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RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of changes in projected benefit obligations, fair value of plan assets and funded status
The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented.

SERP and DRPPost Retirement
2021202020212020
(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year$4,102 $3,760 $1,881 $1,946 
Service cost201 146 1 1 
Interest cost79 98 38 54 
Actuarial (gain) loss(100)448 (215)(9)
Benefits paid(341)(350)(92)(111)
Projected benefit obligation at end of year3,941 4,102 1,613 1,881 
Reconciliation of plan assets:
Fair value of plan assets at beginning of year— — — — 
Actual return on plan assets— — — — 
Employer contributions341 350 92 111 
Benefits and Settlements paid(341)(350)(92)(111)
Fair value of plan assets at end of year— — — — 
Unfunded status$3,941 $4,102 $1,613 $1,881 
Schedule of amount recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of:

SERP and DRPPost Retirement
2021202020212020
(In thousands)
Unrecognized net actuarial loss (gain)$1,073 $1,317 $(189)$23 
Unrecognized prior service cost333 402 — — 
Total accumulated other comprehensive loss (gain)$1,406 $1,719 $(189)$23 
Schedule of plan assumptions
The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows:
SERP and DRPPost Retirement
2021202020212020
Discount rate2.31 %1.85 %2.53 %2.10 %
Rate of compensation increase*6.25 %6.25 %N/AN/A
*Rate of compensation increase applicable to DRP only.
The weighted-average assumptions used in the determination of net periodic benefit cost were as follows:
SERP and DRPPost Retirement
2021202020212020
Discount rate1.82 %2.21 %2.18 %2.53 %
Expected rate of return on plan assetsN/AN/AN/AN/A
Rate of compensation increase*6.25 %6.25 %N/AN/A
*Rate of compensation increase applicable to DRP only.
Schedule of net periodic benefit cost and other amounts recognized in OCI
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2021 and 2020:

SERP and DRPPost Retirement
2021202020212020
(In thousands)
Service cost$201 $146 $1 $1 
Interest cost79 98 38 54 
Amortization:
Past service liability— — — — 
Net loss (gain)213 190 (3)(1)
Net periodic benefit cost$493 $434 $36 $54 
Schedule of expected benefit payments
The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows:
SERP and DRPPost- Retirement
(In thousands)
2022$331 $98 
2023311 88 
2024286 89 
2025289 90 
2026268 90 
Years 2027 - 20311,161 445