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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS 401(k) and Profit Sharing Plan The Company has a 401(k) plan and the majority of its employees participate in it. Employees may contribute pre-tax contributions to the 401(k) plan up to the maximum amount allowed by federal tax laws. The Company makes matching contributions of up to 4% of an employee’s eligible compensation. For the years ended December 31, 2023, 2022, and 2021, expenses under the 401(k) plan matching contributions totaled $1.7 million, $1.6 million, and $1.5 million, respectively. For years prior to 2022, the Company, at its discretion, made profit sharing contributions to employees' 401(k) accounts in addition to its regular 401(k) plan matching contribution. For the year ended December 31, 2021, these additional profit sharing contributions totaled 3% of employee eligible compensation, and expenses were $1.3 million. Supplemental Executive Retirement Program (“SERP”) and Other Postretirement Benefit Plan The Company sponsors unfunded, non-qualified SERPs for certain officers. These agreements were designed to make up the shortfall (when compared to a non-highly compensated employee) in replacing income at retirement due to Internal Revenue Service (“ IRS”) compensation and benefit limits under the 401(k) plan and Social Security. The SERP provides for a minimum 15-year guaranteed benefit for all vested participants. There are no new entrants to the Company’s SERP. As of December 31, 2023, there were no active participants in the SERP. The Company also provides medical and life insurance to certain eligible retired employees under the other postretirement benefit plan. This postretirement plan is a benefit only to certain qualifying participants. There are no new entrants to the Company's medical and health postretirement benefit plan. The following table summarizes changes in the benefit obligation and plan assets for each postretirement benefit plan as of the dates indicated:
|  | SERP |  | Other Postretirement Benefits
|  | December 31, |  | December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Benefit obligations: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 15,042 |  |  | $ | 16,610 |  |  | $ | 3,261 |  |  | $ | 4,167 |
Service cost |  | 281 |  |  | 534 |  |  | 11 |  |  | 21 |
Interest cost |  | 756 |  |  | 460 |  |  | 162 |  |  | 111 |
Actuarial (gain) loss |  | (65) |  |  | (1,996) |  |  | (48) |  |  | (863) |
Benefits paid |  | (526) |  |  | (566) |  |  | (171) |  |  | (175) |
End of year |  | 15,488 |  |  | 15,042 |  |  | 3,215 |  |  | 3,261 |
Fair value of plan assets: |  |  |  |  |  |  |  |
Beginning of year |  | — |  |  | — |  |  | — |  |  | — |
Employer contributions |  | 526 |  |  | 566 |  |  | 171 |  |  | 175 |
Benefits paid |  | (526) |  |  | (566) |  |  | (171) |  |  | (175) |
End of year |  | — |  |  | — |  |  | — |  |  | — |
Unfunded status at end of year(1) |  | $ | 15,488 |  |  | $ | 15,042 |  |  | $ | 3,215 |  |  | $ | 3,261 |
Amounts recognized in AOCI, net of tax: |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 361 |  |  | $ | 412 |  |  | $ | (57) |  |  | $ | (76) |
Prior service credit |  | — |  |  | — |  |  | (65) |  |  | (29) |
Total |  | $ | 361 |  |  | $ | 412 |  |  | $ | (122) |  |  | $ | (105) |
(1) Presented within other liabilities on the consolidated statements of condition. The accumulated benefit obligation for the SERP at December 31, 2023 and 2022 was $15.5 million and $15.0 million, respectively. For the year ending December 31, 2024, the estimated actuarial loss on the SERP that will be amortized from AOCI into net periodic benefit cost is $0. All prior service costs have been fully amortized. For the year ending December 31, 2024, the estimated actuarial gain and prior service credit on other postretirement benefits that will be amortized from AOCI into net periodic benefit cost is $4,000 and $24,000, respectively. The components of net periodic benefit cost and other amounts recognized in OCI, before taxes, were as follows for the periods indicated:
|  | SERP |  | Other Postretirement Benefits
|  | For the Year Ended December 31, |  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost(1) |  | $ | 281 |  |  | $ | 534 |  |  | $ | 504 |  |  | $ | 11 |  |  | $ | 21 |  |  | $ | 26 |
Interest cost(2) |  | 756 |  |  | 460 |  |  | 389 |  |  | 162 |  |  | 111 |  |  | 103 |
Recognized net actuarial loss (gain)(2) |  | — |  |  | 859 |  |  | 778 |  |  | (3) |  |  | 88 |  |  | 116 |
Amortization of prior service credit(2) |  | — |  |  | — |  |  | — |  |  | (24) |  |  | (24) |  |  | (24) |
Net periodic benefit cost |  | 1,037 |  |  | 1,853 |  |  | 1,671 |  |  | 146 |  |  | 196 |  |  | 221 |
Changes in funded status recognized in OCI, before taxes: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss arising during period |  | (65) |  |  | (1,996) |  |  | 222 |  |  | (49) |  |  | (863) |  |  | (202) |
Reclassifications to net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of net unrecognized actuarial (loss) gain |  | — |  |  | (859) |  |  | (778) |  |  | 3 |  |  | (88) |  |  | (116) |
Amortization of prior service credit |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 24 |  |  | 24 |
Total recognized in OCI, before taxes |  | (65) |  |  | (2,855) |  |  | (556) |  |  | (22) |  |  | (927) |  |  | (294) |
Total recognized in net periodic benefit cost and OCI, before taxes |  | $ | 972 |  |  | $ | (1,002) |  |  | $ | 1,115 |  |  | $ | 124 |  |  | $ | (731) |  |  | $ | (73) |
(1) Presented in salaries and employee benefits on the consolidated statements of income. (2) Presented in other expenses on the consolidated statements of income. The following assumptions were used in determining benefit obligations and net period benefit costs. As of December 31, 2023, the SERP no longer has active participants and rate of compensation increases assumptions are no longer used.
| SERP |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted-average assumptions as of end of year: |  |  |  |  |  |  |  |  |  |  |
Discount rate for benefit obligation | 4.9 | % |  | 5.1 | % |  | 2.8 | % |  | 5.0 | % |  | 5.2 | % |  | 2.8 | %
Discount rate for net periodic benefit cost | 5.1 | % |  | 2.8 | % |  | 2.5 | % |  | 5.2 | % |  | 2.8 | % |  | 2.4 | %
Rate of compensation increase for benefit obligation(1) | N/A |  | 3.0 | % |  | 3.0 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase for net periodic benefit cost(1) | N/A |  | 3.0 | % |  | 3.0 | % |  | N/A |  | N/A |  | N/A
Health care cost trend rate assumed for future years | N/A |  | N/A |  | N/A |  | 4.5% - 7.5% |  | 4.5% - 7.5% |  | 4.5% - 6.5%
(1) As of December 31, 2023, there were no active participants in the SERP. A 1.0% increase or decrease in the assumed health care cost trend rate would not materially increase or decrease the Company's accumulated postretirement benefit obligation and the related service and interest cost as of December 31, 2023. For the year ending December 31, 2023, the expected contribution for the SERP is $1.3 million and for the other postretirement benefits plan is $286,000. The expected benefit payments for the next ten years are presented in the following table:
(In thousands) |  | SERP |  | Other Postretirement Benefits
2024 |  | $ | 1,293 |  |  | $ | 286 |
2025 |  | 1,201 |  |  | 276 |
2026 |  | 1,201 |  |  | 260 |
2027 |  | 1,177 |  |  | 238 |
2028 |  | 1,194 |  |  | 246 |
Next 5 years |  | 5,749 |  |  | 1,096 |

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