XML 58 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]  
Schedule of Benefit Plan Funded Status
The following table summarized the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:
(In thousands)20232022
Change in benefit obligation:  
Projected Benefit obligation at beginning of year$30,226 $39,123 
Service cost495 777 
Interest cost1,493 1,052 
Actuarial gain (loss)983 (9,141)
Benefits paid(1,703)(1,585)
Projected benefit obligation at end of year31,494 30,226 
Change in plan assets, at fair value:  
Fair value of plan assets at beginning of year43,119 50,218 
Actual return on plan assets5,011 (5,514)
Benefits paid(1,703)(1,585)
Fair value of plan assets at end of year46,427 43,119 
Funded Status, included in other assets$14,933 $12,893 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The amounts recognized in accumulated other comprehensive income (loss) are as follows:
(In thousands)20232022
Total net actuarial loss (pre-tax)$5,120 $6,887 
Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income)
For the years ended December 31, 2023 and 2022, the assumptions used to determine the benefit obligation are as follows:
20232022
Discount rate4.90 %5.10 %
Rate of compensation increase3.50 %3.50 %
The assumptions used to determine the net periodic benefit cost (income) are as follows for the years ended December 31:
20232022
Discount rate5.10 %2.75 %
Expected long-term rate of return on plan assets6.75 %6.75 %
Rate of compensation increase3.50 %3.50 %
Components Of Net Periodic Benefit Costs (Income)
The components of net periodic benefit cost (income) related to the non-contributory, defined benefit pension plan are as follows for the years ended December 31 :
(In thousands)20232022
Components of net periodic benefit cost (income):  
Service cost$495 $777 
Interest cost1,493 1,052 
Expected return on plan assets(2,653)(3,136)
Recognized net actuarial loss392 407 
Net Periodic Benefit Income(273)(900)
Net gain(1,375)(491)
Amortization of net loss(392)(407)
Total recognized in other comprehensive income (loss)(1,767)(898)
Total recognized in net periodic benefit cost (income) and other comprehensive income$(2,040)$(1,798)
Schedule of Accumulated and Projected Benefit Obligations
The Corporation’s comparison of obligations to plan assets at December 31, 2023 and 2022 are as follows:
(In thousands)20232022
Projected benefit obligation$31,494 $30,226 
Accumulated benefit obligation30,411 29,150 
Fair value of plan assets at measurement date46,427 43,119 
Future Benefit Payments
For the year ended December 31, 2023 the mortality assumption was updated to reflect the most recently published mortality information through October 2023. Estimated future benefit payments are as follows:
Year(in thousands)
2024$2,010 
20252,060 
20262,070 
20272,060 
20282,060 
2029-203310,750 
Pension Plan Weighted-Average Assets' Allocations
The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2023 and 2022, are as follows:
20232022
Equity securities43 %46 %
Debt securities54 49 
Real property3 5 
100 %100 %
Fair Value Measurements
Fair value measurements were as follows:
(In thousands)TotalLevel 1Level 2Level 3
December 31, 2023
Equity securities$20,123 $3,876 $16,247 $— 
Debt securities24,891 — 24,891 — 
Real estate1,413 — 1,413 — 
Total$46,427 $3,876 $42,551 $— 
December 31, 2022
Equity securities$19,749 $3,339 $16,410 $— 
Debt securities21,228 — 21,228 — 
Real estate2,142 — 2,142 — 
Total$43,119 $3,339 $39,780 $—