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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of reconciliation of the change in the plan's benefit obligations |
Schedule of reconciliation of the change in the plan's benefit obligations |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 15,952 |  |  | $ | 22,280 |
Interest cost |  |  | 753 |  |  |  | 579 |
Assumption changes |  |  | (3 | ) |  |  | (5,450 | )
Actuarial (gain) loss |  |  | (271 | ) |  |  | 85 |
Settlements |  |  | – |  |  |  | (716 | )
Benefits paid |  |  | (954 | ) |  |  | (826 | )
Projected benefit obligation, end of year |  | $ | 15,477 |  |  | $ | 15,952 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 18,768 |  |  | $ | 26,098 |
Return on assets |  |  | 2,347 |  |  |  | (5,702 | )
Employer contribution |  |  | – |  |  |  | – |
Expenses |  |  | (113 | ) |  |  | (86 | )
Settlements |  |  | – |  |  |  | (716 | )
Benefits paid |  |  | (954 | ) |  |  | (826 | )
Fair value of plan assets, end of year |  | $ | 20,048 |  |  | $ | 18,768 |
Funded Status at end of year |  | $ | 4,571 |  |  | $ | 2,816 |
Schedule of weighted average assumptions used to determine pension benefit obligations |
Schedule of weighted average assumptions used to determine pension benefit obligations |  |  |  |  |  |  |  |
|  | December, 31 |
|  | 2023 |  |  | 2022 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |
Discount rate |  |  | 4.68% |  |  |  | 4.87% |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 4.87% |  |  |  | 2.65% |
Expected return on plan assets |  |  | 7.00% |  |  |  | 7.25% |
Schedule of components of net periodic benefit cost |
Schedule of components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 4,571 |  |  | $ | 2,816 |  |  | $ | 3,818 |
Other liabilities |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 4,571 |  |  | $ | 2,816 |  |  | $ | 3,818 |
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | 4,130 |  |  | $ | 5,716 |  |  | $ | 3,794 |
Unrecognized transition asset |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 4,130 |  |  | $ | 5,716 |  |  | $ | 3,794 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 753 |  |  | $ | 579 |  |  | $ | 553 |
Expected return on assets |  |  | (1,280 | ) |  |  | (1,860 | ) |  |  | (1,301 | )
Amortization of transition asset |  |  | – |  |  |  | – |  |  |  | – |
Amortization of net loss |  |  | 358 |  |  |  | 105 |  |  |  | 896 |
Net periodic benefit cost |  |  | (169 | ) |  |  | (1,176 | ) |  |  | 148 |
Settlement (gain)/loss |  |  | – |  |  |  | 256 |  |  |  | (865 | )
Total |  | $ | (169 | ) |  | $ | (920 | ) |  | $ | (717 | )
Benefit Obligation Recognized in Other Comprehensive Loss (Income) |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | (1,755 | ) |  | $ | 1,003 |  |  | $ | (9,503 | )
Prior service cost (credit) |  |  | – |  |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive loss (income) |  | $ | (1,755 | ) |  | $ | 1,003 |  |  | $ | (9,503 | )
Schedule of weighted average asset allocation of our pension benefits |
Schedule of weighted average asset allocation of our pension benefits |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 87% |  |  |  | 87% |
Debt securities |  |  | 13% |  |  |  | 13% |
Cash and cash equivalents |  |  | 0% |  |  |  | 0% |
Total |  |  | 100% |  |  |  | 100% |
Schedule of estimated future benefit payments |
Schedule of estimated future benefit payments |  |  |  |
Estimated Future Benefit Payments (In thousands) |  |  |
2024 |  | $ | 1,268 |
2025 |  |  | 1,185 |
2026 |  |  | 1,280 |
2027 |  |  | 1,201 |
2028 |  |  | 1,119 |
Years 2029 - 2033 |  |  | 5,917 |
Anticipated Contributions in 2024 |  | $ | – |
Schedule of fair value of plan assets |
Schedule of fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 8,308 |  |  | $ | – |  |  | $ | – |  |  | $ | 8,308 |
Large Cap Value |  |  | – |  |  |  | 2,121 |  |  |  | – |  |  |  | 2,121 |
Mid Cap Index |  |  | – |  |  |  | 606 |  |  |  | – |  |  |  | 606 |
Small Cap Growth |  |  | – |  |  |  | 604 |  |  |  | – |  |  |  | 604 |
Small Cap Value |  |  | – |  |  |  | 596 |  |  |  | – |  |  |  | 596 |
Large Cap Blend |  |  | – |  |  |  | 638 |  |  |  | – |  |  |  | 638 |
Growth |  |  | – |  |  |  | 2,278 |  |  |  | – |  |  |  | 2,278 |
International Growth |  |  | – |  |  |  | 2,330 |  |  |  | – |  |  |  | 2,330 |
Core Bond |  |  | – |  |  |  | 1,763 |  |  |  | – |  |  |  | 1,763 |
High Yield |  |  | – |  |  |  | 351 |  |  |  | – |  |  |  | 351 |
Inflation Protected Bond |  |  | – |  |  |  | 437 |  |  |  | – |  |  |  | 437 |
Money Market |  |  | – |  |  |  | 16 |  |  |  | – |  |  |  | 16 |
Total |  | $ | 8,308 |  |  | $ | 11,740 |  |  | $ | – |  |  | $ | 20,048 |

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