XML 64 R44.htm IDEA: XBRL DOCUMENT v3.25.0.1

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

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)			2024						2023
Change in benefit obligation:
Projected Benefit obligation at beginning of year			$	31,494					$	30,226
Service cost			428						495
Interest cost			1,494						1,493
Actuarial (gain) loss			(1,544)						983
Benefits paid			(1,830)						(1,703)
Projected benefit obligation at end of year			30,042						31,494
Change in plan assets, at fair value:
Fair value of plan assets at beginning of year			46,427						43,119
Actual return on plan assets			1,806						5,011
Benefits paid			(1,830)						(1,703)
Fair value of plan assets at end of year			46,403						46,427
Funded Status, included in other assets			$	16,361					$	14,933

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)			2024						2023						2022
Total net actuarial loss (pre-tax)			$	4,539					$	5,120					$	6,887

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

For the years ended December 31, 2024 and 2023, the assumptions used to determine the benefit obligation are as follows:

			2024						2023
Discount rate			5.50		%				4.90		%
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:

			2024						2023						2022
Discount rate			4.90		%				5.10		%				2.75		%
Expected long-term rate of return on plan assets			6.75		%				6.75		%				6.75		%
Rate of compensation increase			3.50		%				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)			2024						2023						2022
Components of net periodic benefit cost (income):
Service cost			$	428					$	495					$	777
Interest cost			1,494						1,493						1,052
Expected return on plan assets			(2,848)						(2,653)						(3,136)
Recognized net actuarial loss			78						392						407
Net Periodic Benefit Income			(848)						(273)						(900)
Net gain			(503)						(1,375)						(491)
Amortization of net loss			(78)						(392)						(407)
Total recognized in other comprehensive income (loss)			(581)						(1,767)						(898)
Total recognized in net periodic benefit cost (income) and other comprehensive income			$	(1,429)					$	(2,040)					$	(1,798)

Future Benefit Payments

For the year ended December 31, 2024 the mortality assumption was updated to reflect the most recently published mortality information. Estimated future benefit payments are as follows:

Year			(In thousands)
2025			$	2,080
2026			2,110
2027			2,090
2028			2,100
2029			2,120
2030-2034			11,040

Pension Plan Weighted-Average Assets' Allocations

The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2024 and 2023, are as follows:

			2024						2023
Equity securities			42		%				43		%
Debt securities			55						54
Real property			3						3
			100		%				100		%

Fair Value Measurements

Fair value measurements were as follows:

(In thousands)			Total						Level 1						Level 2						Level 3
December 31, 2024
Equity securities			$	19,286					$	3,565					$	15,721					$	—
Debt securities			25,730						—						25,730						—
Real estate			1,387						—						1,387						—
Total			$	46,403					$	3,565					$	42,838					$	—
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					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_PostemploymentBenefitsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-2

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration