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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans

Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status

​

​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)		2021			2020
Change in benefit obligation	​	​	​	​	​	​	​
Projected benefit obligation, beginning	​	$	24,643	​	$	20,794	​
Service cost	​		1,970	​		1,603	​
Interest cost	​		458	​		551	​
Actuarial (gain) loss	​		(1,248)	​		2,996	​
Benefits paid	​		(210)	​		(1,301)	​
Settlements paid	​	​	(5,366)	​	​	—	​
Projected benefit obligation, ending	​	​	20,247	​	​	24,643	​
Change in plan assets	​	​	​	​	​	​	​
Fair value of plan assets, beginning	​	​	26,287	​	​	22,806	​
Actual return on plan assets	​		2,759	​		2,782	​
Employer contributions	​		—	​		2,000	​
Benefits paid	​	​	(210)	​	​	(1,301)	​
Settlements paid	​		(5,366)	​		—	​
Fair value of plan assets, ending	​	​	23,470	​	​	26,287	​
Funded status	​	$	3,223	​	$	1,644	​
Amounts recognized as an other asset	​	$	3,223	​	$	1,644	​
Amounts recognized in accumulated other comprehensive loss	​	​	​	​	​	​	​
Net loss	​	$	2,970	​	$	6,748	​
Prior service credits	​		(370)	​		(438)	​
Deferred taxes	​		(545)	​		(1,325)	​
Total recognized in accumulated other comprehensive loss	​	$	2,055	​	$	4,985	​
Weighted-average assumptions for benefit obligation at valuation date	​	​	​	​	​	​	​
Discount rate	​		2.5	%		2.1	%
Rate of compensation increase	​		3.0	​		3.0	​
Interest crediting rate	​		5.0	​		5.0	​

Schedule of net periodic benefit costs

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2021			2020			2019
Components of net periodic benefit cost:	​	​	​	​	​	​	​	​	​	​
Service cost, included in salaries and employee benefits	​	$	1,970	​	$	1,603	​	$	1,218	​
​	​	​	​	​	​	​	​	​	​	​
Other components of net periodic benefit cost:	​	​	​	​	​	​	​	​	​	​
Interest cost	​		458	​		551	​		609	​
Expected return on plan assets	​		(1,733)	​		(1,492)	​		(1,297)	​
Amortization of prior service credit	​		(68)	​		(66)	​		(68)	​
Pension settlement charges	​		1,261	​		—	​		—	​
Recognized net actuarial losses	​		243	​		197	​		187	​
Other components of net periodic benefit cost, included in other noninterest expense	​	​	161	​	​	(810)	​	​	(569)	​
​	​	​	​	​	​	​	​	​	​	​
Net periodic benefit cost	​	$	2,131	​	$	793	​	$	649	​

Schedule of weighted-average assumptions used for net periodic benefit cost

​

​	​	​	​	​	​	​	​
​	​	January 1,
​		2021		2020		2019
Weighted-average assumptions for net periodic benefit cost	​	​	​	​	​	​	​
Discount rate		2.1	%	2.9	%	4.0	%
Expected return on plan assets		7.3	​	7.3	​	7.3	​
Rate of compensation increase		3.0	​	3.0	​	3.0	​
Interest crediting rate	​	5.0	​	5.0	​	5.0	​

Schedule of benefits expected to be paid by the plan in the next ten years

​

​	​	​	​	​
(Dollars in thousands)			​
2022	​	$	782	​
2023	​		1,423	​
2024	​		1,315	​
2025	​		2,152	​
2026	​		989	​
2027 – 2031	​		10,083	​

Schedule of defined benefit pension plan weighted average asset allocations by asset category

​

​	​	​	​	​	​
​	​	December 31,
​		2021		2020
Mutual funds-fixed income		38	%	37	%
Mutual funds-equity		62	​	63	​
Cash and equivalents	​	*	​	*	​
​		100	%	100	%

* Less than one percent.

Summary of fair value of defined benefit plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

Fair Value Measurements Using

​

Assets at Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual funds-fixed income 1

​

$

8,919

​

$

—

​

$

—

​

$

8,919

​

Mutual funds-equity 2

​

14,551

​

—

​

—

​

14,551

​

Cash and equivalents 3

​

—

​

—

​

—

​

—

​

Total pension plan assets

​

$

23,470

​

$

—

​

$

—

​

$

23,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2020

​

​

Fair Value Measurements Using

​

Assets at Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual funds-fixed income 1

​

$

9,726

​

$

—

​

$

—

​

$

9,726

​

Mutual funds-equity 2

​

16,561

​

—

​

—

​

16,561

​

Cash and equivalents 3

​

—

​

—

​

—

​

—

​

Total pension plan assets

​

$

26,287

​

$

—

​

$

—

​

$

26,287

​

1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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