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RETIREMENT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Defined Benefit Plan Disclosure |
Schedule of Net Benefit Costs | Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Service cost - benefits earned | ​ | $ | 565 | ​ | $ | 628 | ​ | $ | 1,190
Interest cost on projected benefit obligation | ​ |  | 3,788 | ​ |  | 3,824 | ​ |  | 2,826
Expected return on plan assets | ​ |  | (4,205) | ​ |  | (3,879) | ​ |  | (4,910)
Net amortization and deferral | ​ |  | 435 | ​ |  | 752 | ​ |  | 1,259
Net periodic pension cost | ​ |  | 583 | ​ |  | 1,325 | ​ |  | 365
Net loss (gain) during the period | ​ |  | (6,063) | ​ |  | (1,761) | ​ |  | (5,323)
Amortization of prior service cost | ​ |  | — | ​ |  | — | ​ |  | —
Amortization of unrecognized (gain) loss | ​ |  | (435) | ​ |  | (752) | ​ |  | (1,259)
Total recognized in other comprehensive (income) loss | ​ |  | (6,498) | ​ |  | (2,513) | ​ |  | (6,582)
Total recognized net periodic pension cost and other comprehensive income | ​ | $ | (5,915) | ​ | $ | (1,188) | ​ | $ | (6,217)
Schedule of Defined Benefit Plans Disclosures | The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation’s retirement program. Actuarial present value of benefits is based on service to date and present pay levels. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023
Change in benefit obligation: |  | ​ |  |  | ​ |
Benefit obligation at January 1 | ​ | $ | 84,523 | ​ | $ | 83,578
Service cost | ​ |  | 565 | ​ |  | 628
Interest cost | ​ |  | 3,788 | ​ |  | 3,824
Actuarial (gain) loss | ​ |  | (3,355) | ​ |  | 788
Benefits paid | ​ |  | (5,130) | ​ |  | (4,295)
Benefit obligation at December 31 | ​ |  | 80,391 | ​ |  | 84,523
Reconciliation of fair value of plan assets: | ​ |  |  | ​ |  |
Fair value of plan assets at January 1 | ​ |  | 74,117 | ​ |  | 71,734
Actual return on plan assets | ​ |  | 6,913 | ​ |  | 6,429
Employer contributions | ​ |  | 3,620 | ​ |  | 249
Benefits paid | ​ |  | (5,130) | ​ |  | (4,295)
Fair value of plan assets at December 31 | ​ |  | 79,520 | ​ |  | 74,117
Funded status at December 31 (plan assets less benefit obligation) | ​ | $ | (871) | ​ | $ | (10,406)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Current Period | ​ | Balance at
(Dollar amounts in thousands) |  | 1/1/2024 |  | Change |  | 12/31/2024
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment | ​ | $ | (120,252) | ​ | $ | (9,727) | ​ | $ | (129,979)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment | ​ |  | 2,252 | ​ |  | (80) | ​ |  | 2,172
Total unrealized gain (loss) on securities available-for-sale | ​ | $ | (118,000) | ​ | $ | (9,807) | ​ | $ | (127,807)
Unrealized gain (loss) on retirement plans | ​ |  | (9,087) | ​ |  | 4,609 | ​ |  | (4,478)
TOTAL | ​ | $ | (127,087) | ​ | $ | (5,198) | ​ | $ | (132,285)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Current Period | ​ | Balance at
(Dollar amounts in thousands) |  | 1/1/2023 |  | Change |  | 12/31/2023
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment | ​ | $ | (131,135) | ​ | $ | 10,883 | ​ | $ | (120,252)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment | ​ |  | 2,239 | ​ |  | 13 | ​ |  | 2,252
Total unrealized income (loss) on securities available-for-sale | ​ | $ | (128,896) | ​ | $ | 10,896 | ​ | $ | (118,000)
Unrealized gain (loss) on retirement plans | ​ |  | (11,078) | ​ |  | 1,991 | ​ |  | (9,087)
TOTAL | ​ | $ | (139,974) | ​ | $ | 12,887 | ​ | $ | (127,087)
Schedule of Assumptions Used | The accumulated benefit obligation for the defined benefit pension plan was $78.0 million and $81.8 million at year-end 2024 and 2023. ​
​ | ​ | ​ | ​ | ​ | ​
Principal assumptions used to determine pension benefit obligation at year end: |  | 2024 |  | 2023 |
Discount rate |  | 5.54 | % | 4.83 | %
Rate of increase in compensation levels |  | 3.00 |  | 3.00 | ​
​
​ | ​ | ​ | ​ | ​ | ​
Principal assumptions used to determine net periodic pension cost: |  | 2024 |  | 2023 |
Discount rate |  | 4.83 | % | 5.02 | %
Rate of increase in compensation levels |  | 3.00 |  | 3.00 | ​
Expected long-term rate of return on plan assets |  | 6.00 |  | 6.00 | ​
Schedule of Allocation of Plan Assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Pension Plan |  | ESOP |  | Pension | ​ | ESOP |
​ | ​ | Target | ​ | Target | ​ | Percentage of Plan | ​ | Percentage of Plan |
​ | ​ | Allocation | ​ | Allocation | ​ | Assets at December 31, | ​ | Assets at December 31, |
ASSET CATEGORY |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Equity securities |  | 25-75 | % | 95-99 | % | 65 | % | 64 | % | 98 | % | 99 | %
Debt securities |  | 0-50 | % | 0-0 | % | 30 | % | 34 | % | — | % | — | %
Other |  | 0-20 | % | 0-5 | % | 5 | % | 2 | % | 2 | % | 1 | %
TOTAL |  | ​ | ​ | ​ | ​ | 100 | % | 100 | % | 100 | % | 100 | %
Schedule Of Fair Value Of Plan Assets | The fair value of the plan assets at December 31, 2024 and 2023, by asset category, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at
​ | ​ | ​ | ​ | ​ | December 31, 2024 Using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Other | ​ | Significant
​ |  | ​ | ​ |  | Markets for |  | Observable |  | Observable
​ | ​ | ​ | ​ | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
(Dollar amounts in thousands) |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities | ​ | $ | 57,590 | ​ | $ | 57,590 | ​ | $ | — | ​ | $ | —
Debt securities | ​ | ​ | 10,665 | ​ | ​ | — | ​ | ​ | 10,665 | ​ | ​ | —
Investment Funds | ​ | ​ | 11,265 | ​ | ​ | 11,265 | ​ | ​ | — | ​ | ​ | —
Total plan assets | ​ | $ | 79,520 | ​ | $ | 68,855 | ​ | $ | 10,665 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at
​ | ​ | ​ | ​ | ​ | December 31, 2023 Using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Other | ​ | Significant
​ |  |  | ​ |  | Markets for |  | Observable |  | Observable
​ | ​ | ​ | ​ | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
(Dollar amounts in thousands) |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities | ​ | $ | 52,088 | ​ | $ | 52,088 | ​ | $ | — | ​ | $ | —
Debt securities | ​ | ​ | 11,192 | ​ | ​ | — | ​ | ​ | 11,192 | ​ | ​ | —
Investment Funds | ​ | ​ | 10,837 | ​ | ​ | 10,837 | ​ | ​ | — | ​ | ​ | —
Total plan assets | ​ | $ | 74,117 | ​ | $ | 62,925 | ​ | $ | 11,192 | ​ | $ | —
Schedule of Expected Benefit Payments | Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: ​
​ | ​ | ​ | ​
PENSION BENEFITS
(Dollar amounts in thousands)
2025 | ​ | $ | 4,867
2026 | ​ |  | 5,040
2027 | ​ |  | 5,181
2028 | ​ |  | 5,312
2029 | ​ |  | 5,399
2030-2034 | ​ |  | 27,613
Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: ​
​ | ​ | ​ | ​
(Dollar amounts on thousands)
2025 |  | $ | 539
2026 | ​ |  | 625
2027 | ​ |  | 624
2028 | ​ |  | 624
2029 | ​ |  | 623
2030-2034 | ​ |  | 3,686
Schedule Of Weighted Average Assumptions | Weighted average assumptions at December 31: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |
​ | ​ | 2024 | ​ | 2023 |
Discount rate |  | 5.54 | % | 4.83 | %
Initial weighted health care cost trend rate |  | 5.00 | % | 5.00 | %
Ultimate health care cost trend rate |  | 5.00 |  | 5.00 | ​
Year that the rate is assumed to stabilize and remain unchanged |  | 2025 |  | 2024 | ​
Pension plan |
Defined Benefit Plan Disclosure |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income at December 31, 2024 and 2023 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023
Net loss (gain) | ​ | $ | 5,458 | ​ | $ | 11,956
Prior service cost (credit) | ​ |  | — | ​ |  | —
​ | ​ | $ | 5,458 | ​ | $ | 11,956
Postretirement Health Coverage |
Defined Benefit Plan Disclosure |
Schedule of Net Benefit Costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
(Dollar amounts in thousands) |  | 2024 |  | 2023
Change in benefit obligation: |  | ​ |  |  | ​ |
Benefit obligation at January 1 | ​ | $ | 3,190 | ​ | $ | 3,175
Service cost | ​ |  | 16 | ​ |  | 21
Interest cost | ​ |  | 137 | ​ |  | 153
Plan participants' contributions | ​ |  | 94 | ​ |  | 84
Actuarial (gain) | ​ |  | (471) | ​ |  | 34
Benefits paid | ​ |  | (305) | ​ |  | (277)
Benefit obligation at December 31 | ​ | $ | 2,661 | ​ | $ | 3,190
Funded status at December 31 | ​ | $ | 2,661 | ​ | $ | 3,190
​
Schedule of Defined Benefit Plans Disclosures | Post-retirement health benefit expense included the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Service cost | ​ | $ | 16 | ​ | $ | 21 | ​ | $ | 34
Interest cost | ​ |  | 137 | ​ |  | 153 | ​ |  | 111
Amortization of net actuarial loss (gain) | ​ |  | (79) | ​ |  | (53) | ​ |  | —
Net periodic benefit cost | ​ |  | 74 | ​ |  | 121 | ​ |  | 145
Net loss (gain) during the period | ​ |  | (471) | ​ |  | 34 | ​ |  | (758)
Amortization of prior service cost | ​ |  | 79 | ​ |  | 53 | ​ |  | —
Total recognized in other comprehensive income (loss) | ​ |  | (392) | ​ |  | 87 | ​ |  | (758)
Total recognized net periodic benefit cost and other comprehensive income | ​ | $ | (318) | ​ | $ | 208 | ​ | $ | (613)
Supplemental Employee Retirement Plans, Defined Benefit |
Defined Benefit Plan Disclosure |
Schedule of Net Benefit Costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Net loss (gain) during the period | ​ | $ | 781 | ​ | $ | (144) | ​ | $ | (1,604)
Amortization of prior service cost | ​ |  | — | ​ |  | — | ​ |  | —
Amortization of unrecognized (gain) loss | ​ |  | (37) | ​ |  | (84) | ​ |  | (418)
Total recognized in other comprehensive (income) loss | ​ | $ | 744 | ​ | $ | (228) | ​ | $ | (2,022)
Schedule of Expected Benefit Payments | Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected: ​
​ | ​ | ​ | ​
(Dollar amounts in thousands)
2025 | ​ | $ | 243
2026 | ​ |  | 236
2027 | ​ |  | 230
2028 | ​ |  | 227
2029 | ​ |  | 220
2030-2034 | ​ |  | 1,028
​

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