Schedule of pension plan weighted average assets allocation

Our pension plan’s weighted average asset allocation at December 31, 2024 and 2023, by asset category, was as follows:


	Plan Assets at December 31,
	2024		2023
Asset Category:
Equity Securities	59	%	58	%
Fixed Income Securities	31	%	28	%
Other	10	%	14	%
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, 2024 and 2023:


	Defined Benefit Pension Plan				Supplemental Pension Plan
	2024		2023		2024		2023

	(Dollars in thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	40,411	$	39,609	$	11,609	$	12,372
Service cost		427		467		—		—
Interest cost		1,995		2,052		561		580
Actuarial (gain) loss		(1,592)		916		(885)		(1,001)
Benefits paid		(2,748)		(2,633)		(345)		(342)
Projected benefit obligation, end of year	$	38,493	$	40,411	$	10,940	$	11,609

Change in plan assets
Fair value of plan assets, beginning of year	$	38,041	$	35,927	$	—	$	—
Actual return on plan assets		4,151		5,214		—		—
Administrative expenses		(427)		(467)		—		—
Contributions		—		—		345		—
Benefits paid		(2,748)		(2,633)		(345)		—
Fair value of plan assets, end of year	$	39,017	$	38,041	$	—	$	—
Funded status of plan	$	524	$	(2,370)	$	(10,940)	$	(11,609)

Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities - other	$	—	$	—	$	(528)	$	(567)
Long-term pension liability		524		(2,370)		(10,412)		(11,042)
Net amount recognized	$	524	$	(2,370)	$	(10,940)	$	(11,609)

Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $2,012, $2,863, $179, and $410, respectively	$	5,729	$	8,150	$	510	$	1,168
Prior service cost, net of income tax benefit of $0, $0, $8 and $13, respectively		—		—		24		39
Net amount recognized	$	5,729	$	8,150	$	534	$	1,207

Schedule of company's pension expense

The components of pension expense for the years ended December 31, 2024 and 2023, were:



	2024		2023

	(Dollars in thousands)
Service cost	$	427	$	467
Interest cost		2,556		2,632
Expected return on plan assets		(2,437)		(2,301)
Net amortization and deferral		416		495
Pension expense	$	962	$	1,293

Schedule of fair value hierarchy

The following table summarizes the fair value of pension plan assets at December 31, 2024, by asset category within the fair value hierarchy (for further level information, see Note 3):


	December 31, 2024
	Quoted Prices		Significant		Significant
	in Active Markets		Observable Inputs		Unobservable Inputs
	Level 1		Level 2		Level 3		Total

	(Dollars in thousands)
Common stocks	$	16,838	$	-	$	-	$	16,838
Preferred stocks		205		-		-		205
Exchange traded funds		5,883		-		-		5,883
Corporate obligations		-		3,875		-		3,875
Pooled fixed income funds		7,610		-		-		7,610
U.S. government securities		-		663		-		663
Cash and cash equivalents		3,943		-		-		3,943
Total	$	34,479	$	4,538	$	-	$	39,017

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
Subtotal	$	33,109	$	4,932	$	—	$	38,041