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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Payroll taxes | $ | 1,585 |  |  | $ | 1,443 |  |  | $ | 1,403 |
Medical plans | 1,841 |  |  | 1,771 |  |  | 1,860 |
401(k) match and profit sharing | 1,167 |  |  | 1,574 |  |  | 1,829 |
Periodic pension cost | 1,061 |  |  | 1,608 |  |  | 1,796 |
Other | 44 |  |  | 50 |  |  | 52 |
Total employee benefits | $ | 5,698 |  |  | $ | 6,446 |  |  | $ | 6,940 |
Schedule of Obligations and Funded Status | Obligations and Funded Status at December 31, 2023 and 2022
(in thousands) | 2023 |  | 2022
Change in projected benefit obligation: |  |  |
Balance, January 1 | $ | 29,131 |  |  | $ | 38,661 |
Service cost | 946 |  |  | 1,491 |
Interest cost | 1,428 |  |  | 1,174 |
Actuarial loss (gain) | 49 |  |  | (11,301) |
Benefits paid | (931) |  |  | (894) |
Balance, December 31, | $ | 30,623 |  |  | $ | 29,131 |
Change in plan assets: |  |  |
Fair value, January 1 | $ | 30,932 |  |  | $ | 37,416 |
Actual return on plan assets | 6,350 |  |  | (6,475) |
Employer contribution | — |  |  | 1,000 |
Expenses paid | (109) |  |  | (115) |
Benefits paid | (931) |  |  | (894) |
Fair value, December 31, | $ | 36,242 |  |  | $ | 30,932 |
Funded status at end of year | $ | 5,619 |  |  | $ | 1,801 |
Accumulated benefit obligation | $ | 25,897 |  |  | $ | 24,265 |
Amounts recognized in the statement of financial position consist of the following: |  |  |
(in thousands) | 2023 |  | 2022
Non-current assets | $ | 5,619 |  |  | $ | 1,801 |
Current liabilities | — |  |  | — |
Non-current liabilities | — |  |  | — |
Net asset (liability) at end of year | $ | 5,619 |  |  | $ | 1,801 |
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) | 2023 |  | 2022 |  | 2021
Service cost - benefits earned during the year | $ | 946 |  |  | $ | 1,491 |  |  | $ | 1,692 |
Interest costs on projected benefit obligations (a) | 1,428 |  |  | 1,174 |  |  | 1,072 |
Expected return on plan assets (a) | (2,178) |  |  | (2,282) |  |  | (1,843) |
Expected administrative expenses (a) | 115 |  |  | 118 |  |  | 104 |
Amortization of prior service cost (a) | — |  |  | — |  |  | — |
Amortization of unrecognized net (gain) loss (a) | (640) |  |  | — |  |  | 367 |
Net periodic pension cost | $ | (329) |  |  | $ | 501 |  |  | $ | 1,392 |
(a) | The components of net periodic pension cost other than the service cost component are included in other non-interest expense.
Schedule of Accumulated Other Comprehensive Loss | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2023 and 2022 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(in thousands) | 2023 |  | 2022
Net accumulated actuarial net gain | $ | 9,745 |  |  | $ | 6,256 |
Accumulated other comprehensive gain | 9,745 |  |  | 6,256 |
Net periodic benefit cost in excess of cumulative employer contributions | (4,126) |  |  | (4,455) |
Net amount recognized at December 31, balance sheet | $ | 5,619 |  |  | $ | 1,801 |
Net actuarial gain arising during period | $ | 4,129 |  |  | $ | 2,547 |
Amortization of net actuarial gain | (640) |  |  | — |
Total recognized in other comprehensive income (loss) | $ | 3,489 |  |  | $ | 2,547 |
Total recognized in net periodic pension cost and other comprehensive income (loss) | $ | (3,818) |  |  | $ | (2,046) |
Schedule of Assumptions Utilized | Assumptions utilized to determine benefit obligations as of December 31, 2023, 2022, and 2021 and to determine pension expense for the years then ended are as follows:
| 2023 |  | 2022 |  | 2021
Determination of benefit obligation at year end: |  |  |  |  |
Discount rate | 4.95 | % |  | 5.10 | % |  | 3.10 | %
Annual rate of compensation increase | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Determination of pension expense for year ended: |  |  |  |  |
Discount rate for the service cost | 5.10 | % |  | 3.10 | % |  | 2.80 | %
Annual rate of compensation increase | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Expected long-term rate of return on plan assets | 6.75 | % |  | 6.75 | % |  | 6.75 | %
Schedule of Annual Returns on Plan Assets | During the past five years, the Company's plan assets have experienced the following annual returns:
(in thousands) | 2023 | 2022 | 2021 | 2020 | 2019
Plan Assets: |  |  |  |  |
Actual rate of return | 21.1% | (17.0)% | 22.1% | 19.7% | 25.8%
Schedule of Fair Value of Pension Plan Assets | The fair value of the Company's pension plan assets at December 31, 2023 and 2022 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, 2023 |  |  |  |  |  |  |
Cash equivalents | $ | 1,521 |  |  | $ | 1,521 |  |  | $ | — |  |  | $ | — |
U.S government agency obligations | 2,587 |  |  | — |  |  | 2,587 |  |  | — |
Mutual funds | 32,134 |  |  | 32,134 |  |  | — |  |  | — |
Total | $ | 36,242 |  |  | $ | 33,655 |  |  | $ | 2,587 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |
Cash equivalents | $ | 1,772 |  |  | $ | 1,772 |  |  | $ | — |  |  | $ | — |
U.S government agency obligations | 491 |  |  | — |  |  | 491 |  |  | — |
Equity securities | 1,518 |  |  | 1,518 |  |  | — |  |  | — |
Mutual funds | 27,151 |  |  | 27,151 |  |  | — |  |  | — |
Total | $ | 30,932 |  |  | $ | 30,441 |  |  | $ | 491 |  |  | $ | — |
Schedule of Future Benefit Payments | The following future benefit payments are expected to be paid:
Year | Pension benefits
(in thousands) |
2024 | $ | 1,061 |
2025 | 1,109 |
2026 | 1,194 |
2027 | 1,335 |
2028 | 1,460 |
2028 to 2032 | 9,450 |

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