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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021.
In thousands | 2022 |  | 2021
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 39,123 |  |  | $ | 39,412 |
Service cost | 777 |  |  | 879 |
Interest cost | 1,052 |  |  | 945 |
Actuarial loss | (9,141) |  |  | (660) |
Benefits paid | (1,585) |  |  | (1,453) |
Projected benefit obligation at end of year | 30,226 |  |  | 39,123 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | 50,218 |  |  | 45,337 |
Actual return on plan assets | (5,514) |  |  | 6,334 |
Employer contribution | — |  |  | — |
Benefits paid | (1,585) |  |  | (1,453) |
Fair value of plan assets at end of year | 43,119 |  |  | 50,218 |
Funded Status, included in other assets | $ | 12,893 |  |  | $ | 11,095 |
Amounts recognized in accumulated other comprehensive loss: |  |  |
Total net actuarial loss | $ | 6,887 |  |  | $ | 7,785 |
Prior service cost | — |  |  | — |
Total included in accumulated other comprehensive loss (pretax) | $ | 6,887 |  |  | $ | 7,785 |
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 | 2022 |  | 2021
Components of net periodic benefit cost (income): |  |  |
Service cost | $ | 777 |  |  | $ | 879 |
Interest cost | 1,052 |  |  | 945 |
Expected return on plan assets | (3,136) |  |  | (2,814) |
Recognized net actuarial loss | 407 |  |  | 1,255 |
Amortization of prior service cost | — |  |  | — |
Net Periodic Benefit (Income) Cost | (900) |  |  | 265 |
Net loss | (491) |  |  | (4,181) |
Amortization of net loss | (407) |  |  | (1,255) |
Amortization of prior service cost | — |  |  | — |
Total recognized in other comprehensive loss (income) | $ | (898) |  |  | $ | (5,436) |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | $ | (1,798) |  |  | $ | (5,171) |
Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income) | For the years ended December 31, 2022 and 2021, the assumptions used to determine the benefit obligation are as follows:
| 2022 |  | 2021
Discount rate | 5.10 | % |  | 2.75 | %
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, 2022 and 2021, the assumptions used to determine the net periodic benefit cost (income) are as follows:
| 2022 |  | 2021
Discount rate | 2.75 | % |  | 2.45 | %
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, 2022 and 2021 are as follows:
In thousands | 2022 |  | 2021
Projected benefit obligation | $ | 30,226 |  |  | $ | 39,123 |
Accumulated benefit obligation | 29,150 |  |  | 37,159 |
Fair value of plan assets at measurement date | 43,119 |  |  | 50,218 |
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
2023 | $ | 1,920 |
2024 | 1,970 |
2025 | 2,010 |
2026 | 2,030 |
2027 | 2,020 |
2028 - 2032 | 10,440 |
Pension Plan Weighted-Average Assets' Allocations | The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2022 and 2021, are as follows:
| 2022 |  | 2021
Equity securities | 46 | % |  | 65 | %
Debt securities | 49 | % |  | 31 | %
Real property | 5 | % |  | 4 | %
| 100 | % |  | 100 | %
Fair Value Measurements | Fair value measurements at December 31, 2022, are as follows:
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities | $ | 19,749 |  |  | $ | 3,339 |  |  | $ | 16,410 |  |  | $ | — |
Debt securities | 21,228 |  |  | — |  |  | 21,228 |  |  | — |
Real estate | 2,142 |  |  | — |  |  | 2,142 |  |  | — |
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 |  |  | — |

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