Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Net Actuarial						Prior Service
	Loss (Gain)						Cost (Credit)						Total
	2021		2020		2019		2021		2020		2019		2021		2020		2019
	(In thousands)
Employee Retirement Plan	$	1,414	$	1,775	$	2,273	$	—	$	—	$	—	$	1,414	$	1,775	$	2,273
Other Postretirement Benefit Plans		932		1,333		(265)		(27)		(112)		(198)		905		1,221		(463)
Outside Directors Plan		(440)		(274)		(380)		—		—		—		(440)		(274)		(380)
Total	$	1,906	$	2,834	$	1,628	$	(27)	$	(112)	$	(198)	$	1,879	$	2,722	$	1,430

Schedule of Net Funded Status

	2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	24,227	$	22,443
Interest cost		512		652
Actuarial (gain) loss		(1,562)		2,109
Benefits paid		(1,068)		(977)
Projected benefit obligation at end of year		22,109		24,227
Change in plan assets:
Market value of assets at beginning of year		27,720		25,505
Actual return on plan assets		(593)		3,192
Benefits paid		(1,068)		(977)
Market value of plan assets at end of year		26,059		27,720
Accrued pension asset included in other assets	$	3,950	$	3,493

	2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	10,799	$	8,762
Service cost		293		274
Interest cost		233		259
Actuarial (gain) loss		(370)		1,599
Benefits paid		(102)		(95)
Projected benefit obligation at end of year		10,853		10,799
Change in plan assets:
Market value of assets at beginning of year		—		—
Employer contributions		102		95
Benefits paid		(102)		(95)
Market value of plan assets at end of year		—		—
Accrued pension cost included in other liabilities	$	10,853	$	10,799

	2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	2,276	$	2,290
Service cost		16		15
Interest cost		46		64
Actuarial (gain) loss		(184)		51
Benefits paid		(144)		(144)
Projected benefit obligation at end of year		2,010		2,276
Change in plan assets:
Market value of assets at beginning of year		—		—
Employer contributions		144		144
Benefits paid		(144)		(144)
Market value of plan assets at end of year		—		—
Accrued pension cost included in other liabilities	$	2,010	$	2,276

Schedule of Assumptions Used

	2021		2020
Weighted average discount rate	2.58	%	2.18	%
Rate of increase in future compensation levels	n/a		n/a

	2021		2020		2019
Weighted average discount rate	2.18	%	3.00	%	4.06	%
Rate of increase in future compensation levels	n/a		n/a		n/a
Expected long-term rate of return on assets	4.75	%	4.75	%	5.25	%

	2021		2020
Discount rate	2.58	%	2.18	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%
Ultimate (year 2026)	5.00	%	5.00	%
Annual rate of salary increase for life insurance	n/a		n/a

	2021		2020		2019
Rate of return on plan assets	n/a		n/a		n/a
Discount rate	2.58	%	3.00	%	4.06	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%	7.00	%
Ultimate (year 2026)	5.00	%	5.00	%	5.00	%
Annual rate of salary increase for life insurance	n/a		n/a		n/a

	2021		2020		2019
Weighted average discount rate for the benefit obligation	2.58	%	2.18	%	3.00	%
Weighted average discount rate for periodic pension benefit expense	2.18	%	3.00	%	4.06	%
Rate of increase in future compensation levels	n/a		n/a		n/a

Schedule of net expense for the pension and other postretirement benefit plans

	2021		2020		2019
	(In thousands)
Interest cost	$	512	$	652	$	797
Amortization of unrecognized loss		488		444		269
Expected return on plan assets		(1,096)		(1,028)		(1,088)
Net pension (benefit) expense		(96)		68		(22)
Current year actuarial loss (gain)		127		(54)		(696)
Amortization of actuarial loss		(488)		(444)		(269)
Total recognized in other comprehensive income		(361)		(498)		(965)
Total recognized in net pension benefit and other comprehensive loss	$	(457)	$	(430)	$	(987)

	2021		2020		2019
	(In thousands)
Service cost	$	293	$	274	$	280
Interest cost		233		259		341
Amortization of unrecognized loss		30		—		—
Amortization of past service credit		(85)		(85)		(85)
Net postretirement benefit expense		471		448		536
Current year actuarial (gain) loss		(370)		1,599		(301)
Amortization of actuarial loss		(31)		—		—
Amortization of prior service credit		85		85		85
Total recognized in other comprehensive income		(316)		1,684		(216)
Total recognized in net postretirement expense and other comprehensive loss	$	155	$	2,132	$	320

	2021		2020		2019
	(In thousands)
Service cost	$	16	$	15	$	39
Interest cost		46		64		86
Amortization of unrecognized gain		(18)		(55)		(141)
Net pension expense (benefit)		44		24		(16)
Current actuarial (gain) loss		(184)		51		44
Amortization of actuarial gain		18		55		141
Total recognized in other comprehensive income		(166)		106		185
Total recognized in net pension expense and other comprehensive income	$	(122)	$	130	$	169

Schedule of Expected Benefit Payments

	Future Benefit
	Payments
	(In thousands)
2022	$	1,273
2023		1,206
2024		1,197
2025		1,188
2026		1,186
2027-2031		5,943

	Future Benefit
	Payments
	(In thousands)
2022	$	251
2023		261
2024		298
2025		323
2026		343
2027-2031		2,189

	Future Benefit
	Payments
	(In thousands)
2022	$	288
2023		256
2024		220
2025		192
2026		192
2027 - 2031		592

Schedule of Allocation of Plan Assets

	2021		2020
Equity securities	—	%	—	%
Debt securities	100	%	100	%

Schedule of Changes in Fair Value of Plan Assets

	At December 31,
	2021		2020
	(In thousands)
Pooled Separate Accounts
Long duration bond fund (a)	$	11,700	$	12,229
Long corporate bond fund (b)		5,157		5,587
Prudential short term (c)		150		286
Mutual Fund
Investment grade bond fund (d)		9,052		9,618
Total	$	26,059	$	27,720

a. Comprised of fixed income securities with durations of longer than six years that seek to maximize total return consistent with the preservation of capital and prudent investment management.

b. Comprised of corporate bonds with an average duration within 0.25 years of the benchmark and its average credit quality is no lower than BBB. The fund seeks to outperform the Bloomberg Barclays Long Corporate Bond Index.

c. Comprised of money market instruments with an emphasis on safety and liquidity.

d. Comprised of high quality corporate bonds diversified broadly across industries, issuers and regions. The funds primary benchmark is the Bloomberg Barclays U.S. Credit Index.

Schedule of Employee Benefit Trust Shares

	2021		2020
Shares owned by Employee Benefit Trust, beginning balance		39,861		181,611
Shares purchased		1,039		3,697
Shares released and allocated		(22,936)		(145,447)
Shares owned by Employee Benefit Trust, ending balance		17,964		39,861
Market value of unallocated shares	$	436,525	$	663,287