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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Obligations and Funded Status | Obligations and Funded Status at December 31,
(dollars in thousands) | 2024 |  | 2023
Change in projected benefit obligation: |  |  |
Balance, January 1 | $ | 30,623 |  |  | $ | 29,131 |
Service cost | 947 |  |  | 946 |
Interest cost | 1,477 |  |  | 1,428 |
Actuarial (gain) loss * | (3,147) |  |  | 49 |
Benefits paid | (1,113) |  |  | (931) |
Balance, December 31, | $ | 28,787 |  |  | $ | 30,623 |
Change in plan assets: |  |  |
Fair value, January 1 | $ | 36,242 |  |  | $ | 30,932 |
Actual return on plan assets | 5,348 |  |  | 6,350 |
Employer contribution | — |  |  | — |
Expenses paid | (145) |  |  | (109) |
Benefits paid | (1,113) |  |  | (931) |
Fair value, December 31, | $ | 40,332 |  |  | $ | 36,242 |
Funded status at end of year | $ | 11,544 |  |  | $ | 5,619 |
Accumulated benefit obligation | $ | 24,954 |  |  | $ | 25,897 |
Amounts recognized in the consolidated balance sheet consist of the following: |  |  |
(in thousands) | 2024 |  | 2023
Non-current assets | $ | 11,544 |  |  | $ | 5,619 |
Net asset at end of year | $ | 11,544 |  |  | $ | 5,619 |
*The actuarial gain in 2024 was primarily driven by the increase in the year-over-year discount rate, which resulted in a gain for the plan.
Schedule of Components of Net Pension Cost | The following items are components of net pension (income) cost for the years ended December 31, as indicated:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Service cost - benefits earned during the year | $ | 947 |  |  | $ | 946 |  |  | $ | 1,491 |
Interest costs on projected benefit obligations (a) | 1,477 |  |  | 1,428 |  |  | 1,174 |
Expected return on plan assets (a) | (2,358) |  |  | (2,178) |  |  | (2,282) |
Expected administrative expenses | 109 |  |  | 115 |  |  | 118 |
Amortization of unrecognized net (gain) loss (a) | (690) |  |  | (640) |  |  | — |
Net periodic pension (income) cost | $ | (515) |  |  | $ | (329) |  |  | $ | 501 |
(a) | The components of net periodic pension (income) cost other than the service cost component are included in other non-interest income.
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, 2024 and 2023 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(dollars in thousands) | 2024 |  | 2023
Net accumulated actuarial net gain | $ | 15,155 |  |  | $ | 9,745 |
Accumulated other comprehensive gain | 15,155 |  |  | 9,745 |
Net periodic benefit cost in excess of cumulative employer contributions | (3,611) |  |  | (4,126) |
Net amount recognized at December 31, balance sheet | $ | 11,544 |  |  | $ | 5,619 |
Net actuarial gain arising during period | $ | 6,100 |  |  | $ | 4,129 |
Amortization of net actuarial gain | (690) |  |  | (640) |
Total recognized in other comprehensive income (loss) | $ | 5,410 |  |  | $ | 3,489 |
Total recognized in net periodic pension cost and other comprehensive income (loss) | $ | (5,925) |  |  | $ | (3,818) |
Schedule of Assumptions Utilized | Assumptions utilized to determine benefit obligations as of December 31, 2024, 2023, and 2022 and to determine pension expense for the years then ended are as follows:
| 2024 |  | 2023 |  | 2022
Determination of benefit obligation at year end: |  |  |  |  |
Discount rate | 5.65 | % |  | 4.95 | % |  | 5.10 | %
Annual rate of compensation increase | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Determination of pension expense for year ended: |  |  |  |  |
Discount rate for the service cost | 4.95 | % |  | 5.10 | % |  | 3.10 | %
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 Fair Value of Pension Plan Assets | During the past five years, the Company's plan assets have experienced the following annual returns:
(dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020
Plan Assets: |  |  |  |  |
Actual rate of return | 15.9% | 21.1% | (17.0)% | 22.1% | 19.7%
The fair value of the Company's pension plan assets at December 31, 2024 and 2023 by asset category was as follows:
|  |  | Fair Value Measurements
(dollars 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, 2024 |  |  |  |  |  |  |
Cash equivalents | $ | 3,630 |  |  | $ | 3,630 |  |  | $ | — |  |  | $ | — |
U.S government agency obligations | 7,536 |  |  | — |  |  | 7,536 |  |  | — |
Corporate bonds | 975 |  |  | — |  |  | 975 |  |  | — |
Mutual funds * | 28,191 |  |  | 28,191 |  |  | — |  |  | — |
Total | $ | 40,332 |  |  | $ | 31,821 |  |  | $ | 8,511 |  |  | $ | — |
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 |  |  | $ | — |
*Mutual funds consist of equity securities
Schedule of Future Benefit Payments | The following future benefit payments are expected to be paid:
Year | Pension benefits
(dollars in thousands) |
2025 | $ | 1,124 |
2026 | 1,208 |
2027 | 1,345 |
2028 | 1,466 |
2029 | 1,602 |
Thereafter | 10,036 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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