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EMPLOYEE AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of funded status of the defined benefit plans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension

Postretirement

(In Thousands)

2021

2020

2021

2020

CHANGE IN BENEFIT OBLIGATION:

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at beginning of year

​

$

1,101

​

$

976

​

$

1,347

​

$

1,326

Service cost

​

0

​

0

​

63

​

46

Interest cost

​

20

​

23

​

33

​

39

Plan participants' contributions

​

0

​

0

​

148

​

185

Actuarial loss (gain)

​

12

​

108

​

(65)

​

11

Benefits paid

​

(5)

​

(6)

​

(229)

​

(260)

Benefit obligation at end of year

​

$

1,128

​

$

1,101

​

$

1,297

​

$

1,347

​

​

​

​

​

​

​

​

​

​

​

​

​

CHANGE IN PLAN ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Fair value of plan assets at beginning of year

​

$

1,062

​

$

971

​

$

0

​

$

0

Actual return on plan assets

​

118

​

97

​

0

​

0

Employer contribution

​

0

​

0

​

81

​

75

Plan participants' contributions

​

0

​

0

​

148

​

185

Benefits paid

​

(5)

​

(6)

​

(229)

​

(260)

Fair value of plan assets at end of year

​

$

1,175

​

$

1,062

​

$

0

​

$

0

​

​

​

​

​

​

​

​

​

​

​

​

​

Funded status at end of year

​

$

47

​

$

(39)

​

$

(1,297)

​

$

(1,347)

Schedule of pension plan and postretirement plan liability amounts were recognized in the consolidated balance sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension

​

Postretirement

(In Thousands)

2021

2020

2021

2020

Other assets

​

$

47

​

$

0

​

$

0

​

$

0

Accrued interest and other liabilities

​

​

0

​

​

39

​

​

1,297

​

​

1,347

Summary of items not yet recognized as a component of net periodic benefit cost

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Pension					​	Postretirement
(In Thousands)		2021			2020			2021			2020
Prior service cost	​	$	0	​	$	0	​	$	(186)	​	$	(217)
Net actuarial loss (gain)		​	182		​	277		​	(271)		​	(211)
Total	​	$	182	​	$	277	​	$	(457)	​	$	(428)

Summary of components of net periodic benefit costs from defined benefit plans

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Pension					​	Postretirement
(In Thousands)		2021			2020			2021			2020
Service cost	​	$	0	​	$	0	​	$	63	​	$	46
Interest cost		​	20		​	23		​	33		​	39
Expected return on plan assets		​	(30)		​	(27)		​	0		​	0
Amortization of prior service cost		​	0		​	0		​	(31)		​	(31)
Recognized net actuarial loss (gain)		​	19		​	16		​	(5)		​	(14)
Total net periodic benefit cost	​	$	9	​	$	12	​	$	60	​	$	40

Schedule of weighted-average assumptions used to determine net periodic benefit cost

​

​	​	​	​	​	​	​	​	​	​
​		Pension			​	Postretirement
​		2021		2020		2021		2020
Discount rate		2.30	%	3.10	%	2.50	%	3.25	%
Expected return on plan assets		4.81	%	4.99	%	N/A		N/A	​
Rate of compensation increase		N/A		N/A		N/A		N/A	​

​

​	​	​	​	​	​	​	​	​	​
​		Pension				Postretirement			​
​		2021		2020		2021		2020	​
Discount rate		2.60	%	2.30	%	3.00	%	2.50	%
Rate of compensation increase		N/A		N/A		N/A		N/A	​

Schedule of Estimated future benefit payments

​

​	​	​	​	​	​	​
(In Thousands)		Pension			Postretirement
2022	​	$	542	​	$	84
2023	​		187	​		81
2024	​		8	​		83
2025	​		8	​		85
2026	​		14	​		95
2027-2031	​		360	​		428

Schedule of fair values of pension plan assets

​

​	​	​	​	​	​
​		2021		2020
Mutual funds invested principally in:	​	​	​	​
Cash and cash equivalents		3	%	2	%
Debt securities		38	%	36	%
Equity securities		51	%	51	%
Alternative funds		8	%	11	%
Total		100	%	100	%

Schedule of stock-based compensation expense

​

​	​	​	​	​	​	​
(In Thousands)		2021			2020
Restricted stock	​	$	1,214	​	$	1,050
Stock options		​	0		​	0
Total	​	$	1,214	​	$	1,050

Summary of non-vested restricted stock activity

​

​	​	​	​	​	​
​				Weighted
​	​	​	​	Average
​	​	Number	​	Grant Date
​		of Shares		Fair Value
Outstanding, December 31, 2020		101,942	​	$	23.42
Granted		78,391	​	$	20.28
Vested		(48,016)	​	$	23.85
Forfeited		(5,290)	​	$	22.10
Outstanding, December 31, 2021		127,027	​	$	21.37

Summary of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​		2021					2020
​	​	​	​	Weighted		​	​	​	Weighted
​	​	​	​	Average		​	​	​	Average
​	​	​	​	Exercise		​	​	​	Exercise
​		Shares		Price			Shares		Price
Outstanding, beginning of year		57,111	​	$	18.92		75,897	​	$	18.69
Granted		0	​		​		0	​		​
Exercised		(22,429)	​	$	18.96		(17,222)	​	$	18.25
Forfeited		(3,156)	​	$	19.20		(1,564)	​	$	15.06
Expired		(7,308)	​	$	15.06		0	​	$	​
Outstanding, end of year		24,218	​	$	20.01		57,111	​	$	18.92
Options exercisable at year-end		24,218	​	$	20.01		57,111	​	$	18.92
Weighted-average fair value of options forfeited		​	​	$	4.59		​	​	$	4.26

Restricted Stock

Notes Tables

Summary of awarded shares of restricted stock under the Stock Incentive Plan,

​

​	​	​	​	​
​		2021		2020
Time-based awards to independent directors	​	10,989	​	7,580
Time-based awards to employees		50,178		45,457
Performance-based awards to employees		17,224		17,903
Total		78,391		70,940

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