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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
EMPLOYEE BENEFIT PLANS [Abstract]  
Obligation and Net Funded Status

The following table sets forth the obligation and funded status of the pension plan as of December 31 (in thousands):

 
2023
    
2022
  
Change in benefit obligation
            
Benefit obligation at beginning of year
  
$
9,324
    
$
13,123
  
Service cost
    
306
      
356
  
Interest cost
    
433
      
275
  
Actuarial (Gain) / Loss
    
280
      
(3,230
)
Settlement gain
    
-
      
(37
)
Benefits paid
    
(787
)
    
(1,163
)
Benefit obligation at end of year
    
9,556
      
9,324
  
Change in plan assets
                
Fair value of plan assets at beginning of year
    
11,335
      
13,916
  
Actual return (loss) on plan assets
    
1,114
      
(1,418
)
Employer contribution
    
-
      
-
  
Benefits paid
    
(787
)
    
(1,163
)
Fair value of plan assets at end of year
    
11,662
      
11,335
  
Funded status
  
$
2,106
    
$
2,011
  
Components of Net Periodic Pension Cost not yet recognized

Amounts not yet recognized as a component of net periodic pension cost as of December 31 (in thousands):

Amounts recognized in accumulated other comprehensive loss consists of:
  
2023
    
2022
  
Net loss
  
$
1,231
    
$
1,336
  
Prior service cost
    
-
      
-
Total
  
$
1,231
    
$
1,336
  
Components of Net Periodic Benefit Costs

The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):


   
2023
    
2022
    
2021
  
Service cost
  
$
306
    
$
356
    
$
380
  
Interest cost
    
433
      
275
      
270
  
Return on plan assets
    
(769
)
    
(935
)
    
(895
)
Settlement loss (gain)
    
-
      
144
      
235
  
Net amortization and deferral
    
41
      
96
      
336
  
Net periodic benefit (income) cost
  
$
11
    
$
(64
)
  
$
326
  
Weighted-average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost (Income)

The weighted-average assumptions used to determine benefit obligations at December 31, 2023, 2022 and 2021 is summarized in the following table. The change in the discount rate is the primary driver of the actuarial gain that occurred in 2023 of $280,000.


   
2023
    
2022
     2021
 
Discount rate FCCB Plan
   
4.50
%
    
4.75
%
     2.25 %
Rate of compensation increase
    
3.00
%
    
3.00
%
     3.00 %


The weighted-average assumptions used to determine net periodic benefit cost (income) for the year ended December 31, 2023, 2022 and 2021 is summarized in the following table.


   
2023
    
2022
    
2021
  
Discount rate FCCB Plan
    
4.75
%
    
2.25
%
    
2.00
%
Expected long-term return on plan assets FCCB plan
   
7.00
%
    
7.00
%
    
7.00
%
Rate of compensation increase
    
3.00
%
    
3.00
%
    
3.00
%
Fair Value of Plan Assets

The long-term rate of return on plan assets gives consideration to returns currently being earned on plan assets as well as future rates expected to be earned. The investment objective is to maximize total return consistent with the interests of the participants and beneficiaries, and prudent investment management. The allocation of the pension plan assets is determined on the basis of sound economic principles and is continually reviewed in light of changes in market conditions. Asset allocation favors equity securities, with a target allocation of 50-70%. The target allocation for debt securities is 30-50%. At December 31, 2023, the pension plan had a sufficient cash and money market position in order to re-allocate the equity portfolio for diversification purposes and reduce risk in the total portfolio. The following table sets forth by level, within the fair value hierarchy as defined in footnote 21, the Plan’s assets at fair value as of December 31, 2023 and 2022 (dollars in thousands):

2023
  
Level I
    
Level II
    
Level III
    
Total
    
Allocation
  
Assets
                                        
Cash and cash equivalents
  
$
380
    
$
-
    
$
-
    
$
380
      
3.3
%
Equity Securities
    
5,638
      
-
      
-
      
5,638
      
48.3
%
Mutual Funds and ETF’s
    
3,428
      
-
      
-
      
3,428
      
29.4
%
Corporate Bonds
    
-
      
2,167
      
-
      
2,167
      
18.6
%
U.S. Agency Securities
     -       49       -       49       0.4 %
Total
  
$
9,446
    
$
2,216
    
$
-
    
$
11,662
      
100.0
%

2022
  
Level I
    
Level II
    
Level III
    
Total
    
Allocation
  
Assets
                              
Cash and cash equivalents
  
$
431
    
$
-
    
$
-
    
$
431
      
3.8
%
Equity Securities
    
5,391
      
-
      
-
      
5,391
      
47.6
%
Mutual Funds and ETF’s
    
3,322
      
-
      
-
      
3,322
      
29.3
%
Corporate Bonds
    
-
      
2,143
      
-
      
2,143
      
18.9
%
U.S. Agency Securities
     -       48       -       48       0.4 %
Total
  
$
9,144
    
$
2,191
    
$
-
    
$
11,335
      
100.0
%
Expected Future Benefit Payments

The Bank does not expect to make a contribution to its pension plan in 2024.  Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):


2024
  
$
515
  
2025
    
842
  
2026
    
1,854
  
2027
    
1,176
  
2028
    
636
  
2029 - 2033
    
4,789
  
Vesting, Awarding and Forfeiting of Restricted Shares

The Company maintains a Restricted Stock Plan (the Plan) whereby employees and non-employee corporate directors are eligible to receive awards of restricted stock based upon performance related requirements.  Awards granted under the Plan are in the form of the Company’s common stock and maybe subject to certain vesting requirements including in the case of employees, continuous employment or service with the Company.  In April 2016, the Company’s stockholder authorized a total of 150,000 shares of the Company’s common stock to be made available under the Plan. As of December 31, 2023, 112,563 shares remain available to be issued under the Plan. The Plan assists the Company in attracting, retaining and motivating employees to make substantial contributions to the success of the Company and to increase the emphasis on the use of equity as a key component of compensation. The following table details the vesting, awarding and forfeiting of unearned restricted shares during 2023:


 
2023
  
   
Shares
    
Weighted
Average
Market Price
  
Outstanding, beginning of year
    
6,622
    
$
58.51
  
Granted
    
3,495
      
77.77
  
Forfeited
    
(213
)
    
63.12
  
Vested
    
(3,197
)
    
61.69
  
Outstanding, end of year
    
6,707
    
$
71.94