Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Net Actuarial						Prior Service
	Loss (Gain)						Cost (Credit)						Total
	2022		2021		2020		2022		2021		2020		2022		2021		2020
	(In thousands)
Employee Retirement Plan	$	3,944	$	1,414	$	1,775	$	—	$	—	$	—	$	3,944	$	1,414	$	1,775
Other Postretirement Benefit Plans		(2,512)		932		1,333		—		(27)		(112)		(2,512)		905		1,221
Outside Directors Plan		(1,034)		(440)		(274)		—		—		—		(1,034)		(440)		(274)
Total	$	398	$	1,906	$	2,834	$	—	$	(27)	$	(112)	$	398	$	1,879	$	2,722

Schedule of Net Funded Status

	2022		2021
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	22,109	$	24,227
Interest cost		553		512
Actuarial gain		(4,243)		(1,562)
Benefits paid		(1,247)		(1,068)
Projected benefit obligation at end of year		17,172		22,109
Change in plan assets:
Market value of assets at beginning of year		26,059		27,720
Actual return on plan assets		(5,747)		(593)
Benefits paid		(1,247)		(1,068)
Market value of plan assets at end of year		19,065		26,059
Accrued pension asset included in other assets	$	1,893	$	3,950

	2022		2021
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	10,853	$	10,799
Service cost		269		293
Interest cost		277		233
Actuarial gain		(3,444)		(370)
Benefits paid		(104)		(102)
Projected benefit obligation at end of year		7,851		10,853
Change in plan assets:
Market value of assets at beginning of year		—		—
Employer contributions		104		102
Benefits paid		(104)		(102)
Market value of plan assets at end of year		—		—
Accrued pension cost included in other liabilities	$	7,851	$	10,853

	2022		2021
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	2,010	$	2,276
Service cost		11		16
Interest cost		48		46
Actuarial gain		(623)		(184)
Benefits paid		(144)		(144)
Projected benefit obligation at end of year		1,302		2,010
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	$	1,302	$	2,010

Schedule of Assumptions Used

	2022		2021
Weighted average discount rate	4.93	%	2.58	%
Rate of increase in future compensation levels	n/a		n/a

	2022		2021		2020
Weighted average discount rate	2.58	%	2.18	%	3.00	%
Rate of increase in future compensation levels	n/a		n/a		n/a
Expected long-term rate of return on assets	4.25	%	4.75	%	4.75	%

	2022		2021
Discount rate	4.93	%	2.58	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%
Ultimate (year 2027)	4.44	%	5.00	%
Annual rate of salary increase for life insurance	n/a		n/a

	2022		2021		2020
Rate of return on plan assets	n/a		n/a		n/a
Discount rate	2.58	%	2.18	%	3.00	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%	7.50	%
Ultimate (year 2027)	5.00	%	5.00	%	5.00	%
Annual rate of salary increase for life insurance	n/a		n/a		n/a

	2022		2021		2020
Weighted average discount rate for the benefit obligation	4.93	%	2.58	%	2.18	%
Weighted average discount rate for periodic pension benefit expense	2.58	%	2.18	%	3.00	%
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

	2022		2021		2020
	(in thousands)
Interest cost	$	553	$	512	$	652
Amortization of unrecognized loss		5		488		444
Expected return on plan assets		(1,031)		(1,096)		(1,028)
Net pension (benefit) expense		(473)		(96)		68
Current year actuarial loss (gain)		2,535		127		(54)
Amortization of actuarial losses		(5)		(488)		(444)
Total recognized in other comprehensive loss		2,530		(361)		(498)
Total recognized in net pension (benefit) expense and other comprehensive loss	$	2,057	$	(457)	$	(430)

	2022		2021		2020
	(In thousands)
Service cost	$	269	$	293	$	274
Interest cost		277		233		259
Amortization of unrecognized loss		—		30		—
Amortization of past service credit		(27)		(85)		(85)
Net postretirement benefit expense		519		471		448
Current year actuarial (gain) loss		(3,444)		(370)		1,599
Amortization of actuarial loss		—		(31)		—
Amortization of prior service credit		27		85		85
Total recognized in other comprehensive loss		(3,417)		(316)		1,684
Total recognized in net postretirement expense and other comprehensive loss	$	(2,898)	$	155	$	2,132

	2022		2021		2020
	(In thousands)
Service cost	$	11	$	16	$	15
Interest cost		48		46		64
Amortization of unrecognized gain		(29)		(18)		(55)
Net pension expense		30		44		24
Current actuarial (gain) loss		(623)		(184)		51
Amortization of actuarial gain		29		18		55
Total recognized in other comprehensive income		(594)		(166)		106
Total recognized in net pension expense and other comprehensive loss	$	(564)	$	(122)	$	130

Schedule of Expected Benefit Payments

	Future Benefit
	Payments
	(In thousands)
2023	$	1,281
2024		1,260
2025		1,249
2026		1,246
2027		1,244
2028-2032		6,163

	Future Benefit
	Payments
	(In thousands)
2023	$	259
2024		311
2025		347
2026		372
2027		417
2028-2032		2,629

	Future Benefit
	Payments
	(In thousands)
2023	$	208
2024		172
2025		144
2026		144
2027		144
2028 - 2032		544

Schedule of Allocation of Plan Assets

	2022		2021
Equity securities	—	%	—	%
Debt securities	100	%	100	%

Schedule of Changes in Fair Value of Plan Assets

	At December 31,
	2022		2021
	(In thousands)
Pooled Separate Accounts
Long duration bond fund (a)	$	4,596	$	11,700
Long corporate bond fund (b)		3,754		5,157
Prudential short term (c)		262		150
Mutual Fund
Investment grade bond fund (d)		10,453		9,052
Total	$	19,065	$	26,059

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

	2022		2021
Shares owned by Employee Benefit Trust, beginning balance		17,964		39,861
Shares purchased		—		1,039
Shares released and allocated		(17,964)		(22,936)
Shares owned by Employee Benefit Trust, ending balance		—		17,964
Market value of unallocated shares	$	—	$	436,525