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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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Net Actuarial

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Loss (Gain)

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Total

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2024

2023

2022

2024

2023

2022

​

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(In thousands)

Employee Retirement Plan

​

$

4,380

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$

3,978

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$

3,944

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$

4,380

​

$

3,978

​

$

3,944

Other Postretirement Benefit Plans

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(2,074)

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(2,268)

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(2,512)

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(2,074)

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(2,268)

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(2,512)

Outside Directors Plan

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(1,079)

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(1,158)

​

(1,034)

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(1,079)

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(1,158)

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(1,034)

Total

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$

1,227

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$

552

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$

398

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$

1,227

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$

552

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$

398

Schedule of Net Funded Status

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​	​	​	​	​	​	​
​		2024			2023
​	​	(In thousands)
Change in benefit obligation:		​			​
Projected benefit obligation at beginning of year	​	$	17,032	​	$	17,172
Interest cost	​		774	​		812
Actuarial (gain) loss	​		(789)	​		199
Benefits paid	​		(1,209)	​		(1,151)
Projected benefit obligation at end of year	​		15,808	​		17,032
​	​	​	​	​	​	​
Change in plan assets:	​			​
Market value of assets at beginning of year	​		19,220	​		19,065
Actual return on plan assets	​		(89)	​		1,306
Benefits paid	​		(1,209)	​		(1,151)
Market value of plan assets at end of year	​		17,922	​		19,220
​	​	​	​	​	​	​
Accrued pension asset included in other assets	​	$	2,114	​	$	2,188

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​	​	​	​	​	​	​
​		2024			2023
​	​	(In thousands)
Change in benefit obligation:		​			​
Projected benefit obligation at beginning of year	​	$	8,272	​	$	7,851
Service cost	​		164	​		158
Interest cost	​		385	​		381
Actuarial (gain) loss	​		(20)	​		6
Benefits paid	​		(146)	​		(124)
Projected benefit obligation at end of year	​		8,655	​		8,272
​	​	​	​	​	​	​
Change in plan assets:	​			​
Market value of assets at beginning of year	​		—	​		—
Employer contributions	​		146	​		124
Benefits paid	​		(146)	​		(124)
Market value of plan assets at end of year	​		—	​		—
​	​	​	​	​	​	​
Accrued pension cost included in other liabilities	​	$	8,655	​	$	8,272

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​	​	​	​	​	​	​
​		2024			2023
​	​	(In thousands)
Change in benefit obligation:		​			​
Projected benefit obligation at beginning of year	​	$	1,016	​	$	1,302
Service cost	​		9	​		8
Interest cost	​		45	​		59
Actuarial (gain) loss	​		(75)	​		(285)
Benefits paid	​		(24)	​		(68)
Projected benefit obligation at end of year	​		971	​		1,016
​	​	​	​	​	​	​
Change in plan assets:	​			​
Market value of assets at beginning of year	​		—	​		—
Employer contributions	​		24	​		68
Benefits paid	​		(24)	​		(68)
Market value of plan assets at end of year	​		—	​		—
​	​	​	​	​	​	​
Accrued pension cost included in other liabilities	​	$	971	​	$	1,016

Schedule of Assumptions Used

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​	​	​	​	​	​
​		2024		2023
Weighted average discount rate		5.39	%	4.73	%
Rate of increase in future compensation levels		n/a		n/a	​

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​	​	​	​	​	​	​	​
​		2024		2023		2022
Weighted average discount rate		4.73	%	4.93	%	2.58	%
Rate of increase in future compensation levels		n/a		n/a		n/a	​
Expected long-term rate of return on assets		5.00	%	4.75	%	4.25	%

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​	​	​	​	​	​
​		2024		2023
Discount rate		5.39	%	4.73	%
Rate of increase in health care costs					​
Initial		8.00	%	7.50	%
Ultimate (year 2027)		4.54	%	4.54	%
Annual rate of salary increase for life insurance		n/a		n/a	​

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​	​	​	​	​	​	​	​
​		2024		2023		2022
Rate of return on plan assets		n/a		n/a		n/a	​
Discount rate		4.73	%	4.93	%	2.58	%
Rate of increase in health care costs		​					​
Initial		7.50	%	7.50	%	7.50	%
Ultimate (year 2027)		4.54	%	4.44	%	5.00	%
Annual rate of salary increase for life insurance		n/a		n/a		n/a	​

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​	​	​	​	​	​	​	​
​		2024		2023		2022
Weighted average discount rate for the benefit obligation		5.39	%	4.73	%	4.93	%
Weighted average discount rate for periodic pension benefit expense		4.73	%	4.93	%	2.58	%
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

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​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(in thousands)
Interest cost	​	$	774	​	$	812	​	$	553
Amortization of unrecognized (gain) loss	​		—	​		—	​		5
Expected return on plan assets	​		(1,135)	​		(1,109)	​		(1,031)
Net pension (benefit) expense	​		(361)	​		(297)	​		(473)
​	​	​	​	​	​	​	​	​	​
Current year actuarial (gain) loss	​		402	​		34	​		2,535
Amortization of actuarial (gains) losses	​		—	​		—	​		(5)
Total recognized in other comprehensive (income) loss	​		402	​		34	​		2,530
Total recognized in net pension (benefit) expense and other comprehensive (income) loss	​	$	41	​	$	(263)	​	$	2,057

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​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(In thousands)
Service cost	​	$	164	​	$	158	​	$	269
Interest cost	​		385	​		381	​		277
Amortization of unrecognized (gain) loss	​		(214)	​		(238)	​		—
Amortization of past service credit	​		—	​		—	​		(27)
Net postretirement benefit expense	​		335	​		301	​		519
​	​	​	​	​	​	​	​	​	​
Current year actuarial gain (loss)	​		(20)	​		6	​		(3,444)
Amortization of actuarial (gain) loss	​		214	​		238	​		—
Amortization of prior service credit	​		—	​		—	​		27
Total recognized in other comprehensive income (loss)	​		194	​		244	​		(3,417)
Total recognized in net postretirement (benefit) expense and other comprehensive income (loss)	​	$	529	​	$	545	​	$	(2,898)

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​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(In thousands)
Service cost	​	$	9	​	$	8	​	$	11
Interest cost	​		45	​		59	​		48
Amortization of unrecognized (gain) loss	​		(154)	​		(161)	​		(29)
Net pension expense (income)	​		(100)	​		(94)	​		30
​	​	​	​	​	​	​	​	​	​
Current actuarial (gain) loss	​		(75)	​		(285)	​		(623)
Amortization of actuarial gain (loss)	​		154	​		161	​		29
Total recognized in other comprehensive income (loss)	​		79	​		(124)	​		(594)
Total recognized in net pension expense and other comprehensive income (loss)	​	$	(21)	​	$	(218)	​	$	(564)

Schedule of Expected Benefit Payments

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​	​	​
​	Future Benefit
​	Payments
​	(In thousands)
2025	$	1,283
2026		1,274
2027		1,275
2028		1,269
2029		1,265
2030-2034		6,081

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​	​	​	​
​		Future Benefit
​	​	Payments
​	​	(In thousands)
2025	​	$	302
2026	​		374
2027	​		446
2028	​		471
2029	​		488
2030-2034	​		3,292

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​	​	​	​
​		Future Benefit
​	​	Payments
​	​	(In thousands)
2025	​	$	96
2026	​		96
2027	​		96
2028	​		96
2029	​		96
2030 - 2034	​		684

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Schedule of Allocation of Plan Assets

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​	​	​	​	​	​
​		2024		2023
Debt securities		100	%	100	%

Schedule of Changes in Fair Value of Plan Assets

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​	​	​	​	​	​	​
​	​	At December 31,
​		2024			2023
​	​	(In thousands)
Pooled Separate Accounts		​			​
Long duration bond fund (a)	​	$	4,349	​	$	4,842
Long corporate bond fund (b)	​		3,496	​		3,907
Prudential short term (c)	​		271	​		363
Mutual Fund	​		​	​		​
Investment grade bond fund (d)	​		9,806	​		10,108
​	​	​	​	​	​	​
Total	​	$	17,922	​	$	19,220

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.

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- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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