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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of changes in projected benefit obligations, fair value of plan assets and funded status | The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented.
| SERP and DRP |  | Post Retirement
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | $ | 4,102 |  |  | $ | 3,760 |  |  | $ | 1,881 |  |  | $ | 1,946 |
Service cost | 201 |  |  | 146 |  |  | 1 |  |  | 1 |
Interest cost | 79 |  |  | 98 |  |  | 38 |  |  | 54 |
Actuarial (gain) loss | (100) |  |  | 448 |  |  | (215) |  |  | (9) |
Benefits paid | (341) |  |  | (350) |  |  | (92) |  |  | (111) |
Projected benefit obligation at end of year | 3,941 |  |  | 4,102 |  |  | 1,613 |  |  | 1,881 |
Reconciliation of plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | — |  |  | — |  |  | — |
Employer contributions | 341 |  |  | 350 |  |  | 92 |  |  | 111 |
Benefits and Settlements paid | (341) |  |  | (350) |  |  | (92) |  |  | (111) |
Fair value of plan assets at end of year | — |  |  | — |  |  | — |  |  | — |
Unfunded status | $ | 3,941 |  |  | $ | 4,102 |  |  | $ | 1,613 |  |  | $ | 1,881 |
Schedule of amount recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of:
| SERP and DRP |  | Post Retirement
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Unrecognized net actuarial loss (gain) | $ | 1,073 |  |  | $ | 1,317 |  |  | $ | (189) |  |  | $ | 23 |
Unrecognized prior service cost | 333 |  |  | 402 |  |  | — |  |  | — |
Total accumulated other comprehensive loss (gain) | $ | 1,406 |  |  | $ | 1,719 |  |  | $ | (189) |  |  | $ | 23 |
Schedule of plan assumptions | The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows:
| SERP and DRP |  | Post Retirement
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate |  | 2.31 | % |  |  | 1.85 | % |  |  | 2.53 | % |  |  | 2.10 | %
Rate of compensation increase* |  | 6.25 | % |  |  | 6.25 | % |  |  | N/A |  |  | N/A
* | Rate of compensation increase applicable to DRP only.
The weighted-average assumptions used in the determination of net periodic benefit cost were as follows:
| SERP and DRP |  | Post Retirement
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate |  | 1.82 | % |  |  | 2.21 | % |  |  | 2.18 | % |  |  | 2.53 | %
Expected rate of return on plan assets |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A
Rate of compensation increase* |  | 6.25 | % |  |  | 6.25 | % |  |  | N/A |  |  | N/A
* | Rate of compensation increase applicable to DRP only.
Schedule of net periodic benefit cost and other amounts recognized in OCI | The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2021 and 2020:
| SERP and DRP |  | Post Retirement
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Service cost | $ | 201 |  |  | $ | 146 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 79 |  |  | 98 |  |  | 38 |  |  | 54 |
Amortization: |  |  |  |  |  |  |
Past service liability | — |  |  | — |  |  | — |  |  | — |
Net loss (gain) | 213 |  |  | 190 |  |  | (3) |  |  | (1) |
Net periodic benefit cost | $ | 493 |  |  | $ | 434 |  |  | $ | 36 |  |  | $ | 54 |
Schedule of expected benefit payments | The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows:
| SERP and DRP |  | Post- Retirement
| (In thousands)
2022 | $ | 331 |  |  | $ | 98 |
2023 | 311 |  |  | 88 |
2024 | 286 |  |  | 89 |
2025 | 289 |  |  | 90 |
2026 | 268 |  |  | 90 |
Years 2027 - 2031 | 1,161 |  |  | 445 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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