Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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