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RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Postemployment Benefits [Abstract]

Schedule of Benefit Plan Funded Status

A measurement date of December 31 has been used for the fiscal years ended December 31, 2021 and 2020.

In thousands			2021						2020
Change in benefit obligation:
Benefit obligation at beginning of year			$	39,412					$	34,534
Service cost			879						751
Interest cost			945						1,080
Actuarial loss			(660)						4,405
Benefits paid			(1,453)						(1,358)
Projected benefit obligation at end of year			39,123						39,412
Change in plan assets:
Fair value of plan assets at beginning of year			45,337						44,292
Actual return on plan assets			6,334						2,403
Employer contribution			—						—
Benefits paid			(1,453)						(1,358)
Fair value of plan assets at end of year			50,218						45,337
Funded Status, included in other assets			$	11,095					$	5,925
Amounts recognized in accumulated other comprehensive loss:
Total net actuarial loss			$	7,785					$	13,221
Prior service cost			—						—
Total included in accumulated other comprehensive loss (pretax)			$	7,785					$	13,221

Components Of Net Periodic Benefit Costs (Income)

The components of net periodic benefit (income) cost related to the non-contributory, defined benefit pension plan for the years ended December 31 are as follows:

In thousands			2021						2020
Components of net periodic benefit cost (income):
Service cost			$	879					$	751
Interest cost			945						1,080
Expected return on plan assets			(2,814)						(2,746)
Recognized net actuarial loss			1,255						675
Amortization of prior service cost			—						—
Net Periodic Benefit (Income) Cost			265						(240)
Net loss			(4,181)						4,749
Amortization of net loss			(1,255)						(675)
Amortization of prior service cost			—						—
Total recognized in other comprehensive loss (income)			$	(5,436)					$	4,074
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss			$	(5,171)					$	3,834

Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income)

For the years ended December 31, 2021 and 2020, the assumptions used to determine the benefit obligation are as follows:

			2021						2020
Discount rate			2.75		%				2.45		%
Rate of compensation increase			3.50		%				3.50		%

The discount rate assumption used to determine the benefit obligation increased since last year. This change results in a decrease in the benefit obligation.

For the years ended December 31, 2021 and 2020, the assumptions used to determine the net periodic benefit cost (income) are as follows:

			2021						2020
Discount rate			2.45		%				3.20		%
Expected long-term rate of return on plan assets			6.75		%				6.75		%
Rate of compensation increase			3.50		%				3.50		%

Schedule of Accumulated and Projected Benefit Obligations

The Corporation’s comparison of obligations to plan assets at December 31, 2021 and 2020 are as follows:

In thousands			2021						2020
Projected benefit obligation			$	39,123					$	39,412
Accumulated benefit obligation			37,159						37,522
Fair value of plan assets at measurement date			50,218						45,337

Future Benefit Payments

Based on current data and assumptions, the following benefit payments, which reflect expected future service, as appropriate, are:

Years Ending			In thousands
2022			$	1,740
2023			1,870
2024			1,920
2025			1,970
2026			1,980
2027 - 2031			10,160

Pension Plan Weighted-Average Assets' Allocations

The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2021 and 2020, are as follows:

			2021						2020
Equity securities			65		%				54		%
Debt securities			31		%				32		%
Real property			4		%				14		%
			100		%				100		%

Fair Value Measurements

Fair value measurements at December 31, 2021, are as follows:

In thousands			Total						Level 1						Level 2						Level 3
Equity securities			$	32,909					$	2,543					$	30,366					$	—
Debt securities			15,441						—						15,441						—
Real estate			1,868						—						1,868						—

Fair value measurements at December 31, 2020, are as follows:

In thousands			Total						Level 1						Level 2						Level 3
Equity securities			$	24,542					$	1,963					$	22,579					$	—
Debt securities			14,568						—						14,568						—
Real estate			6,227						—						6,227						—

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