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Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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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

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