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Defined Benefit Pension Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Plan’s Status and Related Disclosures and Assumptions Used to Determine Pension Benefit Obligation | The following tables set forth the Plan’s status and related disclosures (in thousands):
| December 31, 2024 |  | December 31, 2023
Changes in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 31,500 |  |  | $ | 30,225 |
Service cost | 445 |  |  | 469 |
Interest cost | 1,456 |  |  | 1,471 |
Actuarial (gain) loss | (3,040) |  |  | 775 |
Distributions | (1,761) |  |  | (1,440) |
Benefit obligation at end of year | $ | 28,600 |  |  | $ | 31,500 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 33,181 |  |  | $ | 31,968 |
Adjustment to beginning of year fair value | — |  |  | — |
Actual return on plan assets | (806) |  |  | 2,653 |
Employer contribution | — |  |  | — |
Distributions | (1,761) |  |  | (1,440) |
Fair value of plan assets at end of year | $ | 30,614 |  |  | $ | 33,181 |
Funded status recognized as accrued pension cost | $ | 2,014 |  |  | $ | 1,681 |
Amounts recognized in accumulated other comprehensive (income) loss: |  |  |
Net loss | $ | 5,755 |  |  | $ | 7,273 |
Deferred income tax benefit | (1,179) |  |  | (1,527) |
Total amount recognized | $ | 4,576 |  |  | $ | 5,746 |
Accumulated benefit obligation | $ | 26,930 |  |  | $ | 29,372 |
At December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine the pension benefit obligation were as follows:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Discount rate | 5.49 | % |  | 4.80 | % |  | 5.00 | %
Rate of compensation increase | 3.00 |  |  | 3.00 |  |  | 3.00 |
Schedule of Components of Net Periodic Benefit Cost | Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Components of net periodic pension cost: |  |  |  |  |
Service cost | $ | 445 |  |  | $ | 469 |  |  | $ | 786 |
Interest cost | 1,456 |  |  | 1,471 |  |  | 1,141 |
Expected return on plan assets | (1,115) |  |  | (879) |  |  | (1,539) |
Amortization of prior service costs | — |  |  | — |  |  | — |
Amortization of net loss | 400 |  |  | 630 |  |  | 309 |
Net periodic pension costs | $ | 1,186 |  |  | $ | 1,691 |  |  | $ | 697 |
Other changes recognized in other comprehensive (income) loss |  |  |  |  |
Net loss | $ | (1,118) |  |  | $ | (998) |  |  | $ | 1,589 |
Amortization of net loss | (400) |  |  | (630) |  |  | (309) |
Deferred tax expense (benefit) | 349 |  |  | 342 |  |  | (269) |
Total recognized in accumulated other comprehensive (income) loss | $ | (1,169) |  |  | $ | (1,286) |  |  | $ | 1,011 |
Total recognized in net periodic pension costs and other comprehensive loss | $ | 17 |  |  | $ | 405 |  |  | $ | 1,708 |
Schedule of Other Amounts Recognized in Other Comprehensive Income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Components of net periodic pension cost: |  |  |  |  |
Service cost | $ | 445 |  |  | $ | 469 |  |  | $ | 786 |
Interest cost | 1,456 |  |  | 1,471 |  |  | 1,141 |
Expected return on plan assets | (1,115) |  |  | (879) |  |  | (1,539) |
Amortization of prior service costs | — |  |  | — |  |  | — |
Amortization of net loss | 400 |  |  | 630 |  |  | 309 |
Net periodic pension costs | $ | 1,186 |  |  | $ | 1,691 |  |  | $ | 697 |
Other changes recognized in other comprehensive (income) loss |  |  |  |  |
Net loss | $ | (1,118) |  |  | $ | (998) |  |  | $ | 1,589 |
Amortization of net loss | (400) |  |  | (630) |  |  | (309) |
Deferred tax expense (benefit) | 349 |  |  | 342 |  |  | (269) |
Total recognized in accumulated other comprehensive (income) loss | $ | (1,169) |  |  | $ | (1,286) |  |  | $ | 1,011 |
Total recognized in net periodic pension costs and other comprehensive loss | $ | 17 |  |  | $ | 405 |  |  | $ | 1,708 |
Schedule of Assumptions Used to Determine Net Periodic Pension Cost | For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine net periodic pension cost were as follows:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Discount rate | 5.49 | % |  | 4.80 | % |  | 5.00 | %
Expected long-term rate of return on plan assets | 4.00 |  |  | 3.75 |  |  | 3.75 |
Annual salary increase | 3.00 |  |  | 3.00 |  |  | 3.00 |
Schedule of Pension Plan Asset Allocations | The Company’s pension plan asset allocations at December 31, 2024, and December 31, 2023, were as follows:
| December 31, 2024 |  | December 31, 2023
Equity securities | 9.9 | % |  | 9.6 | %
Debt securities & cash equivalents | 90.1 | % |  | 90.4 | %
Total | 100.0 | % |  | 100.0 | %
Schedule of Fair Value of Plan Assets | As of December 31, 2024, and December 31, 2023, the fair value of plan assets was as follows (in thousands):
| December 31, 2024
| Fair Value Measurements Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Assets at Fair Value
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | — |  |  | 3,040 |  |  | — |  |  | 3,040 |
Debt securities | — |  |  | 27,574 |  |  | — |  |  | 27,574 |
Total pension assets | $ | — |  |  | $ | 30,614 |  |  | $ | — |  |  | $ | 30,614 |
| December 31, 2023
| Fair Value Measurements Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Assets at Fair Value
Cash and cash equivalents | $ | 122 |  |  | $ | — |  |  | $ | — |  |  | $ | 122 |
Equity securities | — |  |  | 3,209 |  |  | — |  |  | 3,209 |
Debt securities | — |  |  | 29,859 |  |  | — |  |  | 29,859 |
Total pension assets | $ | 122 |  |  | $ | 33,068 |  |  | $ | — |  |  | $ | 33,190 |
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):
Years ending December 31, |  |
2025 |  | $ | 1,472 |
2026 |  | 1,523 |
2027 |  | 1,523 |
2028 |  | 1,629 |
2029 |  | 1,673 |
Following 5 years |  | 9,478 |

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