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RETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of information pertaining to the defined benefit retirement plan | The following tables set forth information pertaining to the defined benefit retirement plan for the periods presented:
|  |  | Year Ended
(Dollars in thousands) |  |  | December 31, 2022
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year |  |  | $ | 20,420 |
Interest cost |  |  | 212 |
Actuarial gains |  |  | (1,766) |
Benefits paid |  |  | (5,398) |
Annuity purchase |  |  | (13,468) |
Benefit obligation at end of the year |  |  | — |
Change in plan assets, at fair value: |  |  |
Fair value of plan assets at beginning of year |  |  | 20,785 |
Actual return on plan assets |  |  | (1,969) |
Employer contributions |  |  | 50 |
Benefits paid |  |  | (5,398) |
Annuity purchase |  |  | (13,468) |
Fair value of plan assets at end of year |  |  | — |
Funded status at end of year |  |  | $ | — |
Amounts recognized in AOCI: |  |  |
Net actuarial losses |  |  | $ | — |
Benefit obligation actuarial assumptions: |  |  |
Weighted-average discount rate |  |  | N/A
|  |  | Year Ended December 31,
(Dollars in thousands) |  |  | 2022 |  | 2021
Components of net periodic benefit cost: |  |  |  |  |
Interest cost |  |  | $ | 212 |  |  | $ | 485 |
Expected return on plan assets |  |  | (207) |  |  | (549) |
Amortization of net actuarial losses |  |  | 225 |  |  | 701 |
Settlement |  |  | 4,884 |  |  | — |
Net periodic benefit cost |  |  | $ | 5,114 |  |  | $ | 637 |
Net periodic cost actuarial assumptions: |  |  |  |  |
Weighted-average discount rate |  |  | 2.4 | % |  | 2.3 | %
Expected long-term rate of return on plan assets |  |  | 2.3 | % |  | 2.7 | %
The following tables set forth information pertaining to the SERP for the periods presented:
| Year Ended December 31,
(Dollars in thousands) | 2023 |  | 2022
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 9,220 |  |  | $ | 12,297 |
Interest cost | 448 |  |  | 301 |
Actuarial losses (gains) | 181 |  |  | (2,960) |
Benefits paid | (575) |  |  | (418) |
Benefit obligation at end of year | 9,274 |  |  | 9,220 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |
Employer contributions | 575 |  |  | 418 |
Benefits paid | (575) |  |  | (418) |
Fair value of plan assets at end of year | — |  |  | — |
Funded status at end of year | $ | (9,274) |  |  | $ | (9,220) |
Amounts recognized in AOCI |  |  |
Net transition obligation | $ | — |  |  | $ | (7) |
Net actuarial losses | 106 |  |  | 701 |
Total amounts recognized in AOCI | $ | 106 |  |  | $ | 694 |
Benefit obligation actuarial assumptions |  |  |
Weighted-average discount rate | 4.8 | % |  | 5.0 | %
| Year Ended December 31,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Components of net periodic benefit cost |  |  |  |  |
Interest cost | $ | 448 |  |  | $ | 301 |  |  | $ | 264 |
Amortization of net actuarial (gains) losses | (74) |  |  | 79 |  |  | 335 |
Amortization of net transition obligation | 7 |  |  | 18 |  |  | 18 |
Net periodic benefit cost | $ | 381 |  |  | $ | 398 |  |  | $ | 617 |
Net periodic cost actuarial assumptions |  |  |  |  |
Weighted-average discount rate | 5.1 | % |  | 2.7 | % |  | 2.1 | %
Schedule of estimated future benefit payments | Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years and thereafter are as follows:
(Dollars in thousands) |
Year Ending December 31: |
2024 | $ | 574 |
2025 | 570 |
2026 | 564 |
2027 | 559 |
2028 | 950 |
Thereafter | 6,057 |
Total | $ | 9,274 |

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- Definition Tabular disclosure of information about the defined benefit pension plans or one or more other defined benefit postretirement plans. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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