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Pension Plan (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Defined Benefit Plan Activity

Information pertaining to the activity in our defined benefit plan, using the latest available actuarial valuations with a measurement date of December 31, 2022 and 2021 is as follows:

(Dollars in thousands)						2022						2021
Change in benefit obligation
Benefit obligation at beginning of year						$	12,230					$	12,715
Interest cost						341						313
Actuarial loss						160						143
Assumption changes						(3,584)						(649)
Benefits paid						(318)						(292)
Benefit obligation at end of year						$	8,829					$	12,230
Change in plan assets:
Fair value of plan assets at beginning of year						$	11,591					$	7,096
Actual return (loss) on plan assets						(1,990)						952
Employer contribution						—						3,835
Benefits paid						(318)						(292)
Fair value of plan assets at end of year						$	9,283					$	11,591
Funded status						$	454					$	(639)
Unrecognized net actuarial loss						4,120						5,314
Prepaid pension cost recognized						$	4,574					$	4,675
Accumulated benefit obligation						$	8,829					$	12,230

Weighted Average Assumptions Used

At December 31, 2022, 2021 and 2020, the weighted-average assumptions used to determine the benefit obligation are as follows:

						2022						2021						2020
Discount rate						5.23		%				2.83		%				2.50		%
Rate of compensation increase						n/a						n/a						n/a

For the years December 31, 2022, 2021 and 2020, the weighted-average assumptions used to determine net periodic pension cost are as follows:

						2022						2021						2020
Discount rate						5.23		%				2.83		%				2.50		%
Expected long-term rate of return on plan assets						6.00		%				6.75		%				6.75		%
Rate of compensation increase						n/a						n/a						n/a

Components of Net Periodic Pension Cost

The components of net periodic pension cost are as follows:

(Dollars in thousands)						2022						2021						2020
Interest cost						$	341					$	313					$	365
Expected return on plan assets						(669)						(689)						(438)
Amortization of net actuarial loss						429						507						420
Net periodic pension cost						$	101					$	131					$	347

Pension Plan Asset Allocations

Our pension plan asset allocations at December 31, 2022 and 2021 are as follows:

						2022						2021
Plan Assets
Cash						7		%				3		%
Fixed income						28		%				25		%
Alternative investments						13		%				29		%
Domestic equities						26		%				25		%
Foreign equities						22		%				18		%
Real estate investment trusts						4		%				—		%
Total						100		%				100		%

Plan Assets at Fair Value by Level

The following table sets forth by level within the fair value hierarchy, as defined in Note 19 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2022:

(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
Cash						$	650					$	—					$	—					$	650
Fixed income						2,599						—						—						2,599
Alternative investments						—						—						1,207						1,207
Domestic equities						2,414						—						—						2,414
Foreign equities						2,042						—						—						2,042
Total						$	7,705					$	—					$	1,207					$	8,912
Investments reported at Net Asset Value1																								371
Total assets at fair value																								$	9,283

1 Investments reported at Net Asset Value include Real Estate investment trusts.

The following table sets forth by level, within the fair value hierarchy, as defined in Note 19 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2021:

(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
Cash						$	348					$	—					$	—					$	348
Fixed income						2,898						—						—						2,898
Alternative investments						—						—						3,361						3,361
Domestic equities						2,898						—						—						2,898
Foreign equities						2,086						—						—						2,086
Total assets at fair value						$	8,230					$	—					$	3,361					$	11,591

Estimate of Plan Contributions in Future Years

The following table includes our best estimate of the plan contribution for next fiscal year and the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:

(Dollars in thousands)						Cash Flow
Contributions for the period of January 1, 2023 through December 31, 2023						$	—
Estimated future benefit payments reflecting expected future service
2023						$	409
2024						$	433
2025						$	462
2026						$	536
2027						$	542
2028 through 2032						$	2,801

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