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PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company’s employee benefit plans at December 31, 2022 and 2021 is as follows:


	Pension Benefits				SERP Benefits
(dollars in thousands)	2022		2021		2022		2021
Change in benefit obligation:
Beginning benefit obligation	$	2,298	$	2,710	$	867	$	968
Interest cost	53		52		20		18
Actuarial (gain) loss	(611)		(153)		(52)		13
Benefits paid	(194)		(311)		(135)		(132)
Ending benefit obligation	1,546		2,298		700		867

Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value:
Beginning plan assets	2,303		2,349		848		879
Actual return	(289)		265		(107)		101
Employer contribution	0		0		0		0
Benefits paid	(194)		(311)		(135)		(132)
Ending plan assets	1,820		2,303		606		848
Funded status at end of year	$	274	$	5	$	(94)	$	(19)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:


	Pension Benefits				SERP Benefits
(dollars in thousands)	2022		2021		2022		2021
Funded status included in other liabilities	$	274	$	5	$	(94)	$	(19)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income consist of:


	Pension Benefits				SERP Benefits
(dollars in thousands)	2022		2021		2022		2021
Net actuarial loss	$	538	$	852	$	487	$	431

Schedule of Components of Net Periodic Benefit Cost

Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:


	Pension Benefits						SERP Benefits
(dollars in thousands)	2022		2021		2020		2022		2021		2020
Net pension expense:
Service cost	$	0	$	0	$	0	$	0	$	0	$	0
Interest cost	53		52		75		20		18		27
Expected return on plan assets	(130)		(133)		(140)		(45)		(47)		(51)
Recognized net actuarial (gain) loss	99		160		171		45		82		80
Settlement cost	23		65		115		0		0		0
Net pension expense	$	45	$	144	$	221	$	20	$	53	$	56

Net (gain) loss	$	(215)	$	(350)	$	69	$	100	$	(40)	$	36
Amortization of net loss	(99)		(160)		(171)		(45)		(82)		(80)
Total recognized in other comprehensive income (loss)	(314)		(510)		(102)		55		(122)		(44)
Total recognized in net pension expense and other comprehensive income (loss)	$	(269)	$	(366)	$	119	$	75	$	(69)	$	12

Schedule of Assumptions Used in Calculating the Net Benefit Obligation


	Pension Benefits						SERP Benefits
	2022		2021		2020		2022		2021		2020
The following assumptions were used in calculating the net benefit obligation:

Weighted average discount rate	5.03	%	2.49	%	2.08	%	5.03	%	2.49	%	2.08	%
Rate of increase in future compensation	N/A		N/A		N/A		N/A		N/A		N/A
Lump sum assumed interest rates First 5 years	5.10	%	0.87	%	0.53	%	N/A		N/A		N/A
Next 15 years	5.83	%	2.74	%	2.31	%	N/A		N/A		N/A
All future years	5.68	%	3.16	%	3.09	%	N/A		N/A		N/A

The following assumptions were used in calculating the net pension expense:

Weighted average discount rate	2.49	%	2.08	%	2.98	%	2.49	%	2.08	%	2.98	%
Rate of increase in future compensation	N/A		N/A		N/A		N/A		N/A		N/A
Expected long-term rate of return	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%

Schedule of Allocation of Plan Assets

The Company’s pension plan asset allocation at year end 2022 and 2021, target allocation for 2023, and expected long-term rate of return by asset category are as follows:


	Target Allocation				Percentage of Plan Assets at Year End				Weighted Average Expected Long-Term Rate of Return
Asset Category	2023				2022		2021
Equity securities	55	-	65	%	60	%	61	%	8.85	%
Debt securities	35	-	45	%	39	%	37	%	3.00	%
Other	5	-	10	%	1	%	2	%	0.10	%
Total					100	%	100	%	6.50	%

The Company’s SERP plan asset allocation at year end 2022 and 2021, target allocation for 2023, and expected long-term rate of return by asset category are as follows:


	Target Allocation				Percentage of Plan Assets at Year End				Weighted Average Expected Long-Term Rate of Return
Asset Category	2023				2022		2021
Equity securities	55	-	65	%	62	%	59	%	8.85	%
Debt securities	35	-	45	%	35	%	36	%	3.00	%
Other	5	-	10	%	3	%	5	%	0.10	%
Total					100	%	100	%	6.50	%

Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category

The fair values of the Company’s pension plan assets at December 31, 2022, by asset category are as follows:


Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	718	$	718	$	0	$	0
Equity securities - US mid cap stock mutual funds	43		43		0		0
Equity securities - US small cap stock mutual funds	131		131		0		0
Equity securities - international stock mutual funds	158		158		0		0
Equity securities - emerging markets stock mutual funds	34		34		0		0
Debt securities - intermediate term bond mutual funds	232		232		0		0
Debt securities - short term bond mutual funds	484		484		0		0
Cash - money market account	20		20		0		0
Total	$	1,820	$	1,820	$	0	$	0

The fair values of the Company’s pension plan assets at December 31, 2021, by asset category are as follows:


Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2 )		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	923	$	923	$	0	$	0
Equity securities - US mid cap stock mutual funds	104		104		0		0
Equity securities - US small cap stock mutual funds	106		106		0		0
Equity securities - international stock mutual funds	193		193		0		0
Equity securities - emerging markets stock mutual funds	73		73		0		0
Debt securities - intermediate term bond mutual funds	273		273		0		0
Debt securities - short term bond mutual funds	572		572		0		0
Cash - money market account	59		59		0		0
Total	$	2,303	$	2,303	$	0	$	0

The fair values of the Company’s SERP assets at December 31, 2022, by asset category are as follows:


Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	249	$	249	$	0	$	0
Equity securities - US mid cap stock mutual funds	16		16		0		0
Equity securities - US small cap stock mutual funds	43		43		0		0
Equity securities - emerging markets stock mutual funds	12		12		0		0
Equity securities - international stock mutual funds	57		57		0		0
Debt securities - intermediate term bond mutual funds	63		63		0		0
Debt securities - short term bond mutual funds	149		149		0		0
Cash - money market account	17		17		0		0
Total	$	606	$	606	$	0	$	0

The fair values of the Company’s SERP assets at December 31, 2021, by asset category are as follows:


Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	327	$	327	$	0	$	0
Equity securities - US mid cap stock mutual funds	38		38		0		0
Equity securities - US small cap stock mutual funds	38		38		0		0
Equity securities - emerging markets stock mutual funds	27		27		0		0
Equity securities - international stock mutual funds	71		71		0		0
Debt securities - intermediate term bond mutual funds	85		85		0		0
Debt securities - short term bond mutual funds	222		222		0		0
Cash - money market account	40		40		0		0
Total	$	848	$	848	$	0	$	0

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid over the next ten years:


Plan Year	Pension Benefits		SERP Benefits
(dollars in thousands)
2023	$	198	$	130
2024	168		122
2025	177		112
2026	218		101
2027	141		90
2028-2032	544		262