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 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 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 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.