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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
EMPLOYEE RETIREMENT PLANS |
Schedule of pension plan weighted average assets allocation | Our pension plan’s weighted average asset allocation at December 31, 2023 and 2022, by asset category, was as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Plan Assets at December 31, |
​ |  | 2023 |  | 2022 |
Asset Category: |  |  |  |  | ​
Equity Securities |  | 58 | % | 57 | %
Fixed Income Securities |  | 28 | % | 31 | %
Other |  | 14 | % | 12 | %
Total |  | 100 | % | 100 | %
Schedule of funded status of pension plans | The following discount rates were used to determine the funded status of the pension plans as of December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan |
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
Discount rate for determining funded status |  | 5.15 | % | 5.41 | % | 5.16 | % | 5.44 | %
​
Schedule of change in benefit obligation and plan assets | The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Change in projected benefit obligation |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Projected benefit obligation, beginning of year | ​ | $ | 39,609 | ​ | $ | 52,507 | ​ | $ | 12,372 | ​ | $ | 20,343
Service cost | ​ |  | 467 | ​ |  | 445 | ​ |  | — | ​ |  | —
Interest cost | ​ |  | 2,052 | ​ |  | 1,243 | ​ |  | 580 | ​ |  | 511
Plan settlement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,276)
Actuarial loss (gain) | ​ |  | 916 | ​ |  | (12,028) | ​ |  | (1,001) | ​ |  | (3,864)
Benefits paid | ​ |  | (2,633) | ​ |  | (2,558) | ​ |  | (342) | ​ |  | (342)
Projected benefit obligation, end of year | ​ | $ | 40,411 | ​ | $ | 39,609 | ​ | $ | 11,609 | ​ | $ | 12,372
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Fair value of plan assets, beginning of year | ​ | $ | 35,927 | ​ | $ | 44,582 | ​ | $ | — | ​ | $ | —
Actual return on plan assets | ​ |  | 5,214 | ​ |  | (5,652) | ​ |  | — | ​ |  | —
Administrative expenses | ​ |  | (467) | ​ |  | (445) | ​ |  | — | ​ |  | —
Contributions | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4,618
Plan settlement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,276)
Benefits paid | ​ |  | (2,633) | ​ |  | (2,558) | ​ |  | — | ​ |  | (342)
Fair value of plan assets, end of year | ​ | $ | 38,041 | ​ | $ | 35,927 | ​ | $ | — | ​ | $ | —
Funded status of plan | ​ | $ | (2,370) | ​ | $ | (3,682) | ​ | $ | (11,609) | ​ | $ | (12,372)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the consolidated balance sheets consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accrued liabilities - other | ​ | $ | — | ​ | $ | — | ​ | $ | (567) | ​ | $ | (531)
Long-term pension liability | ​ |  | (2,370) | ​ |  | (3,682) | ​ |  | (11,042) | ​ |  | (11,841)
Net amount recognized | ​ | $ | (2,370) | ​ | $ | (3,682) | ​ | $ | (11,609) | ​ | $ | (12,372)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accumulated loss, net of income tax benefit of $2,863, $3,382, $410, and $672, respectively | ​ | $ | 8,150 | ​ | $ | 9,629 | ​ | $ | 1,168 | ​ | $ | 1,914
Prior service cost, net of income tax benefit of $0, $0, $13 and $19, respectively | ​ |  | — | ​ |  | — | ​ |  | 39 | ​ |  | 54
Net amount recognized | ​ | $ | 8,150 | ​ | $ | 9,629 | ​ | $ | 1,207 | ​ | $ | 1,968
Schedule of net periodic pension cost | Assumptions used in determining pension expense for the years ended December 31, 2023 and 2022 were:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan |  | Supplemental Pension Plan |
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Discount rate for projected benefit obligation |  | 5.41 | % | 2.83 | % | 5.44 | % | 2.86 | %
Discount rate for determining interest cost |  | 5.35 | % | 2.39 | % | 5.37 | % | 2.54 | %
Long-term rate of return on plan assets |  | 6.75 | % | 6.75 | % | — |  | — | ​
Schedule of company's pension expense | The components of pension expense for the years ended December 31, 2023 and 2022, were:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Service cost | ​ | $ | 467 | ​ | $ | 445
Interest cost | ​ |  | 2,632 | ​ |  | 1,754
Expected return on plan assets | ​ |  | (2,301) | ​ |  | (2,896)
Pension settlement charge | ​ | ​ | — | ​ | ​ | 894
Net amortization and deferral | ​ |  | 495 | ​ |  | 875
Pension expense | ​ | $ | 1,293 | ​ | $ | 1,072
Schedule of projected benefit payments for the plans | Projected benefit payments for the plans at December 31, 2023, were estimated as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Defined Benefit |  | Supplemental
​ | ​ | Pension Plan | ​ | Pension Plan
​ | ​ | (Dollars in thousands)
2024 | ​ | $ | 3,205 | ​ | $ | 568
2025 | ​ | $ | 3,120 | ​ | $ | 628
2026 | ​ | $ | 3,069 | ​ | $ | 677
2027 | ​ | $ | 3,075 | ​ | $ | 730
2028 | ​ | $ | 3,042 | ​ | $ | 882
2029 - 2033 | ​ | $ | 14,161 | ​ | $ | 4,653
Schedule of fair value hierarchy | The following table summarizes the fair value of pension plan assets at December 31, 2023, by asset category within the fair value hierarchy (for further level information, see Note 3):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Quoted Prices | ​ | Significant | ​ | Significant | ​ | ​ | ​
​ | ​ | in Active Markets | ​ | Observable Inputs | ​ | Unobservable Inputs | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (Dollars in thousands)
Common stocks | ​ | $ | 16,693 | ​ | $ | - | ​ | $ | - | ​ | $ | 16,693
Preferred stocks | ​ |  | 202 | ​ |  | - | ​ |  | - | ​ |  | 202
Exchange traded funds | ​ |  | 5,129 | ​ |  | - | ​ |  | - | ​ |  | 5,129
Corporate obligations | ​ |  | - | ​ |  | 4,160 | ​ |  | - | ​ |  | 4,160
Pooled fixed income funds | ​ |  | 5,793 | ​ |  | - | ​ |  | - | ​ |  | 5,793
U.S. government securities | ​ |  | - | ​ |  | 772 | ​ |  | - | ​ |  | 772
Cash and cash equivalents | ​ |  | 5,292 | ​ |  | - | ​ |  | - | ​ |  | 5,292
Total | ​ | $ | 33,109 | ​ | $ | 4,932 | ​ | $ | - | ​ | $ | 38,041
​ The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 3):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Quoted Prices | ​ | Significant | ​ | Significant | ​ | ​ | ​
​ | ​ | in Active Markets | ​ | Observable Inputs | ​ | Unobservable Inputs | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (Dollars in thousands)
Common stocks | ​ | $ | 14,170 | ​ | $ | 1,567 | ​ | $ | — | ​ | $ | 15,737
Preferred stocks | ​ |  | 235 | ​ |  | 3 | ​ |  | — | ​ |  | 238
Exchange traded funds | ​ |  | 4,656 | ​ |  | — | ​ |  | — | ​ |  | 4,656
Corporate obligations | ​ |  | — | ​ |  | 4,778 | ​ |  | — | ​ |  | 4,778
State and municipal obligations | ​ |  | — | ​ |  | 250 | ​ |  | — | ​ |  | 250
Pooled fixed income funds | ​ |  | 5,541 | ​ |  | — | ​ |  | — | ​ |  | 5,541
U.S. government securities | ​ |  | — | ​ |  | 158 | ​ |  | — | ​ |  | 158
Cash and cash equivalents | ​ |  | 4,488 | ​ |  | — | ​ |  | — | ​ |  | 4,488
Subtotal | ​ | $ | 29,090 | ​ | $ | 6,756 | ​ | $ | — | ​ | $ | 35,846
Other assets (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  | 81
Total | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 35,927
​ (1) This category represents trust receivables that are not leveled. ​

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