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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of changes in the Projected Benefit Obligation and Plan Assets | Information regarding the pension plan is as follows:
|  | December 31,
(In thousands) |  | 2022 |  | 2021
Change in projected benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 5,328 |  |  | $ | 6,121 |
Service Cost |  | 68 |  |  | 59 |
Interest cost |  | 141 |  |  | 140 |
Actuarial loss |  | (1,508) |  |  | (211) |
Benefits paid |  | (263) |  |  | (321) |
Settlements |  | (37) |  |  | (460) |
Projected benefit obligation at end of year |  | 3,729 |  |  | 5,328 |
Accumulated benefit obligation |  | 3,729 |  |  | 5,328 |
Change in fair value of plan assets: |  |  |  |
Fair value of plan assets at plan beginning of year |  | 5,962 |  |  | 6,049 |
Actual return on plan assets |  | (979) |  |  | 694 |
Contributions by employer |  | — |  |  | — |
Benefits paid |  | (263) |  |  | (321) |
Settlements |  | (37) |  |  | (460) |
Fair value of plan assets at end of year |  | 4,683 |  |  | 5,962 |
(Overfunded) status |  | $ | (954) |  |  | $ | (634) |
Information regarding the postretirement plans is as follows:
|  | December 31,
(In thousands) |  | 2022 |  | 2021
Change in accumulated postretirement benefit obligation: |  |  |  |
Accumulated post-retirement benefit obligation at beginning of year |  | $ | 4,521 |  |  | $ | 4,641 |
Service Cost |  | 12 |  |  | 13 |
Interest cost |  | 122 |  |  | 113 |
Participant contributions |  | — |  |  | — |
Actuarial loss |  | (1,396) |  |  | (198) |
Benefits paid |  | (44) |  |  | (48) |
Accumulated post-retirement benefit obligation at end of year |  | $ | 3,215 |  |  | $ | 4,521 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Contributions by employer |  | 44 |  |  | 48 |
Contributions by participant |  | — |  |  | — |
Benefits paid |  | (44) |  |  | (48) |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Schedule of Amounts Recognized in Statement of Financial Position |
Amounts Recognized on Consolidated Balance Sheets |  |  |  |
Other assets |  | $ | 954 |  |  | $ | 634 |
Other liabilities |  | — |  |  | — |
Amounts Recognized on Consolidated Balance Sheets |  |  |  |
Other Liabilities |  | $ | 3,215 |  |  | $ | 4,521 |
Schedule of Net Periodic Cost | Net periodic pension cost is comprised of the following:
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Service Cost |  | $ | 68 |  |  | $ | 59 |  |  | $ | 66 |
Interest Cost |  | 141 |  |  | 140 |  |  | 178 |
Expected return on plan assets |  | (376) |  |  | (410) |  |  | (393) |
Amortization of unrecognized actuarial loss |  | 11 |  |  | 103 |  |  | 94 |
Net periodic pension (credit) |  | $ | (156) |  |  | $ | (108) |  |  | $ | (55) |
Net periodic post-retirement cost is comprised of the following:
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Service cost |  | $ | 12 |  |  | $ | 13 |  |  | $ | 39 |
Interest costs |  | 122 |  |  | 113 |  |  | 129 |
Amortization of net prior service credit |  | 83 |  |  | 83 |  |  | 84 |
Amortization of net actuarial loss |  | 30 |  |  | 55 |  |  | 12 |
Net periodic post-retirement costs |  | $ | 247 |  |  | $ | 264 |  |  | $ | 264 |
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in accumulated other comprehensive income are as follows:
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Amortization of actuarial (loss) |  | $ | (11) |  |  | $ | (103) |  |  | $ | (94) |
Actuarial (gain) |  | (154) |  |  | (495) |  |  | 171 |
Settlement charge |  | — |  |  | (58) |  |  | — |
Total recognized in accumulated other comprehensive income |  | (165) |  |  | (656) |  |  | 77 |
Total recognized in net periodic pension cost recognized and other comprehensive income |  | $ | (321) |  |  | $ | (764) |  |  | $ | 22 |
Changes in benefit obligations recognized in accumulated other comprehensive income are as follows:
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Amortization of prior service credit |  | $ | (83) |  |  | $ | (83) |  |  | $ | (84) |
Net actuarial (gain) |  | (1,426) |  |  | (253) |  |  | 496 |
Total recognized in accumulated other comprehensive income |  | (1,509) |  |  | (336) |  |  | 412 |
Accrued post-retirement liability recognized |  | $ | 3,215 |  |  | $ | 4,521 |  |  | $ | 4,641 |
Schedule of Principal Actuarial Assumptions | The principal actuarial assumptions used are as follows:
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
Projected benefit obligation |  |  |  |  |  |
Discount rate |  | 5.21 | % |  | 2.73 | % |  | 2.35 | %
Net periodic pension cost |  |  |  |  |  |
Discount rate |  | 2.73 | % |  | 2.35 | % |  | 3.15 | %
Long term rate of return on plan assets |  | 6.50 | % |  | 7.00 | % |  | 7.00 | %
Schedule of Fair Values of the Plan's Assets by Asset Category and Level Within the Fair Value Hierarchy | The fair value of the Plan’s assets by category within the fair value hierarchy are as follows at December 31, 2022 and December 31, 2021. The Plan did not hold any assets classified as Level 3, nor were there any transfers.
|  | December 31, 2022
Asset Category (In thousands) |  | Total |  | Level 1 |  | Level 2
Equity Mutual Funds: |  |  |  |  |  |
Large-Cap |  | $ | 1,441 |  |  | $ | — |  |  | $ | 1,441 |
Mid-Cap |  | 383 |  |  | — |  |  | 383 |
Small-Cap |  | 318 |  |  | — |  |  | 318 |
International |  | 814 |  |  | — |  |  | 814 |
Fixed Income - US Core |  | 1,167 |  |  | — |  |  | 1,167 |
Intermediate Duration |  | 396 |  |  | — |  |  | 396 |
Cash Equivalents - money market |  | 164 |  |  | 72 |  |  | 92 |
Total |  | $ | 4,683 |  |  | $ | 72 |  |  | $ | 4,611 |
|  | December 31, 2021
Asset Category (In thousands) |  | Total |  | Level 1 |  | Level 2
Equity Mutual Funds: |  |  |  |  |  |
Large-Cap |  | $ | 1,914 |  |  | $ | — |  |  | $ | 1,914 |
Mid-Cap |  | 509 |  |  | — |  |  | 509 |
Small-Cap |  | 421 |  |  | — |  |  | 421 |
International |  | 1,026 |  |  | — |  |  | 1,026 |
Fixed Income - US Core |  | 1,446 |  |  | — |  |  | 1,446 |
Intermediate Duration |  | 482 |  |  | — |  |  | 482 |
Cash Equivalents - money market |  | 164 |  |  | 62 |  |  | 102 |
Total |  | $ | 5,962 |  |  | $ | 62 |  |  | $ | 5,900 |
Schedule of Estimated Benefit Payments | Estimated benefit payments under the pension plans over the next 10 years at December 31, 2022 are as follows:
Year |  | Payments (In thousands)
2023 |  | 298 |
2024 |  | 292 |
2025 |  | 283 |
2026 |  | 275 |
2027 - 2032 |  | 1,574 |
Estimated benefit payments under the post-retirement benefit plan over the next ten years at December 31, 2022 are as follows:
Year |  | Payments (In thousands)
2023 |  | 122 |
2024 |  | 122 |
2025 |  | 119 |
2026 |  | 115 |
2027 - 2032 |  | 951 |
Schedule of Amounts in Accumulated Other Comprehensive Income That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Net prior service cost |  | $ | 1,159 |  |  | $ | 1,242 |  |  | $ | 1,325 |
Net actuarial (gain)/loss |  | (812) |  |  | 615 |  |  | 869 |
Total recognized in accumulated other comprehensive income |  | $ | 347 |  |  | $ | 1,857 |  |  | $ | 2,194 |

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