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Pension and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans as of December 31, 2021 and 2020.

		2021				2020
		(dollars in thousands)
Change in Benefit Obligation:
Projected benefit obligation as of January 1,		$	13,476			$	12,533
Interest cost			284				364
Actuarial loss			1,584				1,300
Benefits paid			(700	)			(721	)
Projected benefit obligation as of December 31,		$	14,644			$	13,476
Change in Plan Assets:
Fair value of plan assets as of January 1,		$	15,868			$	14,616
Actual return on plan assets			2,436				1,973
Employer contributions			-				-
Benefits paid			(700	)			(721	)
Fair value of plan assets as of December 31,		$	17,604			$	15,868
Funded status		$	2,960			$	2,392

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. The Company expects to recognize approximately $0.1 of the net actuarial loss reported in the following table as of December 31, 2021 as a component of net periodic pension expense during 2022.

		2021				2020
		(dollars in thousands)
Net actuarial loss recognized in accumulated other comprehensive income		$	4,627			$	4,926

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension expense and other comprehensive income (before tax) for 2021, 2020 and 2019 includes the following:

		2021				2020				2019
		(dollars in thousands)
Interest cost		$	284			$	364			$	453
Expected return on plan assets			(852	)			(784	)			(697	)
Net amortization			299				301				358
Total net periodic pension expense		$	(269	)		$	(119	)		$	114
Total gain recognized in other comprehensive income			(299	)			(190	)			(150	)
Total recognized in net periodic expense and other comprehensive income (before tax)		$	(568	)		$	(309	)		$	(36	)

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Note 16 – Pension and Other Benefits – (continued)

The following table presents the weighted average assumptions used to determine the pension benefit obligations as of December 31, for the following periods.

		2021				2020
Discount rate			2.57	%			2.17	%
Rate of compensation increase			N/A				N/A

The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years:

		2022				2021				2020
Discount rate			2.57	%			2.17	%			2.99	%
Expected long-term return on plan assets			5.50	%			5.50	%			5.50	%
Rate of compensation increase			N/A				N/A				N/A

Schedule of Allocation of Plan Assets [Table Text Block]

The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2021 and 2020, target allocation, and expected long-term rate of return by asset are as follows:

		Target Allocation				% of Plan Assets – Year Ended 2021				% of Plan Assets – Year Ended 2020				Weighted Average Expected Long-Term Rate of Return
Equity Securities
Domestic			45%				59%				55%				3.2%
International			15%				5%				6%				1.3%
Debt and/or fixed income securities			38%				34%				35%				0.9%
Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes			2%				2%				4%				0.1%
Total			100%			$	100%			$	100%			$	5.5%

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values of the Company’s pension plan assets as of December 31, 2021 and 2020, by asset class, are as follows:

		December 31, 2021				Fair Value Measurements at Reporting Date Using
Asset Class						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(dollars in thousands)
Cash		$	178			$	178			$	-			$	-
Equity securities:
U.S. companies			10,551				10,551				-				-
International companies			897				897				-				-
Debt and/or fixed income securities			5,804				5,804				-				-
Commodity funds			111				111				-				-
Real estate funds			63				63				-				-
Total		$	17,604			$	17,604			$	-			$	-

		December 31, 2020				Fair Value Measurements at Reporting Date Using
Asset Class						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(dollars in thousands)
Cash		$	406			$	406			$	-			$	-
Equity securities:
U.S. companies			8,737				8,737				-				-
International companies			1,031				1,031				-				-
Debt and/or fixed income securities			5,522				5,522				-				-
Commodity funds			115				115				-				-
Real estate funds			57				57				-				-
Total		$	15,868			$	15,868			$	-			$	-

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands):

2022		$	726
2023			708
2024			697
2025			697
2026			702
2027-2031			3,682

401(k) Plan

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