.5 million were offset by a reduction of shareholders’ equity accumulated other comprehensive gain of $11.3 million and $9.5 million, respectively, representing the after-tax impact of the additional funded status of the supplemental retirement plans, and the related deferred tax liability of $4.8 million and $4.0 million, respectively. Amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company’s defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $0.5 million of the net actuarial loss reported in the following table as of December 31, 2024 as a component of net periodic benefit cost during 2022.
| December 31,
(in thousands) | 2024 |  | 2023
Transition obligation | $ | — |  |  | $ | — |
Prior service cost | — |  |  | — |
Net actuarial (gain) / loss | (16,085) |  |  | (13,527) |
Amount included in accumulated other comprehensive income (loss) | (16,085) |  |  | (13,527) |
Deferred tax liability / (benefit) | 4,756 |  |  | 3,999 |
Amount included in accumulated other comprehensive income (loss), net of tax | $ | (11,329) |  |  | $ | (9,528) |
Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | (38,645) |  |  | $ | (40,341) |
Acquisition of obligations | — |  |  | — |
Service cost | (114) |  |  | (138) |
Interest cost | (1,830) |  |  | (2,016) |
Actuarial (loss)/gain | 3,017 |  |  | 81 |
Plan amendments | — |  |  | — |
Benefits paid | 2,709 |  |  | 3,769 |
Benefit obligation at end of year | $ | (34,863) |  |  | $ | (38,645) |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |
Funded status | $ | (34,863) |  |  | $ | (38,645) |
Unrecognized net obligation existing at January 1, 1986 | — |  |  | — |
Unrecognized net actuarial (loss)/gain | (16,085) |  |  | (13,527) |
Unrecognized prior service cost | — |  |  | — |
Accumulated other comprehensive loss | 16,085 |  |  | 13,527 |
Accrued benefit cost | $ | (34,863) |  |  | $ | (38,645) |
Accumulated benefit obligation | $ | (34,863) |  |  | $ | (38,645) |
The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Net pension cost included the following components: |  |  |  |  |
Service cost-benefits earned during the period | $ | 114 |  |  | $ | 138 |  |  | $ | 1,624 |
Interest cost on projected benefit obligation | 1,830 |  |  | 2,016 |  |  | 1,731 |
Amortization of net obligation at transition | — |  |  | — |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | (28) |
Recognized net actuarial loss | 16 |  |  | 10 |  |  | (86) |
Amortization of loss/(gain) | (475) |  |  | (466) |  |  | (114) |
Recognition of pension service cost to due amendment | — |  |  | — |  |  | 2,141 |
Net periodic pension cost | $ | 1,485 |  |  | $ | 1,698 |  |  | $ | 5,268 |
The following table sets forth assumptions used in accounting for the plans:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Discount rate used to calculate benefit obligation | 5.59 | % |  | 5.01 | % |  | 5.23 | %
Discount rate used to calculate net periodic pension cost | 5.01 | % |  | 5.23 | % |  | 2.74 | %
Average annual increase in executive compensation | — | % |  | — | % |  | — | %
Average annual increase in director compensation | — | % |  | — | % |  | — | %
The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated:
(in thousands) | Expected Benefit Payments to Participants |  | Estimated Company Contributions
2025 | $ | 1,798 |  |  | $ | 1,798 |
2026 | 2,823 |  |  | 2,823 |
2027 | 2,866 |  |  | 2,866 |
2028 | 2,836 |  |  | 2,836 |
2029 | 2,802 |  |  | 2,802 |
2028-2032 | 14,401 |  |  | 14,401 |

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