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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Postemployment Benefits [Abstract] |
Schedule of Benefit Plan Funded Status | The following table summarized the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:
(In thousands) | 2023 |  | 2022
Change in benefit obligation: |  |  |
Projected Benefit obligation at beginning of year | $ | 30,226 |  |  | $ | 39,123 |
Service cost | 495 |  |  | 777 |
Interest cost | 1,493 |  |  | 1,052 |
Actuarial gain (loss) | 983 |  |  | (9,141) |
Benefits paid | (1,703) |  |  | (1,585) |
Projected benefit obligation at end of year | 31,494 |  |  | 30,226 |
Change in plan assets, at fair value: |  |  |
Fair value of plan assets at beginning of year | 43,119 |  |  | 50,218 |
Actual return on plan assets | 5,011 |  |  | (5,514) |
Benefits paid | (1,703) |  |  | (1,585) |
Fair value of plan assets at end of year | 46,427 |  |  | 43,119 |
Funded Status, included in other assets | $ | 14,933 |  |  | $ | 12,893 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The amounts recognized in accumulated other comprehensive income (loss) are as follows:
(In thousands) |  | 2023 |  | 2022
Total net actuarial loss (pre-tax) |  | $ | 5,120 |  |  | $ | 6,887 |
Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income) | For the years ended December 31, 2023 and 2022, the assumptions used to determine the benefit obligation are as follows:
| 2023 |  | 2022
Discount rate | 4.90 | % |  | 5.10 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
The assumptions used to determine the net periodic benefit cost (income) are as follows for the years ended December 31:
|  | 2023 |  | 2022
Discount rate |  | 5.10 | % |  | 2.75 | %
Expected long-term rate of return on plan assets |  | 6.75 | % |  | 6.75 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | %
Components Of Net Periodic Benefit Costs (Income) | The components of net periodic benefit cost (income) related to the non-contributory, defined benefit pension plan are as follows for the years ended December 31 :
(In thousands) | 2023 |  | 2022
Components of net periodic benefit cost (income): |  |  |
Service cost | $ | 495 |  |  | $ | 777 |
Interest cost | 1,493 |  |  | 1,052 |
Expected return on plan assets | (2,653) |  |  | (3,136) |
Recognized net actuarial loss | 392 |  |  | 407 |
Net Periodic Benefit Income | (273) |  |  | (900) |
Net gain | (1,375) |  |  | (491) |
Amortization of net loss | (392) |  |  | (407) |
Total recognized in other comprehensive income (loss) | (1,767) |  |  | (898) |
Total recognized in net periodic benefit cost (income) and other comprehensive income | $ | (2,040) |  |  | $ | (1,798) |
Schedule of Accumulated and Projected Benefit Obligations | The Corporation’s comparison of obligations to plan assets at December 31, 2023 and 2022 are as follows:
(In thousands) | 2023 |  | 2022
Projected benefit obligation | $ | 31,494 |  |  | $ | 30,226 |
Accumulated benefit obligation | 30,411 |  |  | 29,150 |
Fair value of plan assets at measurement date | 46,427 |  |  | 43,119 |
Future Benefit Payments | For the year ended December 31, 2023 the mortality assumption was updated to reflect the most recently published mortality information through October 2023. Estimated future benefit payments are as follows:
Year | (in thousands)
2024 | $ | 2,010 |
2025 | 2,060 |
2026 | 2,070 |
2027 | 2,060 |
2028 | 2,060 |
2029-2033 | 10,750 |
Pension Plan Weighted-Average Assets' Allocations | The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2023 and 2022, are as follows:
| 2023 |  | 2022
Equity securities | 43 | % |  | 46 | %
Debt securities | 54 |  |  | 49 |
Real property | 3 |  |  | 5 |
| 100 | % |  | 100 | %
Fair Value Measurements | Fair value measurements were as follows:
(In thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  |  |  |  |  |  |
Equity securities | $ | 20,123 |  |  | $ | 3,876 |  |  | $ | 16,247 |  |  | $ | — |
Debt securities | 24,891 |  |  | — |  |  | 24,891 |  |  | — |
Real estate | 1,413 |  |  | — |  |  | 1,413 |  |  | — |
Total | $ | 46,427 |  |  | $ | 3,876 |  |  | $ | 42,551 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |
Equity securities | $ | 19,749 |  |  | $ | 3,339 |  |  | $ | 16,410 |  |  | $ | — |
Debt securities | 21,228 |  |  | — |  |  | 21,228 |  |  | — |
Real estate | 2,142 |  |  | — |  |  | 2,142 |  |  | — |
Total | $ | 43,119 |  |  | $ | 3,339 |  |  | $ | 39,780 |  |  | $ | — |

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