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Benefit Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Using accrual measurement dates of December 31, 2024 and 2023, plan assets and benefit obligation activity for the Pension Plan are listed below:
(In thousands) |  | 2024 |  | 2023
Change in fair value of plan assets |  |  |  |
Fair value at beginning of measurement period |  | $ | 232,894 |  |  | $ | 209,138 |
Actual return on plan assets |  | 31,116 |  |  | 34,764 |
Benefits paid |  | (38,239) |  |  | (11,008) |
Fair value at end of measurement period |  | $ | 225,771 |  |  | $ | 232,894 |
Change in benefit obligation |  |  |  |
Projected benefit obligation at beginning of measurement period |  | $ | 139,217 |  |  | $ | 127,394 |
Service cost |  | 6,916 |  |  | 6,236 |
Interest cost |  | 6,443 |  |  | 6,523 |
Actuarial (gain) loss |  | (9,804) |  |  | 10,072 |
Benefits paid |  | (38,239) |  |  | (11,008) |
Projected benefit obligation at the end of measurement period |  | $ | 104,533 |  |  | $ | 139,217 |
Funded status at end of year (fair value of plan assets less benefit obligation) |  | $ | 121,238 |  |  | $ | 93,677 |
Schedule of allocation of plan assets | The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:
|  |  |  | Percentage of Plan Assets
Asset category |  | Target Allocation |  | 2024 |  | 2023
Equity securities |  | 50% - 100% |  | 61 | % |  | 85 | %
Fixed income and cash equivalents |  | remaining balance |  | 39 | % |  | 15 | %
Total |  |  |  | 100 | % |  | 100 | %
Schedule of assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2024, 2023 and 2022 were as follows:
|  | 2024 |  | 2023 |  | 2022
Discount rate |  | 5.89 | % |  | 5.14 | % |  | 5.32 | %
Rate of compensation increase |  |  |  |  |  |
Under age 25 (under age 30 for 2022) |  | 7.50 | % |  | 7.50 | % |  | 8.25 | %
Ages 25-29 (ages 30-39 for 2022) |  | 7.00 | % |  | 7.00 | % |  | 6.00 | %
Ages 30-34 (ages 40-49 for 2022) |  | 6.75 | % |  | 6.75 | % |  | 5.00 | %
Ages 35-39 (ages 50-54 for 2022) |  | 6.00 | % |  | 6.00 | % |  | 4.25 | %
Ages 40-44 (ages 55-59 for 2022) |  | 5.25 | % |  | 5.25 | % |  | 3.75 | %
Ages 45-54 (ages 60-64 for 2022) |  | 4.75 | % |  | 4.75 | % |  | 3.50 | %
Ages 55-69 (ages 65 and over for 2022) |  | 3.75 | % |  | 3.75 | % |  | 3.25 | %
Ages 70 and over (for 2023 and 2024) |  | 3.00 | % |  | 3.00 | % |  | N/A
Interest crediting rate |  | 4.64 | % |  | 3.89 | % |  | 4.07 | %
Schedule of estimated future pension benefit Payments | The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):
2025 | $ | 8,469 |
2026 | 8,450 |
2027 | 8,283 |
2028 | 8,239 |
2029 | 8,816 |
2030-2034 | 43,780 |
Total | $ | 86,037 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows ending balances of accumulated other comprehensive income at December 31, 2024 and 2023.
(In thousands) |  | 2024 |  | 2023
Prior service cost |  | $ | (340) |  |  | $ | (388) |
Net actuarial gain |  | 21,547 |  |  | 2,529 |
Total |  | 21,207 |  |  | 2,141 |
Deferred tax liability |  | (4,453) |  |  | (449) |
Accumulated other comprehensive income |  | $ | 16,754 |  |  | $ | 1,692 |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | Using actuarial measurement dates of December 31 for 2024, 2023 and 2022, components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) were as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022 | Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income and other amounts recognized in other comprehensive income (loss)
Service cost |  | $ | (6,916) |  |  | $ | (6,236) |  |  | $ | (9,749) |  | Employee benefits
Interest cost |  | (6,443) |  |  | (6,523) |  |  | (5,705) |  | Other components of net periodic benefit income
Expected return on plan assets |  | 15,754 |  |  | 14,143 |  |  | 17,798 |  | Other components of net periodic benefit income
Recognized prior service cost |  | (48) |  |  | (48) |  |  | 15 |  | Other components of net periodic benefit income
Settlement income |  | 6,148 |  |  | — |  |  | — |  | Pension settlement gain
Net periodic benefit income |  | $ | 8,495 |  |  | $ | 1,336 |  |  | $ | 2,359 |  |
Net actuarial gain (loss) |  | $ | 25,166 |  |  | $ | 10,549 |  |  | $ | (1,109) |  |
Amortization of actuarial gain |  | (6,148) |  |  | — |  |  | — |  |
Amortization of prior service cost (credit) |  | 48 |  |  | 48 |  |  | (15) |  |
Total recognized in other comprehensive income (loss) |  | 19,066 |  |  | 10,597 |  |  | (1,124) |  |
Total recognized in net benefit income and other comprehensive income (loss) |  | $ | 27,561 |  |  | $ | 11,933 |  |  | $ | 1,235 |  |
Schedule of assumptions used to determine costs | The weighted average assumptions used to determine net periodic benefit income for the years ended December 31, 2024, 2023 and 2022 are listed below:
|  | 2024 |  | 2023 |  | 2022
Discount rate |  | 5.14 | % |  | 5.32 | % |  | 3.23 | %
Rate of compensation increase |  |  |  |  |  |
Under age 25 (under age 30 for 2023 and 2022) |  | 7.50 | % |  | 8.25 | % |  | 8.25 | %
Ages 25-29 (ages 30-39 for 2023 and 2022) |  | 7.00 | % |  | 6.00 | % |  | 6.00 | %
Ages 30-34 (ages 40-49 for 2023 and 2022) |  | 6.75 | % |  | 5.00 | % |  | 5.00 | %
Ages 35-39 (ages 50-54 for 2023 and 2022) |  | 6.00 | % |  | 4.25 | % |  | 4.25 | %
Ages 40-44 (ages 55-59 for 2023 and 2022) |  | 5.25 | % |  | 3.75 | % |  | 3.75 | %
Ages 45-54 (ages 60-64 for 2023 and 2022) |  | 4.75 | % |  | 3.50 | % |  | 3.50 | %
Ages 55-69 (ages 65 and over for 2023 and 2022) |  | 3.75 | % |  | 3.25 | % |  | 3.25 | %
Ages 70 and over (for 2024) |  | 3.00 | % |  | N/A |  | N/A
Interest crediting rate |  | 3.89 | % |  | 4.07 | % |  | N/A
Expected long-term return on plan assets |  | 6.92 | % |  | 6.92 | % |  | 6.92 | %
Schedule of Changes in Fair Value of Plan Assets | The fair value of the plan assets at December 31, 2024 and December 31, 2023, by asset class, is as follows.
| Fair Value Measurements | Fair Value Measurements
| at December 31, 2024, Using | at December 31, 2023, Using
(In thousands) | (Level 1) | (Level 2) | (Level 1) | (Level 2)
Interest-bearing account | $ | 3,529 |  | $ | 3,671 |  | $ | 1,395 |  | $ | 4,758 |
Mutual funds | 34,973 |  | — |  | 49,740 |  | — |
U.S. Treasury Notes | — |  | 55,062 |  | — |  | — |
U.S. Government agency obligations | — |  | 11,237 |  | — |  | 12,466 |
Corporate bonds | — |  | 14,003 |  | — |  | 15,572 |
Common stocks | 103,296 |  | — |  | 148,963 |  | — |
Total | $ | 141,798 |  | $ | 83,973 |  | $ | 200,098 |  | $ | 32,796 |
Schedule of Net Benefit Costs | The expense for the Corporation was as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022 |  | Affected Line Item in the Consolidated Statements of Income
Service cost |  | $ | 1,297 |  |  | $ | 1,224 |  |  | $ | 1,091 |  |  | Employee benefits
Interest cost |  | 658 |  |  | 567 |  |  | 564 |  |  | Miscellaneous expense
Total SERP expense |  | $ | 1,955 |  |  | $ | 1,791 |  |  | $ | 1,655 |  |  |

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