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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

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,
		2024				2023
		(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year		$	15,477			$	15,952
Interest cost			695				753
Assumption changes			(564	)			(3	)
Actuarial (gain) loss			(223	)			(271	)
Settlements			–				–
Benefits paid			(1,113	)			(954	)
Projected benefit obligation, end of year		$	14,272			$	15,477
Change in Plan Assets
Fair value of plan assets, beginning of year		$	20,048			$	18,768
Return on assets			2,967				2,347
Employer contribution			–				–
Expenses			(122	)			(113	)
Settlements			–				–
Benefits paid			(1,113	)			(954	)
Fair value of plan assets, end of year		$	21,780			$	20,048
Funded Status at end of year		$	7,508			$	4,571

Schedule of weighted average assumptions used to determine benefit obligations

Schedule of weighted average assumptions used to determine benefit obligations
		December, 31
		2024				2023
Weighted average assumptions used to determine benefit obligations
Discount rate			5.32%				4.68%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate			4.68%				4.87%
Expected return on plan assets			6.75%				7.00%

Schedule of components of net periodic benefit cost

Schedule of components of net periodic benefit cost
		December 31,
		2024				2023				2022
		(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets		$	7,508			$	4,571			$	2,816
Other liabilities			–				–				–
Net amount recognized		$	7,508			$	4,571			$	2,816
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss		$	1,593			$	4,130			$	5,716
Unrecognized transition asset			–				–				–
Net amount recognized		$	1,593			$	4,130			$	5,716
Components of net periodic benefit cost
Interest cost		$	695			$	753			$	579
Expected return on assets			(1,311	)			(1,280	)			(1,860	)
Amortization of transition asset			–				–				–
Amortization of net loss			216				358				105
Net periodic benefit cost			(400	)			(169	)			(1,176	)
Settlement (gain)/loss			–				–				256
Total		$	(400	)		$	(169	)		$	(920	)
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)		$	(2,937	)		$	(1,755	)		$	1,003
Prior service cost (credit)			–				–				–
Amortization of prior service cost			–				–				–
Net amount recognized in other comprehensive loss (income)		$	(2,937	)		$	(1,755	)		$	1,003

Schedule of weighted average asset allocation of our pension benefits

Schedule of weighted average asset allocation of our pension benefits
		December 31,
		2024				2023
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
Cash Flows
Estimated Future Benefit Payments (In thousands)
2025		$	1,206
2026			1,324
2027			1,240
2028			1,129
2029			942
Years 2030 - 2034			5,954
Anticipated Contributions in 2025		$	–

Schedule of fair value of plan assets

Schedule of fair value of plan assets
		December 31, 2024
		Level 1 (1)				Level 2 (2)				Level 3 (3)				Total
Investment Name:		(in thousands)
Company Common Stock		$	9,617			$	–			$	–			$	9,617
Large Cap Value			–				2,198				–				2,198
Mid Cap Index			–				625				–				625
Small Cap Growth			–				631				–				631
Small Cap Value			–				599				–				599
Large Cap Blend			–				722				–				722
Growth			–				2,713				–				2,713
International Growth			–				2,249				–				2,249
Core Bond			–				1,656				–				1,656
High Yield			–				348				–				348
Inflation Protected Bond			–				407				–				407
Money Market			–				15				–				15
Total		$	9,617			$	12,163			$	–			$	21,780

		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

________________________

	(1)	Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
	(2)	All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
	(3)	There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

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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.

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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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.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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