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Pension Plans (Tables)
12 Months Ended
Dec. 31, 2023
Pension Plans [Line Items]  
Schedule of Information Related to the Retirement Plan Information related to the Retirement Plan as of and for the years ended December 31, 2023 and 2022 is presented below (dollars in thousands):
   2023   2022 
Changes in plan assets:        
Fair value of plan assets, beginning  $16,688   $19,987 
Actual gains (losses)   2,376    (3,315)
Benefits paid   (834)   (784)
Company contributions   255    800 
Participant contributions   
    
 
Fair value of plan assets, ending  $18,485   $16,688 
Less: projected accumulated benefit obligation  $18,590   $17,956 
Funded status, (underfunded)/overfunded  $(105)  $(1,268)
           
Amounts recognized in the consolidated balance sheets:          
Other liabilities  $(105)  $(1,268)
Accumulated other comprehensive loss  $(2,231)  $(1,166)
           
Assumptions used in computation of benefit obligations:          
Discount rate   4.90%   5.15%
Expected long-term return on plan assets   6.50%   6.50%
Rate of compensation increase   
    
 

 

Schedule of Components of Net Periodic Benefit Costs
   Years Ended December 31, 
   2023   2022   2021 
Components of net periodic benefit costs are as follows:            
Service cost  $249   $404   $436 
Interest cost   900    655    605 
Amortization of net loss           98 
Expected return on plan assets   (993)   (1,090)   (952)
Net periodic cost (benefit)  $156   $(31)  $187 
Schedule of Expected Benefit Payments The following table summarizes the expected benefit payments for the Company’s Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter
December 31:        
2024     $ 960  
2025       1,030  
2026       1,070  
2027       1,100  
2028       1,140  
2029-33       6,280  
      $ 11,580  
Schedule of Information Related to the Postretirement Plan Information related to the Postretirement Plan as of December 31, 2023 and 2022 is presented below (dollars in thousands):
   2023   2022 
Amounts at the end of the year:        
Accumulated/projected benefit obligation  $4,294   $3,907 
Fair value of plan assets        
Funded status, (underfunded)/overfunded  $(4,294)  $(3,907)
           
Amounts recognized in the consolidated balance sheets:          
Accrued liabilities  $(320)  $(310)
Other liabilities  $(3,974)  $(3,597)
Accumulated other comprehensive loss  $(250)  $(656)
           
Discount rate used in computation of benefit obligations   4.75%   4.95%

 

Schedule of Net Periodic Benefit Costs
   Years Ended December 31, 
   2023   2022   2021 
Components of net periodic benefit costs are as follows:            
Service cost  $14   $26   $42 
Interest cost   186    105    105 
Amortization of prior service cost   (53)       25 
Net periodic benefit cost  $147   $131   $172 
 Amounts recognized in the plan for the year:               
Participant contributions  $36   $43   $32 
Benefits paid  $201   $215   $217 
Schedule of Expected Benefit Payments The following table summarizes the expected benefit payments for the Company’s Postretirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter
December 31:        
2024     $ 320  
2025       350  
2026       430  
2027       440  
2028       450  
2029-2033       1,940  
      $ 3,930