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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Pension Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Change in projected benefit obligation:	​	​	​	​	​	​
Projected benefit obligation at beginning of year	​	$	6,245		$	8,601
Interest cost	​		318		​	236
Actuarial Gain/(loss)	​		119		​	(2,114)
Benefits paid	​		(317)		​	(326)
Settlements	​		—		​	(152)
Projected benefit obligation at end of year	​		6,365		​	6,245
​	​	​	​	​	​	​
Change in fair value of plan assets:	​				​
Fair value of plan assets at beginning of year	​		9,044		​	12,422
Expected return on plan assets	​		622		​	(2,900)
Benefits paid	​		(317)		​	(326)
Settlements	​		—		​	(152)
Fair value of plan assets at end of year	​		9,349		​	9,044
​	​	​	​	​	​	​
Overfunded status	​	$	(2,984)		$	(2,799)
​	​	​	​	​	​	​
Amounts recognized in consolidated balance sheet:	​				​
Other assets	​	$	2,984		$	2,799

Schedule of Net Benefit Costs

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Interest cost	​	$	318	​	$	236
Expected return on plan assets	​		(355)	​		(612)
Unrecognized loss	​		53	​		—
Net periodic pension benefit	​	$	16	​	$	(376)

​

Amounts recognized in other comprehensive income for the years ended December 31, 2023 and 2022 included:

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Net actuarial loss (gain)	​	$	(148)	​	$	1,391
Recognized loss	​		(53)	​		—
Net period pension benefit (credit)	​		16	​		(376)
Total recognized in other comprehensive income	​	$	(185)	​	$	1,015

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Net actuarial (gain) loss	​	$	(148)	​	$	1,391
Recognized loss	​		(53)	​		—
Prior service cost	​		—	​		—
Amounts Recognized in accumulated other comprehensive (gain) loss (pre-tax)	​	$	(201)	​	$	1,391

Schedule of Assumptions Used

​

​	​	​	​	​	​	​
​		2023		​	2022
Projected benefit obligation				​		​
Discount rate		5.00	%	​	5.23	%
Net periodic pension cost	​	​	​	​	​	​
Discount rate		5.23	%	​	2.80	%
Long-term rate of return on plan assets		4.00		​	5.00	​

Schedule of Allocation of Plan Assets

​

​	​	​	​	​	​	​	​	​	​
​		2023
(in thousands)		Total			Level 1			Level 2
Equity mutual funds:	​	​			​			​
Large-cap	​	$	680	​	$	680	​	$	—
Mid-cap	​		195	​		195	​		—
Small-cap	​		199	​		199	​		—
International	​		391	​		391	​		—
Fixed income funds:	​			​			​
Fixed-income - core plus	​		—	​		—	​		—
Intermediate duration	​		—	​		—	​		—
Long duration	​	​	6,698	​	​	6,698	​	​	—
Common stock	​		663	​		663	​		—
Common/collective trusts - large-cap	​		180	​		—	​		180
Cash equivalents - money market	​		343	​		343	​		—
Total	​	$	9,349	​	$	9,169	​	$	180

​

​	​	​	​	​	​	​	​	​	​
​		2022
(in thousands)		Total			Level 1			Level 2
Equity mutual funds:		​			​			​
Large-cap	​	$	660	​	$	660	​	$	—
Mid-cap	​		210	​		210	​		—
Small-cap	​		214	​		214	​		—
International	​		420	​		420	​		—
Fixed income funds:	​			​			​
Long duration	​	​	6,294	​	​	6,294	​	​	—
Common stock	​		724	​		724	​		—
Common/collective trusts - large-cap	​		206	​		—	​		206
Cash equivalents - money market	​		316	​		316	​		—
Total	​	$	9,044	​	$	8,838	​	$	206

Schedule of Expected Benefit Payments

​

​	​	​	​
(in thousands)		Payments
2024	​	$	342
2025	​		337
2026	​		402
2027	​		404
2028	​		423
2029-2033	​		2,233
Total	​	$	4,141

Non-qualified Supplemental Executive Retirement Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Change in benefit obligation:		​			​
Projected benefit obligation at beginning of year	​	$	2,093	​	$	2,606
Service cost	​		—	​		—
Interest cost	​		97	​		54
Actuarial (gain) loss	​		(5)	​		(307)
Benefits paid	​		(260)	​		(260)
Projected benefit obligation at end of year	​	$	1,925	​	$	2,093
​	​	​	​	​	​	​
Change in fair value of plan assets:	​			​
Fair value of plan assets at beginning of year	​	$	—	​	$	—
Expected return on plan assets	​		—	​		—
Contributions by employer	​		260	​		260
Benefits paid	​		(260)	​		(260)
Fair value of plan assets at end of year	​	$	—	​	$	—
​	​	​	​	​	​	​
Underfunded status	​	$	1,925	​	$	2,093
​	​	​	​	​	​	​
Amounts recognized in consolidated balance sheet	​			​
Other liabilities	​	$	1,925	​	$	2,093

Schedule of Net Benefit Costs

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Interest cost	​	$	97	​	$	54
Expected return on plan assets	​		—	​		—
Amortization of unrecognized actuarial loss	​		7	​		37
Net periodic benefit cost	​	$	104	​	$	91

​

​

Amounts recognized in other comprehensive income for the years ended December 31, 2023 and 2022 included:

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Net actuarial loss (gain)	​	$	100	​	$	(382)
Amortization of unrecognized actuarial loss	​		(7)	​		(37)
Total recognized in other comprehensive loss (gain)	​	$	93	​	$	(419)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Accumulated other comprehensive loss at beginning of the year (pre-tax)	​	​	180	​	​	599
Actuarial loss (gain)	​		100	​		(382)
Amortization of actuarial loss	​		(7)	​		(37)
Accumulated other comprehensive loss at end of year (pre-tax)	​	$	273	​	$	180

Schedule of Assumptions Used

​

​	​	​	​	​	​
​		2023		2022
Discount rate beginning of year		4.92	%	2.12	%
Discount rate end of year		4.72		4.92	​

Schedule of Expected Benefit Payments

​

​	​	​	​
(in thousands)		Payments
2024	​	$	260
2025	​		231
2026	​		221
2027	​		221
2028	​		221
2029-2033	​		1,104
Total	​	$	2,258

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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-Name Accounting Standards Codification
-Section 50
-Subparagraph (a)(b)(c)
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

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- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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