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Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2024
Employee benefit plans  
Summary of pension and postretirement life insurance plans

 

Pension Benefits 

 

(Dollars in thousands)

2024

2023

 

Change in benefit obligation:

    

    

Benefit obligation, beginning

$

13,845

$

13,792

Interest cost

 

634

 

655

Change in experience gain

 

77

 

2

Change in actuarial assumptions

 

(867)

 

306

Benefits paid

 

(945)

 

(910)

Benefit obligation, ending

 

12,744

 

13,845

Change in plan assets:

Fair value of plan assets, beginning

 

17,609

 

16,106

Actual return on plan assets

 

1,868

 

2,413

Employer contributions

 

 

Benefits paid

 

(945)

 

(910)

Fair value of plan assets, ending

 

18,532

 

17,609

Funded status at end of year

$

5,788

$

3,764

Schedule of amounts recognized in balance sheet

 

Pension Benefits 

 

(Dollars in thousands)

2024

2023

 

(Other Assets)/Other Liabilities

    

$

(5,788)

    

$

(3,764)

    

Amounts recognized in the accumulated other comprehensive loss consist of:

Net actuarial gain

 

(2,852)

 

(4,370)

Deferred taxes

 

622

 

956

Net amount recognized

$

(2,230)

$

(3,414)

Schedule of components of net periodic benefit cost

(Dollars in thousands)

Pension Benefits

Twelve Months Ended December 31, 

2024

2023

2022

Net periodic pension benefit:

    

    

Interest cost

$

634

$

655

$

456

Expected return on plan assets

 

(1,281)

 

(1,170)

 

(1,407)

Amortization of unrecognized net loss

 

141

 

194

 

198

Net periodic pension benefit:

(506)

(321)

(753)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):

Net loss

 

634

 

655

 

456

Deferred tax

 

(138)

 

(141)

 

(96)

Total recognized in other comprehensive income (loss)

 

496

 

514

 

360

Total recognized in net period pension cost and other comprehensive income (loss)

$

(10)

$

193

$

(393)

Schedule of weighted-average assumptions used to determine benefit obligations and related expenses

 

Pension Benefits

 

2024

2023

2022

 

Discount rate:

    

    

    

Obligation

 

5.38

%

4.73

%  

4.93

%  

Expense

 

4.73

4.93

2.59

Expected long-term return on plan assets

 

7.50

%

7.50

%  

7.50

%  

Schedule of pension plan weighted-average asset allocations

    

2024

    

2023

 

Asset Category:

Cash and cash equivalents

 

1.4

%

4.4

%

Equity securities

 

50.9

63.3

Corporate bonds

 

29.0

18.1

U.S. government securities

 

18.7

14.2

 

100.0

%  

100.0

%

Schedule of fair value measurement of pension plan assets

    

December 31, 2024

 

    

    

Quoted Prices in

    

    

 

Active Markets

Significant

Significant

 

for Identical

Observable

Observable

 

Assets

Inputs

Inputs

 

(Dollars in thousands)

Total 

(Level 1) 

(Level 2) 

(Level 3) 

 

Cash and cash equivalents

$

255

$

255

$

 

$

Equity securities:

U.S. large cap

 

8,598

8,598

International

 

853

853

Fixed income securities:

U.S. Treasuries

 

1,667

1,667

U.S. government agencies

 

1,791

1,791

Corporate bonds

 

5,368

5,368

Total

$

18,532

$

9,706

$

8,826

$

    

December 31, 2023

    

    

Quoted Prices in

    

    

 

Active Markets

Significant

Significant

 

for Identical

Observable

Observable

 

Assets

Inputs

Inputs

 

(Dollars in thousands)

Total 

(Level 1) 

(Level 2) 

(Level 3) 

 

Cash and cash equivalents

$

783

$

783

$

 

$

Equity securities:

U.S. large cap

 

9,482

9,482

International

 

1,671

1,671

Fixed income securities:

U.S. Treasuries

 

343

343

U.S. government agencies

 

2,149

2,149

Corporate bonds

 

3,181

3,181

Total

$

17,609

$

11,936

$

5,673

$

Schedule of expected benefit payments

(Dollars in thousands)

    

Pension Benefits

 

2025

$

1,011

2026

 

1,034

2027

 

1,041

2028

 

1,036

2029

 

1,019

Thereafter

4,918

Total

$

10,059