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v3.25.4

Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Net Periodic Pension Cost | Net consolidated periodic pension cost included the following components:
(Dollars in thousands) |  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 1,293 |  |  | $ | 1,387 |  |  | $ | 1,440 |
Interest cost |  |  | 7,427 |  |  |  | 6,967 |  |  |  | 7,134 |
Expected return on plan assets |  |  | (11,046 | ) |  |  | (10,659 | ) |  |  | (11,762 | )
Amortization of net actuarial loss |  |  | 69 |  |  |  | 2,315 |  |  |  | 3,347 |
Net periodic pension cost (income) |  | $ | (2,257 | ) |  | $ | 10 |  |  | $ | 159 |
Weighted-Average Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.76 | % |  |  | 5.07 | % |  |  | 5.26 | %
Expected return on assets |  |  | 6.15 | % |  |  | 6.25 | % |  |  | 7.25 | %
Rate of compensation increase (prior to age 40) |  |  | 6.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Rate if compensation increase (ages 40-49) |  |  | 5.50 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (ages 40-54) |  |  | n/a |  |  |  | 4.00 | % |  |  | 4.00 | %
Rate if compensation increase (ages 50-54) |  |  | 5.00 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (ages 55-64) |  |  | 4.00 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (otherwise) |  |  | 3.00 | % |  |  | 3.50 | % |  |  | 3.50 | %
Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income | Amounts related to the Plan recognized as a component of other comprehensive income were as follows:
(In thousands) |  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net actuarial gain |  | $ | (7,089 | ) |  | $ | (12,348 | ) |  | $ | (2,635 | )
Amortization of actuarial loss |  |  | (69 | ) |  |  | (2,315 | ) |  |  | (3,347 | )
Total recognized in other comprehensive income |  | $ | (7,158 | ) |  | $ | (14,663 | ) |  | $ | (5,982 | )
Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2025 and 2024 and the accumulated benefit obligation at December 31, 2025 and 2024 are as follows:
(Dollars in thousands) |  | December 31, |
|  | 2025 |  |  | 2024 |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected Benefit Obligation at the Beginning of the Year |  | $ | 137,847 |  |  | $ | 143,306 |
Service Cost |  |  | 1,293 |  |  |  | 1,387 |
Interest Cost |  |  | 7,427 |  |  |  | 6,967 |
Actuarial Loss (Gain) |  |  | 3,088 |  |  |  | (7,506 | )
Benefits Paid |  |  | (6,877 | ) |  |  | (6,307 | )
Projected Benefit Obligation at the End of the Year |  | $ | 142,778 |  |  | $ | 137,847 |
Accumulated Benefit Obligation at the End of the Year |  | $ | 130,900 |  |  | $ | 125,429 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair Value of Plan Assets at the Beginning of the Year |  | $ | 183,035 |  |  | $ | 173,840 |
Actual Return on Plan Assets |  |  | 21,223 |  |  |  | 15,502 |
Benefits Paid |  |  | (6,877 | ) |  |  | (6,307 | )
Fair Value of Plan Assets at End of Year |  | $ | 197,381 |  |  | $ | 183,035 |
(Dollars in thousands) |  | December 31, |
|  | 2025 |  |  | 2024 |
Net Amount Recognized |  |  |  |  |  |  |  |
Funded Status |  | $ | 54,603 |  |  | $ | 45,187 |
Unrecognized Actuarial Net Loss |  |  | 10,725 |  |  |  | 17,884 |
Net Amount Recognized |  | $ | 65,328 |  |  | $ | 63,071 |
Weighted-Average Assumptions at the End of the Year |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.66 | % |  |  | 5.76 | %
Rate of compensation Increase (prior to age 40) |  |  | 6.00 | % |  |  | 6.00 | %
Rate of compensation Increase (ages 40-49) |  |  | 5.50 | % |  |  | 5.50 | %
Rate of compensation Increase (ages 50-54) |  |  | 5.00 | % |  |  | 5.00 | %
Rate of compensation Increase (ages 55-64) |  |  | 4.00 | % |  |  | 4.00 | %
Rate of compensation Increase (otherwise) |  |  | 3.00 | % |  |  | 3.00 | %
Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category | Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows:
Plan Assets |  | Target Allocation 2026 |  |  | Allowable Allocation Range |  |  | Percentage of Plan Assets at |
|  |  |  |  |  |  |  | December 31, 2025 |  |  | December 31, 2024 |
Equity Securities |  |  | 47 | % |  |  | 20-70 | % |  |  | 54% |  |  |  | 56% |
Fixed Income Securities |  |  | 43 | % |  |  | 20-50 | % |  |  | 42% |  |  |  | 41% |
Other |  |  | 10 | % |  |  | 0-25 | % |  |  | 4% |  |  |  | 3% |
Total |  |  |  |  |  |  |  |  |  |  | 100% |  |  |  | 100% |
Expected Benefit Payments | At December 31, 2025, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:
Year |  | Amount |
(Dollars in thousands) |
2026 |  | $ | 7,433 |
2027 |  |  | 7,786 |
2028 |  |  | 8,265 |
2029 |  |  | 8,648 |
2030 |  |  | 9,000 |
2031 through 2035 |  |  | 48,551 |
Balances of the Plan Assets, by Fair Value Hierarchy Level | The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2025 and 2024:
|  |  |  |  | Fair Value Measurements at December 31, 2025 Using |
(In thousands) Description |  | Balance as of December 31, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash and Cash equivalents |  | $ | 6,505 |  |  | $ | 0 |  |  | $ | 6,505 |  |  | $ | 0 |
Fixed Income Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  |  | 29,982 |  |  |  | 0 |  |  |  | 29,982 |  |  |  | 0 |
Mortgage backed & other asset-backed securities |  |  | 7,705 |  |  |  | 0 |  |  |  | 7,705 |  |  |  | 0 |
Municipal obligations |  |  | 631 |  |  |  | 0 |  |  |  | 631 |  |  |  | 0 |
Corporate bonds |  |  | 9,300 |  |  |  | 0 |  |  |  | 9,300 |  |  |  | 0 |
Fixed Income Mutual Funds & Exchange-Traded Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General |  |  | 36,667 |  |  |  | 36,667 |  |  |  | 0 |  |  |  | 0 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 20,187 |  |  |  | 20,187 |  |  |  | 0 |  |  |  | 0 |
Equity Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity large cap |  |  | 38,185 |  |  |  | 38,185 |  |  |  | 0 |  |  |  | 0 |
Domestic equity small cap |  |  | 13,273 |  |  |  | 13,273 |  |  |  | 0 |  |  |  | 0 |
Alternative equity |  |  | 17,500 |  |  |  | 17,500 |  |  |  |  |  |  |  |  |
International emerging equity |  |  | 4,304 |  |  |  | 4,304 |  |  |  | 0 |  |  |  | 0 |
International equity developed |  |  | 13,142 |  |  |  | 13,142 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 197,381 |  |  | $ | 143,258 |  |  | $ | 54,123 |  |  | $ | 0 |
|  |  |  |  | Fair Value Measurements at December 31, 2024 Using |
(In thousands) Description |  | Balance as of December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash and Cash equivalents |  | $ | 5,829 |  |  | $ | 5,829 |  |  | $ | 0 |  |  | $ | 0 |
Fixed Income Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  |  | 24,874 |  |  |  | 24,874 |  |  |  | 0 |  |  |  | 0 |
Mortgage backed securities |  |  | 6,588 |  |  |  | 6,588 |  |  |  | 0 |  |  |  | 0 |
Collateralized mortgage obligations |  |  | 623 |  |  |  | 623 |  |  |  | 0 |  |  |  | 0 |
|  |  |  |  | Fair Value Measurements at December 31, 2024 Using |
(In thousands) Description |  | Balance as of December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Municipal obligations |  |  | 707 |  |  |  | 707 |  |  |  | 0 |  |  |  | 0 |
Corporate bonds |  |  | 8,394 |  |  |  | 8,394 |  |  |  | 0 |  |  |  | 0 |
Fixed Income Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General |  |  | 33,537 |  |  |  | 33,537 |  |  |  | 0 |  |  |  | 0 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 19,539 |  |  |  | 19,539 |  |  |  | 0 |  |  |  | 0 |
Equity Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity large cap |  |  | 37,990 |  |  |  | 37,990 |  |  |  | 0 |  |  |  | 0 |
Domestic equity small cap |  |  | 13,332 |  |  |  | 13,332 |  |  |  | 0 |  |  |  | 0 |
Alternative equity |  |  | 16,145 |  |  |  | 16,145 |  |  |  |  |  |  |  |  |
International emerging equity |  |  | 3,993 |  |  |  | 3,993 |  |  |  | 0 |  |  |  | 0 |
International equity developed |  |  | 11,484 |  |  |  | 11,484 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 183,035 |  |  | $ | 183,035 |  |  | $ | 0 |  |  | $ | 0 |

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