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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | Information as to the Company’s employee benefit plans at December 31, 2023 and 2022 is as follows:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |  |  |  |
Beginning benefit obligation | $ | 1,546 |  |  | $ | 2,298 |  |  | $ | 700 |  |  | $ | 867 |
Interest cost | 75 |  |  | 53 |  |  | 33 |  |  | 20 |
Actuarial (gain) loss | (112) |  |  | (611) |  |  | 93 |  |  | (52) |
Benefits paid | (12) |  |  | (194) |  |  | (133) |  |  | (135) |
Ending benefit obligation | 1,497 |  |  | 1,546 |  |  | 693 |  |  | 700 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: |  |  |  |  |  |  |
Beginning plan assets | 1,820 |  |  | 2,303 |  |  | 606 |  |  | 848 |
Actual return | 232 |  |  | (289) |  |  | 73 |  |  | (107) |
Employer contribution | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Benefits paid | (217) |  |  | (194) |  |  | (133) |  |  | (135) |
Ending plan assets | 1,835 |  |  | 1,820 |  |  | 546 |  |  | 606 |
Funded status at end of year | $ | 338 |  |  | $ | 274 |  |  | $ | (147) |  |  | $ | (94) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Funded status included in other liabilities | $ | 338 |  |  | $ | 274 |  |  | $ | (147) |  |  | $ | (94) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Net actuarial loss | $ | 478 |  |  | $ | 538 |  |  | $ | 502 |  |  | $ | 487 |
Schedule of Components of Net Periodic Benefit Cost | Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net pension expense: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost | 75 |  |  | 53 |  |  | 52 |  |  | 33 |  |  | 20 |  |  | 18 |
Expected return on plan assets | (123) |  |  | (130) |  |  | (133) |  |  | (38) |  |  | (45) |  |  | (47) |
Recognized net actuarial (gain) loss | 18 |  |  | 99 |  |  | 160 |  |  | 42 |  |  | 45 |  |  | 82 |
Settlement cost | 27 |  |  | 23 |  |  | 65 |  |  | 0 |  |  | 0 |  |  | 0 |
Net pension expense | $ | (3) |  |  | $ | 45 |  |  | $ | 144 |  |  | $ | 37 |  |  | $ | 20 |  |  | $ | 53 |
Net (gain) loss | $ | (43) |  |  | $ | (215) |  |  | $ | (350) |  |  | $ | 56 |  |  | $ | 100 |  |  | $ | (40) |
Amortization of net loss | (17) |  |  | (99) |  |  | (160) |  |  | (42) |  |  | (45) |  |  | (82) |
Total recognized in other comprehensive income (loss) | (60) |  |  | (314) |  |  | (510) |  |  | 14 |  |  | 55 |  |  | (122) |
Total recognized in net pension expense and other comprehensive income (loss) | $ | (63) |  |  | $ | (269) |  |  | $ | (366) |  |  | $ | 51 |  |  | $ | 75 |  |  | $ | (69) |
Schedule of Assumptions Used in Calculating the Net Benefit Obligation |
| Pension Benefits |  | SERP Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
The following assumptions were used in calculating the net benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate | 4.83 | % |  | 5.03 | % |  | 2.49 | % |  | 4.83 | % |  | 5.03 | % |  | 2.49 | %
Rate of increase in future compensation | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Lump sum assumed interest rates First 5 years | 5.77 | % |  | 5.10 | % |  | 0.87 | % |  | N/A |  | N/A |  | N/A
Next 15 years | 6.14 | % |  | 5.83 | % |  | 2.74 | % |  | N/A |  | N/A |  | N/A
All future years | 6.19 | % |  | 5.68 | % |  | 3.16 | % |  | N/A |  | N/A |  | N/A
The following assumptions were used in calculating the net pension expense: |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate | 5.03 | % |  | 2.49 | % |  | 2.08 | % |  | 5.03 | % |  | 2.49 | % |  | 2.08 | %
Rate of increase in future compensation | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Expected long-term rate of return | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | %
Schedule of Allocation of Plan Assets | The Company’s pension plan asset allocation at year end 2023 and 2022, target allocation for 2024, and expected long-term rate of return by asset category are as follows:
| Target Allocation |  | Percentage of Plan Assets at Year End |  | Weighted Average Expected Long-Term Rate of Return
Asset Category | 2024 |  | 2023 |  | 2022 |
Equity securities | 55 |  | - | 65 | % |  | 63 | % |  | 60 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 34 | % |  | 39 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 3 | % |  | 1 | % |  | 0.10 | %
Total |  |  |  |  | 100 | % |  | 100 | % |  | 6.50 | %
The Company’s SERP plan asset allocation at year end 2023 and 2022, target allocation for 2024, and expected long-term rate of return by asset category are as follows:
| Target Allocation |  | Percentage of Plan Assets at Year End |  | Weighted Average Expected Long-Term Rate of Return
Asset Category | 2024 |  | 2023 |  | 2022 |
Equity securities | 55 |  | - | 65 | % |  | 65 | % |  | 62 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 33 | % |  | 35 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 2 | % |  | 3 | % |  | 0.10 | %
Total |  |  |  |  | 100 | % |  | 100 | % |  | 6.50 | %
Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category | The fair values of the Company’s pension plan assets at December 31, 2023, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 763 |  |  | $ | 763 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 44 |  |  | 44 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 135 |  |  | 135 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 143 |  |  | 143 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 68 |  |  | 68 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 373 |  |  | 373 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 153 |  |  | 153 |  |  | 0 |  |  | 0 |
Debt securities - high yield bond mutual funds | 18 |  |  | 18 |  |  | 0 |  |  | 0 |
Debt securities - nontraditional bond mutual funds | 12 |  |  | 12 |  |  | 0 |  |  | 0 |
Debt securities - bank loan mutual funds | 35 |  |  | 35 |  |  | 0 |  |  | 0 |
Debt securities - preferred stock mutual funds | 36 |  |  | 36 |  |  | 0 |  |  | 0 |
Cash - money market account | 55 |  |  | 55 |  |  | 0 |  |  | 0 |
Total | $ | 1,835 |  |  | $ | 1,835 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s pension plan assets at December 31, 2022, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2 ) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 718 |  |  | $ | 718 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 43 |  |  | 43 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 131 |  |  | 131 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 158 |  |  | 158 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 34 |  |  | 34 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 232 |  |  | 232 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 484 |  |  | 484 |  |  | 0 |  |  | 0 |
Cash - money market account | 20 |  |  | 20 |  |  | 0 |  |  | 0 |
Total | $ | 1,820 |  |  | $ | 1,820 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s SERP assets at December 31, 2023, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 236 |  |  | $ | 236 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 42 |  |  | 42 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 13 |  |  | 13 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 20 |  |  | 20 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 45 |  |  | 45 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 107 |  |  | 107 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 44 |  |  | 44 |  |  | 0 |  |  | 0 |
Debt securities - high yield bond mutual funds | 5 |  |  | 5 |  |  | 0 |  |  | 0 |
Debt securities - nontraditional bond mutual funds | 4 |  |  | 4 |  |  | 0 |  |  | 0 |
Debt securities - bank loan mutual funds | 10 |  |  | 10 |  |  | 0 |  |  | 0 |
Debt securities - preferred stock mutual funds | 10 |  |  | 10 |  |  | 0 |  |  | 0 |
Cash - money market account | 10 |  |  | 10 |  |  | 0 |  |  | 0 |
Total | $ | 546 |  |  | $ | 546 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s SERP assets at December 31, 2022, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 249 |  |  | $ | 249 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 16 |  |  | 16 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 43 |  |  | 43 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 12 |  |  | 12 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 57 |  |  | 57 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 63 |  |  | 63 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 149 |  |  | 149 |  |  | 0 |  |  | 0 |
Cash - money market account | 17 |  |  | 17 |  |  | 0 |  |  | 0 |
Total | $ | 606 |  |  | $ | 606 |  |  | $ | 0 |  |  | $ | 0 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid over the next ten years:
Plan Year | Pension Benefits |  | SERP Benefits
(dollars in thousands) |  |  |
2024 | $ | 185 |  |  | $ | 129 |
2025 | 176 |  |  | 120 |
2026 | 186 |  |  | 109 |
2027 | 132 |  |  | 97 |
2028 | 132 |  |  | 84 |
2029-2033 | 491 |  |  | 232 |

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