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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of employee benefits charged to operating expenses | Employee benefits charged to operating expenses are summarized in the table below for the years ended December 31, as indicated.
(in thousands) | 2021 |  | 2020 |  | 2019
Payroll taxes | $ | 1,403 |  |  | $ | 1,273 |  |  | $ | 1,112 |
Medical plans | 1,860 |  |  | 1,854 |  |  | 1,826 |
401(k) match and profit sharing | 1,829 |  |  | 1,586 |  |  | 1,290 |
Periodic pension cost | 1,796 |  |  | 1,614 |  |  | 1,430 |
Other | 52 |  |  | 59 |  |  | 63 |
Total employee benefits | $ | 6,940 |  |  | $ | 6,386 |  |  | $ | 5,721 |
Schedule of obligations and funded status | Obligations and Funded Status at December 31,
(in thousands) | 2021 |  | 2020
Change in projected benefit obligation: |  |  |
Balance, January 1 | $ | 36,957 |  |  | $ | 34,009 |
Service cost | 1,692 |  |  | 1,614 |
Interest cost | 1,072 |  |  | 1,127 |
Actuarial loss | (232) |  |  | 933 |
Benefits paid | (828) |  |  | (726) |
Balance, December 31, | $ | 38,661 |  |  | $ | 36,957 |
Change in plan assets: |  |  |
Fair value, January 1 | $ | 30,084 |  |  | $ | 25,689 |
Actual return on plan assets | 7,278 |  |  | 4,725 |
Employer contribution | 1,000 |  |  | 500 |
Expenses paid | (118) |  |  | (104) |
Benefits paid | (828) |  |  | (726) |
Fair value, December 31, | $ | 37,416 |  |  | $ | 30,084 |
Funded status at end of year | $ | (1,245) |  |  | $ | (6,873) |
Accumulated benefit obligation | $ | 30,690 |  |  | $ | 30,156 |
Amounts recognized in the statement of financial position consist of the following: |  |  |
(in thousands) | 2021 |  | 2020
Noncurrent assets | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |
Noncurrent liabilities | (1,245) |  |  | (6,873) |
Net liability at end of year | $ | (1,245) |  |  | $ | (6,873) |
Schedule of components of net pension cost | The following items are components of net pension cost for the years ended December 31, as indicated:
(in thousands) | 2021 |  | 2020 |  | 2019
Service cost - benefits earned during the year | $ | 1,692 |  |  | $ | 1,614 |  |  | $ | 1,430 |
Interest costs on projected benefit obligations (a) | 1,072 |  |  | 1,127 |  |  | 1,169 |
Expected return on plan assets (a) | (1,843) |  |  | (1,598) |  |  | (1,467) |
Expected administrative expenses (a) | 104 |  |  | 110 |  |  | 122 |
Amortization of prior service cost (a) | — |  |  | 50 |  |  | 79 |
Amortization of unrecognized net loss (a) | 367 |  |  | 164 |  |  | — |
Net periodic pension cost | $ | 1,392 |  |  | $ | 1,467 |  |  | $ | 1,333 |
(a) | The components of net periodic pension cost other than the service cost component are included in other non-interest expense.
Schedule of amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss, including amounts recognized in other comprehensive income | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive (loss) income at December 31, 2021 and 2020 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(in thousands) | 2021 |  | 2020
Prior service costs | $ | — |  |  | $ | — |
Net accumulated actuarial net loss | 3,710 |  |  | (2,311) |
Accumulated other comprehensive loss | 3,710 |  |  | (2,311) |
Net periodic benefit cost in excess of cumulative employer contributions | (4,955) |  |  | (4,562) |
Net amount recognized at December 31, balance sheet | $ | (1,245) |  |  | $ | (6,873) |
Net actuarial gain (loss) arising during period | $ | 5,653 |  |  | $ | 2,200 |
Prior service cost amortization | — |  |  | 50 |
Amortization of net actuarial loss | 367 |  |  | 164 |
Total recognized in other comprehensive income (loss) | $ | 6,020 |  |  | $ | 2,414 |
Total recognized in net periodic pension cost and other comprehensive (loss) income | $ | (4,628) |  |  | $ | (947) |
Schedule of assumptions utilized to determine benefit obligations and to determine pension expense | Assumptions utilized to determine benefit obligations as of December 31, 2021, 2020, and 2019 and to determine pension expense for the years then ended are as follows:
| 2021 |  | 2020 |  | 2019
Determination of benefit obligation at year end: |  |  |  |  |
Discount rate | 3.10 | % |  | 2.80 | % |  | 3.45 | %
Annual rate of compensation increase | 4.50 | % |  | 4.50 | % |  | 4.00 | %
Determination of pension expense for year ended: |  |  |  |  |
Discount rate for the service cost | 2.80 | % |  | 3.45 | % |  | 4.40 | %
Annual rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Expected long-term rate of return on plan assets | 6.75 | % |  | 6.75 | % |  | 6.75 | %
Schedule of fair value of the Company's pension plan assets, by asset category | The fair value of the Company's pension plan assets at December 31, 2021 and 2020 by asset category was as follows:
|  |  | Fair Value Measurements
(in thousands) | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2021 |  |  |  |  |  |  |
Cash equivalents | $ | 1,449 |  |  | $ | 1,449 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 303 |  |  | — |  |  | 303 |  |  | — |
Equity securities | 1,774 |  |  | 1,774 |  |  | — |  |  | — |
Mutual funds | 33,890 |  |  | 33,890 |  |  | — |  |  | — |
Total | $ | 37,416 |  |  | $ | 37,113 |  |  | $ | 303 |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |
Cash equivalents | $ | 666 |  |  | $ | 666 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 311 |  |  | — |  |  | 311 |  |  | — |
Equity securities | 1,473 |  |  | 1,473 |  |  | — |  |  | — |
Mutual funds | 27,634 |  |  | 27,634 |  |  | — |  |  | — |
Total | $ | 30,084 |  |  | $ | 29,773 |  |  | $ | 311 |  |  | $ | — |
Schedule of future benefit payments expected to be paid | The following future benefit payments are expected to be paid:
Year | Pension benefits
(in thousands) |
2022 | $ | 1,017 |
2023 | 1,045 |
2024 | 1,048 |
2025 | 1,116 |
2026 | 1,203 |
2027 to 2030 | 8,353 |

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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss, which have not yet been recognized as components of net periodic benefit cost. Also includes amount of net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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