XML 77 R61.htm IDEA: XBRL DOCUMENT v3.25.0.1
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of 401(k) Contribution Plan The Company recorded salaries & benefits expense attributable to the 401(k) Plan matching contributions for the years ended:
 Year Ended December 31,
(in thousands)202420232022
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 
Summary of ESOP Activities 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)202420232022
ESOP benefits expense$3,514 $3,075 $2,824 
ESOP contributions made by the Company$3,640 $2,977 $3,535 
Schedule of Deferred Compensation Earnings Credits Included in Noninterest Expense Earnings credits on deferred balances included in non-interest expense are included in the following table:
 Year Ended December 31,
(in thousands)202420232022
Deferred compensation earnings credits included in non-interest expense$212 $210 $187 
Schedule of Defined Benefit Pension Plans The Company expects to recognize approximately $0.5 million of the net actuarial loss reported in the following table as of December 31, 2024 as a component of net periodic benefit cost during 2022.
 December 31,
(in thousands)20242023
Transition obligation$— $— 
Prior service cost— — 
Net actuarial (gain) / loss(16,085)(13,527)
Amount included in accumulated other comprehensive income (loss)(16,085)(13,527)
Deferred tax liability / (benefit)4,756 3,999 
Amount included in accumulated other comprehensive income (loss), net of tax$(11,329)$(9,528)
Information Pertaining to Activity in Supplemental Retirement Plans
Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:
 December 31,
(in thousands)20242023
Change in benefit obligation:
Benefit obligation at beginning of year$(38,645)$(40,341)
Acquisition of obligations— — 
Service cost(114)(138)
Interest cost(1,830)(2,016)
Actuarial (loss)/gain3,017 81 
Plan amendments— — 
Benefits paid2,709 3,769 
Benefit obligation at end of year$(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)$(38,645)
Unrecognized net obligation existing at January 1, 1986— — 
Unrecognized net actuarial (loss)/gain(16,085)(13,527)
Unrecognized prior service cost— — 
Accumulated other comprehensive loss16,085 13,527 
Accrued benefit cost$(34,863)$(38,645)
Accumulated benefit obligation$(34,863)$(38,645)
Net Periodic Benefit Cost Recognized for Supplemental Retirement Plans
The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans:
 Year Ended December 31,
(in thousands)202420232022
Net pension cost included the following components:
Service cost-benefits earned during the period$114 $138 $1,624 
Interest cost on projected benefit obligation1,830 2,016 1,731 
Amortization of net obligation at transition— — — 
Amortization of prior service cost— — (28)
Recognized net actuarial loss16 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 
Assumptions Used in Accounting for Plans
The following table sets forth assumptions used in accounting for the plans:
 Year Ended December 31,
 202420232022
Discount rate used to calculate benefit obligation5.59 %5.01 %5.23 %
Discount rate used to calculate net periodic pension cost5.01 %5.23 %2.74 %
Average annual increase in executive compensation— %— %— %
Average annual increase in director compensation— %— %— %
Expected Benefit Payments to Participants and Estimated Contributions to be Made by Company
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 
20262,823 2,823 
20272,866 2,866 
20282,836 2,836 
20292,802 2,802 
2028-203214,401 14,401