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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of changes in the projected benefit obligations | The following table sets forth the changes in the projected benefit obligation for the DB Pension Plan and SERPs and the accumulated post-retirement benefit obligation for the Life and Healthcare Plan; and the respective plan assets, and the plans’ funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2023 and 2022 (the measurement dates of the plans).
| DB Pension Plan | Life and Healthcare Plan | SERP Plan
(In thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 70,521 |  | $ | 93,009 |  | $ | 7,603 |  | $ | 10,055 |  | $ | 24,991 |  | $ | 34,033 |
Service cost | 0 |  | 0 |  | 33 |  | 174 |  | 43 |  | 78 |
Interest cost | 3,275 |  | 1,985 |  | 354 |  | 223 |  | 1,148 |  | 814 |
Plan participants’ contributions | 0 |  | 0 |  | 92 |  | 100 |  | 0 |  | 0 |
Actuarial loss (gain) | 1,242 |  | (20,729) |  | (153) |  | (2,598) |  | (315) |  | (9,083) |
Benefits paid | (4,320) |  | (3,744) |  | (326) |  | (351) |  | (906) |  | (851) |
Benefit obligation at end of year | $ | 70,718 |  | $ | 70,521 |  | $ | 7,603 |  | $ | 7,603 |  | $ | 24,961 |  | $ | 24,991 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 78,885 |  | $ | 96,393 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Actual return on plan assets | 10,079 |  | (13,764) |  | 0 |  | 0 |  | 0 |  | 0 |
Plan participants’ contributions | 0 |  | 0 |  | 92 |  | 100 |  | 0 |  | 0 |
Employer contributions | 0 |  | 0 |  | 234 |  | 251 |  | 906 |  | 850 |
Benefits paid | (4,320) |  | (3,744) |  | (326) |  | (351) |  | (906) |  | (850) |
Fair value of plan assets at end of year | $ | 84,644 |  | $ | 78,885 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Funded (unfunded) status | $ | 13,926 |  | $ | 8,364 |  | $ | (7,603) |  | $ | (7,603) |  | $ | (24,961) |  | $ | (24,991) |
Schedule of net periodic benefit cost and other comprehensive income (loss) | Net periodic benefit cost and other comprehensive income (loss) includes the following components:
(In thousands) | DB Pension Plan | Life and Healthcare Plan | SERP Plan
Components of net periodic benefit cost | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Service cost | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 33 |  | $ | 174 |  | $ | 186 |  | $ | 43 |  | $ | 78 |  | $ | 231 |
Interest cost | 3,275 |  | 1,985 |  | 1,628 |  | 354 |  | 223 |  | 180 |  | 1,148 |  | 814 |  | 692 |
Expected return on plan assets | (4,789) |  | (5,885) |  | (5,652) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Amortization of prior service (credit) cost | 0 |  | 0 |  | 1 |  | (61) |  | (61) |  | (61) |  | 278 |  | 277 |  | 282 |
Recognized net actuarial loss | 1,156 |  | 1,217 |  | 1,559 |  | (40) |  | 196 |  | 312 |  | 0 |  | 847 |  | 1,080 |
Net periodic benefit (credit) cost | $ | (358) |  | $ | (2,683) |  | $ | (2,464) |  | $ | 286 |  | $ | 532 |  | $ | 617 |  | $ | 1,469 |  | $ | 2,016 |  | $ | 2,285 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
(In thousands) | DB Pension Plan | Life and Healthcare Plan | SERP Plan
| 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Net actuarial gain | $ | (4,048) |  | $ | (1,080) |  | $ | (8,209) |  | $ | (153) |  | $ | (2,598) |  | $ | (574) |  | $ | (315) |  | $ | (9,083) |  | $ | (3,002) |
Recognized actuarial (loss) gain | (1,156) |  | (1,217) |  | (1,559) |  | 40 |  | (196) |  | (312) |  | 0 |  | (847) |  | (1,080) |
Prior service credit | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Recognized prior service cost (credit) | 0 |  | 0 |  | (1) |  | 61 |  | 61 |  | 61 |  | (278) |  | (277) |  | (282) |
Recognized in other comprehensive income (loss) | $ | (5,204) |  | $ | (2,297) |  | $ | (9,769) |  | $ | (52) |  | $ | (2,733) |  | $ | (825) |  | $ | (593) |  | $ | (10,207) |  | $ | (4,364) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | (5,562) |  | $ | (4,980) |  | $ | (12,233) |  | $ | 234 |  | $ | (2,201) |  | $ | (208) |  | $ | 876 |  | $ | (8,191) |  | $ | (2,079) |
Schedule of pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) | Pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the Company’s combined net periodic benefit cost of the Company’s DB Pension Plan, Life and Healthcare Plan and SERPs are presented in the following table:
(In thousands) | DB Pension Plan | Life and Healthcare Plan | SERP Plan
| 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Net actuarial loss (gain) | $ | 33,265 |  | $ | 38,468 |  | $ | 40,765 |  | $ | (1,022) |  | $ | (909) |  | $ | 1,886 |  | $ | 287 |  | $ | 603 |  | $ | 10,532 |
Prior service cost (credit) | 0 |  | 0 |  | 0 |  | (104) |  | (165) |  | (226) |  | 1,311 |  | 1,588 |  | 1,866 |
Total | $ | 33,265 |  | $ | 38,468 |  | $ | 40,765 |  | $ | (1,126) |  | $ | (1,074) |  | $ | 1,660 |  | $ | 1,598 |  | $ | 2,191 |  | $ | 12,398 |
Schedule of weighted-average assumptions | Weighted-average assumptions used in accounting for the plans were as follows:
(In thousands) | DB Pension Plan | Life and Healthcare Plan | SERP Plan
| 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Discount Rates |  |  |  |  |  |  |  |  |
Benefit Cost for Plan Year | 4.95 | % | 2.63 | % | 2.24 | % | 4.98 | % | 2.69 | % | 2.33 | % | 4.98 | % | 2.71 | % | 2.37 | %
Benefit Obligation at End of Plan Year | 4.75 | % | 4.95 | % | 2.63 | % | 4.79 | % | 4.98 | % | 2.69 | % | 4.78 | % | 4.98 | % | 2.71 | %
Expected long-term return on plan assets | 6.25 | % | 6.25 | % | 6.50 | % | N/A | N/A | N/A | N/A | N/A | N/A
Rate of compensation increase |  |  |  |  |  |  |  |  |
Benefit Cost for Plan Year | N/A | N/A | N/A | 4.00 | % | 4.00 % | 4.00 % | 5.00 | % | 5.00 % | 5.00 %
Benefit Obligation at End of Plan Year | N/A | N/A | N/A | 4.00 % | 4.00 % | 4.00 % | 5.00 | % | 5.00 % | 5.00 %
Schedule of expected benefits to be paid in each of next five years | The benefits as of December 31, 2023, expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter were as follows:
(In thousands) | DB Pension Plan | Life and Healthcare Plan | SERP Plan
2024 | $ | 4,433 |  | $ | 516 |  | $ | 953 |
2025 | 4,575 |  | 490 |  | 950 |
2026 | 4,717 |  | 492 |  | 940 |
2027 | 4,855 |  | 495 |  | 917 |
2028 | 4,844 |  | 477 |  | 893 |
2029-2033 | 24,596 |  | 2,292 |  | 8,938 |
Total | $ | 48,020 |  | $ | 4,762 |  | $ | 13,591 |
Schedule of weighted average asset allocation of plans | The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2023 and 2022, respectively, by asset category are as follows:
| 2023 | 2022
Equity securities | 61 | % | 58 | %
Debt securities | 38 | % | 38 | %
Other | 1 | % | 4 | %
Total Allocation | 100 | % | 100 | %
Schedule of fair value measurement of pension plan | The major categories of assets in the Company’s DB Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19-Fair Value Measurements).
Fair Value Measurements |  |  |  |
December 31, 2023 |  |  |  |
(In thousands) | Fair Value 2023 | (Level 1) | (Level 2) | (Level 3)
Cash and cash equivalents | $ | 1,023 |  | $ | 1,023 |  | $ | 0 |  | $ | 0 |
Common stocks | 25,975 |  | 25,975 |  | 0 |  | 0 |
Mutual funds | 57,646 |  | 57,646 |  | 0 |  | 0 |
Total Fair Value of Plan Assets | $ | 84,644 |  | $ | 84,644 |  | $ | 0 |  | $ | 0 |
Fair Value Measurements |  |  |  |
December 31, 2022 |  |  |  |
(In thousands) | Fair Value 2022 | (Level 1) | (Level 2) | (Level 3)
Cash and cash equivalents | $ | 3,322 |  | $ | 3,322 |  | $ | 0 |  | $ | 0 |
Common stocks | 22,386 |  | 22,386 |  | 0 |  | 0 |
Mutual funds | 53,177 |  | 53,177 |  | 0 |  | 0 |
Total Fair Value of Plan Assets | $ | 78,885 |  | $ | 78,885 |  | $ | 0 |  | $ | 0 |

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