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RETIREMENT AND POSTRETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Employee Retirement Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of funded status of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2021

    

2020

Reconciliation of projected benefit obligation:

 

  

 

  

Projected benefit obligation at beginning of year

$

26,891

$

25,405

Interest cost

 

562

 

732

Actuarial (gain) loss

 

(903)

 

2,204

Benefit payments

 

(1,589)

 

(1,450)

Projected benefit obligation at end of year

 

24,961

 

26,891

 

  

 

  

Plan assets at fair value (investments in trust funds managed by trustee)

 

  

 

  

Balance at beginning of year

 

27,142

 

25,202

Return on plan assets

 

3,140

 

3,390

Benefit payments

 

(1,589)

 

(1,450)

Balance at end of year

 

28,693

 

27,142

Funded status at end of year

$

3,732

$

251

Schedule of net periodic cost of defined benefit plan

Year Ended December 31, 

(In thousands)

2021

    

2020

    

2019

Interest cost

$

562

$

732

$

901

Expected return on plan assets

 

(1,846)

 

(1,713)

 

(1,528)

Amortization of unrealized loss

 

824

 

914

 

913

Net periodic benefit (credit) cost

$

(460)

$

(67)

$

286

Schedule of change in accumulated other comprehensive loss

Year Ended December 31, 

(In thousands)

    

2021

    

2020

Balance at beginning of period

$

(7,119)

$

(7,506)

Amortization of unrealized loss

 

825

 

914

Gain (loss) recognized during the year

 

2,197

 

(527)

Balance at the end of the period

$

(4,097)

$

(7,119)

Period end component of accumulated other comprehensive loss, net of tax

$

2,808

$

4,858

Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations

At or for the Year Ended December 31, 

 

    

2021

    

2020

    

2019

 

Discount rate used for net periodic benefit cost

 

2.55

%  

2.97

%  

4.04

%

Discount rate used to determine benefit obligation at period end

 

2.55

 

2.15

 

2.97

Expected long-term return on plan assets used for net periodic benefit cost

 

7.00

 

7.00

 

7.00

Expected long-term return on plan assets used to determine benefit obligation at period end

 

7.00

 

7.00

 

7.00

Summary of plan asset allocation by asset category

December 31, 

 

    

2021

    

2020

 

Asset category

 

  

 

  

Equity securities

 

54

%  

67

%

Debt securities (bond mutual funds)

 

42

 

30

Cash equivalents

 

4

 

3

Total

 

100

%  

100

%

Summary of fair values of the plan assets

December 31, 2021

Fair Value Measurements Using:

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

    

Total

Description:

  

  

  

Cash and cash equivalents

$

$

1,001

$

$

1,001

Equities:

 

U.S. large cap

 

8,579

8,579

U.S. mid cap/small cap

 

2,896

2,896

International

 

3,560

3,560

Equities blend

 

479

479

Fixed income securities:

Corporate

1,288

1,288

Government

1,406

1,406

Mortgage-backed

 

1,858

1,858

High yield bonds and bond funds

 

7,626

7,626

Total Plan Assets

$

16,920

$

11,773

$

$

28,693

December 31, 2020

Fair Value Measurements Using:

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

    

Total

Description:

Cash and cash equivalents

$

720

$

$

$

720

Mutual Funds (all registered and publicly traded) :

  

  

  

  

U.S. Large Cap

3,336

3,336

U.S. Mid Cap

 

1,571

 

 

 

1,571

U.S. Small Cap

 

618

 

 

 

618

International Equity

 

4,678

 

 

 

4,678

Fixed income

 

8,300

 

 

 

8,300

Common collective investment funds:

 

  

 

  

 

  

 

  

U.S. Large Cap

 

 

5,564

 

 

5,564

U.S. Mid Cap

 

 

742

 

 

742

U.S. Small Cap

 

 

1,613

 

 

1,613

Total Plan Assets

$

19,223

$

7,919

$

$

27,142

Schedule of expected benefit payments maturities

Year Ended December 31, 

Amount

2022

$

1,501

2023

 

1,490

2024

 

1,477

2025

 

1,412

2026

 

1,368

2027 to 2031

 

6,503

Retirement Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of funded status of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2021

Reconciliation of projected benefit obligation:

 

  

Projected benefit obligation at beginning of year

$

Acquired in the Merger

33,897

Service cost

 

893

Interest cost

 

609

Actuarial gain

(304)

Benefit payments

 

(600)

Projected benefit obligation at end of year

 

34,495

 

  

Plan assets at fair value (investments in trust funds managed by trustee)

 

  

Balance at beginning of year

 

Acquired in the Merger

43,685

Return on plan assets

 

4,772

Benefit payments

 

(600)

Balance at end of year

 

47,857

Funded status at end of year

$

13,362

Schedule of net periodic cost of defined benefit plan

Year Ended December 31, 

(In thousands)

2021

Service cost

$

893

Interest cost

609

Expected return on plan assets

 

(2,883)

Net periodic benefit credit

$

(1,381)

Schedule of change in accumulated other comprehensive loss

Year Ended December 31, 

(In thousands)

    

2021

Balance at beginning of period

$

Gain recognized during the year

 

2,193

Balance at the end of the period

$

2,193

Period end component of accumulated other comprehensive income, net of tax

$

(1,503)

Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations

At or for the Year Ended December 31, 

    

2021

    

Discount rate used for net periodic benefit cost

 

2.69

%  

Discount rate used to determine benefit obligation at period end

 

2.69

 

Expected long-term return on plan assets used for net periodic benefit cost

 

7.25

 

Expected long-term return on plan assets used to determine benefit obligation at period end

 

7.25

 

Summary of plan asset allocation by asset category

December 31, 

    

2021

    

Asset category

 

  

 

Equity securities

 

60

%  

Debt securities (bond mutual funds)

 

37

 

Cash equivalents

 

3

 

Total

 

100

%  

Summary of fair values of the plan assets

December 31, 2021

Fair Value Measurements Using:

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

    

Total

Description:

  

  

  

Cash and cash equivalents

$

$

1,581

$

$

1,581

Equities:

 

U.S. large cap

 

13,623

13,623

U.S. mid cap/small cap

 

5,669

5,669

International

 

8,332

8,332

Equities blend

 

900

900

Fixed income securities:

Corporate

1,696

1,696

Government

1,700

1,700

Mortgage-backed

 

2,549

2,549

High yield bonds and bond funds

 

11,807

11,807

Total Plan Assets

$

30,224

$

17,633

$

$

47,857

Schedule of expected benefit payments maturities

Year Ended December 31, 

Amount

2022

$

1,119

2023

 

1,264

2024

 

1,274

2025

 

1,360

2026

 

1,563

2027 to 2031

 

9,153

BMP and Outside Director Retirement Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of funded status of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2021

    

2020

Reconciliation of projected benefit obligation:

 

  

 

  

Projected benefit obligation at beginning of year

$

9,328

$

9,360

Interest cost

 

12

 

234

Benefit payments

 

(9,063)

 

(771)

Actuarial (gain) loss

 

(277)

 

505

Projected benefit obligation at end of year

 

 

9,328

Plan assets at fair value:

 

  

 

  

Balance at beginning of year

 

 

Contributions

 

9,063

 

771

Benefit payments

 

(9,063)

 

(771)

Balance at end of period

 

 

Funded status at end of year

$

$

(9,328)

Schedule of net periodic cost of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2021

    

2020

    

2019

Interest cost

$

12

$

234

$

351

Curtailment loss

1,543

Amortization of unrealized loss

 

 

179

 

59

Net periodic benefit cost

$

1,555

$

413

$

410

Schedule of change in accumulated other comprehensive loss

Year Ended December 31, 

(In thousands)

    

2021

    

2020

Balance at beginning of year

$

(1,820)

$

(1,494)

Amortization of unrealized loss

 

 

179

Gain (loss) recognized during the year

 

277

 

(505)

Curtailment credit

1,543

Balance at the end of year

$

$

(1,820)

Period end component of accumulated other comprehensive loss, net of tax

$

$

1,228

Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations

At or For the Year Ended December 31, 

 

    

2020

    

2019

 

Discount rate used for net periodic benefit cost – BMP

 

2.60

%  

3.80

%

Discount rate used for net periodic benefit cost – Director Retirement Plan

 

2.68

 

3.84

Discount rate used to determine BMP benefit obligation at year end

 

1.55

 

2.60

Discount rate used to determine Director Retirement Plan benefit obligation at year end

 

1.69

 

2.68

POSTRETIREMENT PLANS  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of funded status of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2021

    

2020

Reconciliation of projected benefit obligation:

 

  

 

  

Projected benefit obligation at beginning of year

$

13

$

1,608

Interest cost

 

 

42

Actuarial loss

 

 

105

Curtailment gain

(1,577)

Benefit payments

 

(13)

 

(165)

Projected benefit obligation at end of year

 

 

13

Plan assets at fair value:

 

  

 

  

Balance at beginning of year

 

 

Contributions

 

13

 

165

Benefit payments

 

(13)

 

(165)

Balance at end of period

 

 

Funded status at end of year

$

$

(13)

Schedule of net periodic cost of defined benefit plan

Year Ended December 31, 

(In thousands)

    

2020

    

2019

Interest cost

$

42

$

56

Curtailment gain

1,651

Amortization of unrealized loss

 

(9)

 

(20)

Net periodic benefit cost

$

1,684

$

36

Schedule of change in accumulated other comprehensive loss

Year Ended December 31, 

(In thousands)

    

2020

Balance at beginning of period

$

188

Amortization of unrealized loss

 

(9)

Recognition of prior service cost

(74)

Loss recognized during the year

 

(105)

Balance at the end of the period

$

Period end component of accumulated other comprehensive loss, net of tax

$

Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations

At or For the Year Ended December 31, 

 

    

2020

    

2019

 

Discount rate used for net periodic benefit cost

 

2.69

%  

3.82

%

Discount rate used to determine benefit obligation at period end

 

0.29

 

2.69