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Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Benefit Plans |
Benefit Plans | 14) Benefit Plans 401(k) Savings Plan The Company offers a 401(k) savings plan that allows employees to contribute up to a maximum percentage of their compensation, as established by the Internal Revenue Code. The Company made a discretionary matching contribution of up to $3,000 for each employee’s contributions in 2020 and 2019. Contribution expense was $942,000, $934,000, and $749,000 in 2020, 2019 and 2018, respectively. Employee Stock Ownership Plan The Company sponsors a non-contributory employee stock ownership plan (“ESOP”). To participate in this plan, an employee must have worked at least 1,000 hours during the year and must be employed by the Company at year-end. Employer contributions to the ESOP are discretionary. The Company has suspended contributions to the ESOP since 2010. The Plan was “frozen” as of January 1, 2019. At December 31, 2020, the ESOP owned 101,231 shares of the Company’s common stock. Deferred Compensation Plan The Company has a nonqualified deferred compensation plan for some of its employees. Under the deferred compensation plan, an employee may defer up to 100% of their bonus and 50% of their regular salary into a deferred account. Amounts deferred are invested in a portfolio of approved investment choices as directed by the employee. Amounts deferred by employees to the deferred compensation plan will be distributed at a future date they have selected or upon termination of employment. There were eight and five employees who elected to participate in the deferred compensation plan during 2020 and 2019, respectively. Nonqualified Defined Benefit Pension Plan The Company has a supplemental retirement plan (“SERP”) covering some current and some former key executives and directors. The SERP is an unfunded, nonqualified defined benefit plan. The combined number of active and retired/terminated participants in the SERP was 53 at December 31, 2020. The defined benefit represents a stated amount for key executives and directors that generally vests over nine years and is reduced for early retirement. The projected benefit obligation is included in “Accrued interest payable and other liabilities” on the consolidated balance sheets. The SERP has no assets and the projected benefit obligation is unfunded. The measurement date of the SERP is December 31. The following table sets forth the SERP’s status at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
​ | ​ | (Dollars in thousands) |
Change in projected benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at beginning of year | ​ | $ | 33,689 | ​ | $ | 26,781 | ​
Projected benefit obligation of SERP agreements acquired from Presidio | ​ | ​ | — | ​ | ​ | 2,541 | ​
Service cost | ​ |  | 492 | ​ |  | 263 | ​
Actuarial loss (gain) | ​ |  | 3,008 | ​ |  | 4,182 | ​
Interest cost | ​ |  | 935 | ​ |  | 1,059 | ​
Benefits paid | ​ |  | (3,118) | ​ |  | (1,137) | ​
Plan amendment | ​ | ​ | 398 | ​ | ​ | — | ​
Projected benefit obligation at end of year | ​ | $ | 35,404 | ​ | $ | 33,689 | ​
Amounts recognized in accumulated other comprehensive loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial loss | ​ | $ | 12,445 | ​ | $ | 9,714 | ​
​ Weighted-average assumptions used to determine the benefit obligation at year-end: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Discount rate |  | 2.26 | % | 3.01 | %
Rate of compensation increase |  | N/A | ​ | N/A | ​
​ Estimated benefit payments over the next ten years, which reflect anticipated future events, service and other assumptions, are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Estimated |
​ | ​ | Benefit |
Year | ​ | Payments |
​ | ​ | (Dollars in thousands) |
2021 | ​ | $ | 2,123 | ​
2022 | ​ |  | 1,814 | ​
2023 | ​ |  | 1,918 | ​
2024 | ​ |  | 1,954 | ​
2025 | ​ |  | 2,026 | ​
2026 to 2030 | ​ | ​ | 11,465 | ​
​ The components of pension cost for the SERP follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 | ​
​ | ​ | (Dollars in thousands) | ​
Components of net periodic benefit cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 492 | ​ | $ | 263 | ​
Interest cost | ​ |  | 935 | ​ |  | 1,059 | ​
Amortization of prior transition obligation | ​ | ​ | 299 | ​ | ​ | — | ​
Amortization of net actuarial loss | ​ |  | 387 | ​ |  | 184 | ​
Accelerated benefits for Presidio SERP agreements | ​ | ​ | ​ | ​ | ​ | ​ | ​
due to change in control | ​ | ​ | — | ​ | ​ | 1,465 | ​
Net periodic benefit cost | ​ | $ | 2,113 | ​ | $ | 2,971 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount recognized in other comprehensive income | ​ | $ | 1,924 | ​ | $ | 2,847 | ​
​ The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income. The estimated net actuarial loss and prior service cost for the SERP that will be amortized from Accumulated Other Comprehensive Loss into net periodic benefit cost over the next fiscal year are $643,000 as of December 31, 2020. Net periodic benefit cost for the years ended December 31, 2020 and 2019 were determined using the following assumption: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Discount rate |  | 3.01 | % | 4.03 | %
Rate of compensation increase |  | N/A | ​ | N/A | ​
​ Split-Dollar Life Insurance Benefit Plan The Company maintains life insurance policies for some current and some former directors and officers that are subject to split-dollar life insurance agreements, some of which continues after the participant’s employment and retirement. The policies acquired from Focus and Presidio do not include a post retirement benefit. All participants are fully vested in their split-dollar life insurance benefits. The accrued benefit liability for the split-dollar insurance agreements represents either the present value of the future death benefits payable to the participants’ beneficiaries or the present value of the estimated cost to maintain life insurance, depending on the contractual terms of the participant’s underlying agreement. The split-dollar life insurance projected benefit obligation is included in “Accrued interest payable and other liabilities” on the consolidated balance sheets. The measurement date of the split-dollar life insurance benefit plan is December 31. The following sets forth the funded status of the split dollar life insurance benefits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |
​ | ​ | 2020 |  | 2019 | ​
​ | ​ | (Dollars in thousands) |
Change in projected benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at beginning of year | ​ | $ | 8,198 | ​ | $ | 6,903 | ​
Interest cost | ​ |  | 246 | ​ |  | 278 | ​
Actuarial loss (gain) | ​ |  | 1,245 | ​ |  | 1,017 | ​
Projected benefit obligation at end of period | ​ | $ | 9,689 | ​ | $ | 8,198 | ​
​ Amounts recognized in accumulated other comprehensive loss at December 31 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |
​ | ​ | 2020 |  | 2019 | ​
​ | ​ | (Dollars in thousands) |
Net actuarial loss | ​ | $ | 5,170 | ​ | $ | 3,776 | ​
Prior transition obligation | ​ |  | 970 | ​ |  | 1,059 | ​
Accumulated other comprehensive loss | ​ | $ | 6,140 | ​ | $ | 4,835 | ​
​ Weighted-average assumption used to determine the benefit obligation at year-end follow: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Discount rate |  | 2.26 | % | 3.01 | %
​ Components of net periodic benefit cost during the year are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 | ​
​ | ​ | (Dollars in thousands) |
Amortization of prior transition obligation and actuarial losses | ​ | $ | (60) | ​ | $ | (96) | ​
Interest cost | ​ |  | 246 | ​ |  | 278 | ​
Net periodic benefit cost | ​ | $ | 186 | ​ | $ | 182 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount recognized in other comprehensive income | ​ | $ | 1,305 | ​ | $ | 1,113 | ​
​ The estimated net actuarial loss and prior transition obligation for the split-dollar life insurance benefit plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are $90,000 as of December 31, 2020 and 2019. Weighted-average assumption used to determine the net periodic benefit cost: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Discount rate |  | 3.01 | % | 4.03 | %
​

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