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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Employee Benefit Plans | Information as to the Company’s employee benefit plans at December 31, 2024 and 2023 is as follows:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Beginning benefit obligation | $ | 1,497 |  |  | $ | 1,546 |  |  | $ | 693 |  |  | $ | 700 |
Interest cost | 66 |  |  | 75 |  |  | 30 |  |  | 33 |
Actuarial (gain) loss | (213) |  |  | (112) |  |  | 30 |  |  | 93 |
Benefits paid | (114) |  |  | (12) |  |  | (133) |  |  | (133) |
Ending benefit obligation | 1,236 |  |  | 1,497 |  |  | 620 |  |  | 693 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: |  |  |  |  |  |  |
Beginning plan assets | 1,835 |  |  | 1,820 |  |  | 546 |  |  | 606 |
Actual return | 221 |  |  | 232 |  |  | 57 |  |  | 73 |
Employer contribution | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Benefits paid | (289) |  |  | (217) |  |  | (133) |  |  | (133) |
Ending plan assets | 1,767 |  |  | 1,835 |  |  | 470 |  |  | 546 |
Funded status at end of year | $ | 531 |  |  | $ | 338 |  |  | $ | (150) |  |  | $ | (147) |
Schedule of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Funded status included in other assets | $ | 531 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Funded status included in other liabilities | 0 |  |  | (338) |  |  | 150 |  |  | 147 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net actuarial loss | $ | 469 |  |  | $ | 478 |  |  | $ | 288 |  |  | $ | 502 |
Schedule of Net Period Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) | Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net pension expense: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost | 66 |  |  | 75 |  |  | 53 |  |  | 30 |  |  | 33 |  |  | 20 |
Expected return on plan assets | (116) |  |  | (123) |  |  | (130) |  |  | (33) |  |  | (38) |  |  | (45) |
Recognized net actuarial (gain) loss | 16 |  |  | 18 |  |  | 99 |  |  | 45 |  |  | 42 |  |  | 45 |
Settlement cost | 25 |  |  | 27 |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 0 |
Net pension expense | $ | (9) |  |  | $ | (3) |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 37 |  |  | $ | 20 |
Net (gain) loss | $ | (168) |  |  | $ | (43) |  |  | $ | (215) |  |  | $ | 8 |  |  | $ | 56 |  |  | $ | 100 |
Amortization of net loss | (17) |  |  | (17) |  |  | (99) |  |  | (45) |  |  | (42) |  |  | (45) |
Total recognized in other comprehensive income (loss) | (185) |  |  | (60) |  |  | (314) |  |  | (37) |  |  | 14 |  |  | 55 |
Total recognized in net pension expense and other comprehensive income (loss) | $ | (194) |  |  | $ | (63) |  |  | $ | (269) |  |  | $ | 5 |  |  | $ | 51 |  |  | $ | 75 |
Schedule of Assumptions Used in Calculating the Net Benefit Obligation | For 2024, 2023 and 2022, the assumed form of payment elected by active participants upon retirement was a lump sum to reflect participant trends. The lump sum assumed interest rates, on the next page, for December 31, 2024, 2023 and 2022 reflect the mortality table in effect for 2024, 2023 and 2022, respectively. For 2024, 2023 and 2022, the mortality assumption was the PRI-2012 White Collar Mortality Table, with full generational Projection Scale MP-2021 at year-end. NOTE 10 – PENSION AND OTHER POSTRETIREMENT PLANS (continued)
| Pension Benefits |  | SERP Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
The following assumptions were used in calculating the net benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate | 5.46 | % |  | 4.83 | % |  | 5.03 | % |  | 5.46 | % |  | 4.83 | % |  | 5.03 | %
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 | 4.42 | % |  | 5.77 | % |  | 5.10 | % |  | N/A |  | N/A |  | N/A
Next 15 years | 5.04 | % |  | 6.14 | % |  | 5.83 | % |  | N/A |  | N/A |  | N/A
All future years | 5.46 | % |  | 6.19 | % |  | 5.68 | % |  | N/A |  | N/A |  | N/A
The following assumptions were used in calculating the net pension expense: |  |  |  |  |  |  |  |  |  |  |
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
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 2024 and 2023, target allocation for 2025, 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 | 2025 |  | 2024 |  | 2023 |
Equity securities | 55 |  | - | 65 | % |  | 59 | % |  | 63 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 38 | % |  | 34 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 3 | % |  | 3 | % |  | 0.10 | %
Total |  |  |  |  | 100 | % |  | 100 | % |  | 6.50 | %
The Company’s SERP plan asset allocation at year end 2024 and 2023, target allocation for 2025, 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 | 2025 |  | 2024 |  | 2023 |
Equity securities | 55 |  | - | 65 | % |  | 60 | % |  | 65 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 36 | % |  | 33 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 4 | % |  | 2 | % |  | 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, 2024, 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 | $ | 698 |  |  | $ | 698 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 96 |  |  | 96 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 50 |  |  | 50 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 153 |  |  | 153 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 53 |  |  | 53 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 466 |  |  | 466 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 172 |  |  | 172 |  |  | 0 |  |  | 0 |
Debt securities - preferred stock mutual funds | 34 |  |  | 34 |  |  | 0 |  |  | 0 |
Cash - money market account | 45 |  |  | 45 |  |  | 0 |  |  | 0 |
Total | $ | 1,767 |  |  | $ | 1,767 |  |  | $ | 0 |  |  | $ | 0 |
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 SERP assets at December 31, 2024, 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 stock mutual funds | $ | 82 |  |  | $ | 82 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 28 |  |  | 28 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 15 |  |  | 15 |  |  | 0 |  |  | 0 |
Equity securities - US large cap exchange traded funds | 105 |  |  | 105 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 14 |  |  | 14 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 39 |  |  | 39 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 124 |  |  | 124 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 36 |  |  | 36 |  |  | 0 |  |  | 0 |
Debt securities - preferred stock mutual funds | 10 |  |  | 10 |  |  | 0 |  |  | 0 |
Cash - money market account | 17 |  |  | 17 |  |  | 0 |  |  | 0 |
Total | $ | 470 |  |  | $ | 470 |  |  | $ | 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 |
Schedule of Benefit Payments are Expected to be Paid | The following benefit payments are expected to be paid over the next ten years:
Plan Year | Pension Benefits |  | SERP Benefits
(dollars in thousands) |  |  |
2025 | $ | 141 |  |  | $ | 129 |
2026 | 192 |  |  | 119 |
2027 | 134 |  |  | 107 |
2028 | 129 |  |  | 93 |
2029 | 117 |  |  | 76 |
2030-2034 | 442 |  |  | 206 |

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