XML 62 R47.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligation and Plan Assets | 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.
Schedule of Net Period Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | 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.
Schedule of Assumptions Used in Determining Benefit Obligations and Net Period Benefit Costs | 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.
Schedule of Estimated Future Benefit Payments | 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 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration