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Employee Benefit Plans (Tables)

12 Months Ended

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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