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Defined Benefit Pension Plan (Tables)

12 Months Ended

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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