Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Net Actuarial						Prior Service
	(Gain) Loss						Cost (Credit)						Total
	2023		2022		2021		2023		2022		2021		2023		2022		2021
	(In thousands)
Employee Retirement Plan	$	3,978	$	3,944	$	1,414	$	—	$	—	$	—	$	3,978	$	3,944	$	1,414
Other Postretirement Benefit Plans		(2,268)		(2,512)		932		—		—		(27)		(2,268)		(2,512)		905
Outside Directors Plan		(1,158)		(1,034)		(440)		—		—		—		(1,158)		(1,034)		(440)
Total	$	552	$	398	$	1,906	$	—	$	—	$	(27)	$	552	$	398	$	1,879

Schedule of Net Funded Status

	2023		2022
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	17,172	$	22,109
Interest cost		812		553
Actuarial (gain) loss		199		(4,243)
Benefits paid		(1,151)		(1,247)
Projected benefit obligation at end of year		17,032		17,172
Change in plan assets:
Market value of assets at beginning of year		19,065		26,059
Actual return on plan assets		1,306		(5,747)
Benefits paid		(1,151)		(1,247)
Market value of plan assets at end of year		19,220		19,065
Accrued pension asset included in other assets	$	2,188	$	1,893

	2023		2022
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	7,851	$	10,853
Service cost		158		269
Interest cost		381		277
Actuarial (gain) loss		6		(3,444)
Benefits paid		(124)		(104)
Projected benefit obligation at end of year		8,272		7,851
Change in plan assets:
Market value of assets at beginning of year		—		—
Employer contributions		124		104
Benefits paid		(124)		(104)
Market value of plan assets at end of year		—		—
Accrued pension cost included in other liabilities	$	8,272	$	7,851

	2023		2022
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	1,302	$	2,010
Service cost		8		11
Interest cost		59		48
Actuarial (gain) loss		(285)		(623)
Benefits paid		(68)		(144)
Projected benefit obligation at end of year		1,016		1,302
Change in plan assets:
Market value of assets at beginning of year		—		—
Employer contributions		68		144
Benefits paid		(68)		(144)
Market value of plan assets at end of year		—		—
Accrued pension cost included in other liabilities	$	1,016	$	1,302

Schedule of Assumptions Used

	2023		2022
Weighted average discount rate	4.73	%	4.93	%
Rate of increase in future compensation levels	n/a		n/a

	2023		2022		2021
Weighted average discount rate	4.93	%	2.58	%	2.18	%
Rate of increase in future compensation levels	n/a		n/a		n/a
Expected long-term rate of return on assets	4.75	%	4.25	%	4.75	%

	2023		2022
Discount rate	4.73	%	4.93	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%
Ultimate (year 2090)	4.54	%	4.44	%
Annual rate of salary increase for life insurance	n/a		n/a

	2023		2022		2021
Rate of return on plan assets	n/a		n/a		n/a
Discount rate	4.93	%	2.58	%	2.18	%
Rate of increase in health care costs
Initial	7.50	%	7.50	%	7.50	%
Ultimate (year 2090)	4.44	%	5.00	%	5.00	%
Annual rate of salary increase for life insurance	n/a		n/a		n/a

	2023		2022		2021
Weighted average discount rate for the benefit obligation	4.73	%	4.93	%	2.58	%
Weighted average discount rate for periodic pension benefit expense	4.93	%	2.58	%	2.18	%
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

	2023		2022		2021
	(in thousands)
Interest cost	$	812	$	553	$	512
Amortization of unrecognized (gain) loss		—		5		488
Expected return on plan assets		(1,109)		(1,031)		(1,096)
Net pension (benefit) expense		(297)		(473)		(96)
Current year actuarial (gain) loss		34		2,535		127
Amortization of actuarial (gains) losses		—		(5)		(488)
Total recognized in other comprehensive (income) loss		34		2,530		(361)
Total recognized in net pension (benefit) expense and other comprehensive (income) loss	$	(263)	$	2,057	$	(457)

	2023		2022		2021
	(In thousands)
Service cost	$	158	$	269	$	293
Interest cost		381		277		233
Amortization of unrecognized (gain) loss		(238)		—		30
Amortization of past service credit		—		(27)		(85)
Net postretirement benefit expense		301		519		471
Current year actuarial gain (loss)		6		(3,444)		(370)
Amortization of actuarial (gain) loss		238		—		(31)
Amortization of prior service credit		—		27		85
Total recognized in other comprehensive income (loss)		244		(3,417)		(316)
Total recognized in net postretirement (benefit) expense and other comprehensive income (loss)	$	545	$	(2,898)	$	155

	2023		2022		2021
	(In thousands)
Service cost	$	8	$	11	$	16
Interest cost		59		48		46
Amortization of unrecognized (gain) loss		(161)		(29)		(18)
Net pension expense (income)		(94)		30		44
Current actuarial (gain) loss		(285)		(623)		(184)
Amortization of actuarial gain (loss)		161		29		18
Total recognized in other comprehensive income (loss)		(124)		(594)		(166)
Total recognized in net pension (benefit) expense and other comprehensive income (loss)	$	(218)	$	(564)	$	(122)

Schedule of Expected Benefit Payments

	Future Benefit
	Payments
	(In thousands)
2024	$	1,247
2025		1,238
2026		1,237
2027		1,239
2028		1,232
2029-2033		6,052

	Future Benefit
	Payments
	(In thousands)
2024	$	255
2025		297
2026		347
2027		399
2028		414
2029-2033		2,751

	Future Benefit
	Payments
	(In thousands)
2024	$	124
2025		96
2026		96
2027		96
2028		96
2029 - 2033		444

Schedule of Allocation of Plan Assets

	2023		2022
Debt securities	100	%	100	%

Schedule of Changes in Fair Value of Plan Assets

	At December 31,
	2023		2022
	(In thousands)
Pooled Separate Accounts
Long duration bond fund (a)	$	4,842	$	4,596
Long corporate bond fund (b)		3,907		3,754
Prudential short term (c)		363		262
Mutual Fund
Investment grade bond fund (d)		10,108		10,453
Total	$	19,220	$	19,065

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.