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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Benefit Plans

Schedule of Information about the plan's funded status and pension cost

​

​	​	​	​	​	​	​
​	​	Pension Benefits
​		2022			2021
​	​	(In thousands)
Change in benefit obligation		​			​
Beginning of year	​	$	(7,558)	​	$	(7,215)
Service cost	​		(519)	​	​	(528)
Interest cost	​		(274)	​	​	(239)
Actuarial gain (loss)	​		2,989	​	​	45
Benefits paid	​		282	​	​	379
​	​		​	​	​	​
End of year	​		(5,078)	​	​	(7,558)
​	​		​	​	​	​
Change in fair value of plan assets	​		​	​	​	​
Beginning of year	​		7,744	​	​	6,522
Actual return on plan assets	​		(1,217)	​	​	944
Employer contribution	​		744	​	​	657
Benefits paid	​		(283)	​	​	(379)
​	​		​	​	​	​
End of year	​		6,988	​	​	7,744
​	​		​	​	​	​
Funded (unfunded) status at end of year	​	$	1,910	​	$	186

​

Schedule of components of net periodic benefit cost

​

​	​	​	​	​	​	​
​	​	Pension Benefits
​		2022			2021
​	​	(In thousands)
Unamortized net loss	​	$	1,150	​	$	2,531
Unamortized prior service	​		(315)	​		(403)
​	​		​	​		​
​	​	$	835	​	$	2,128

​

Schedule of Information For the Pension Plan With Respect To Accumulated Benefit Obligation And Plan Assets

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(In thousands)
Projected benefit obligation	​	$	5,078	​	$	7,558
Accumulated benefit obligation	​	$	4,421	​	$	6,405
Fair value of plan assets	​	$	6,988	​	$	7,744

​

Schedule of pension expense

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(In thousands)
Projected benefit obligation	​	$	5,078	​	$	7,558
Accumulated benefit obligation	​	$	4,421	​	$	6,405
Fair value of plan assets	​	$	6,988	​	$	7,744

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(In thousands)
Components of net periodic benefit cost		​			​
Service cost	​	$	519	​	$	528
Interest cost	​		274	​		239
Expected return on plan assets	​		(575)	​		(487)
Amortization of prior service credit	​		(89)	​		(89)
Amortization of net loss	​		183	​		270
​	​		​	​		​
Net periodic benefit cost	​	$	312	​	$	461

​

Schedule of Significant Assumptions

​

​	​	​	​	​	​
​	​	Pension Benefits
​		2022		2021
Weighted-average assumptions used to determine benefit obligation:					​
Discount rate		3.75	%	3.75	%
Rate of compensation increase		3.50	%	3.50	%
​		​		​	​
Weighted-average assumptions used to determine benefit cost:		​		​	​
Discount rate		3.75	%	3.75	%
Expected return on plan assets		7.00	%	7.00	%
Rate of compensation increase		3.50	%	3.50	%

​

Schedule of Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2022:

​

​	​	​	​
​		Pension
​	​	Benefits
​		(In thousands)
2023	​	$	285
2024	​	​	304
2025	​		333
2026	​		318
2027	​		613
2028-2032	​		3,795
Total	​	$	5,648

​

Schedule of Target Asset Allocation Percentages

​

​	​	​
Large-Cap stocks		Not to exceed 68%
Small-Cap stocks		Not to exceed 23%
Mid-Cap stocks		Not to exceed 23%
International equity securities		Not to exceed 30%
Fixed income investments		Not to exceed 35%
Alternative investments		Not to exceed 19%

Schedule of Investment of Fair Value of Plan Assets as a Percentage of the Total

​

​	​	​	​	​	​
​	​	December 31,
​		2022		2021
Equity securities		70.0	%	69.5	%
Debt securities		27.8		28.0	​
Cash and cash equivalents		2.2		2.5	​
​		​		​	​
​		100.0	%	100.0	%

​

Schedule of Fair Values of Company's Pension Plan By Asset Category

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

​

​

​

Fair Value Measurements Using

​

​

​

Quoted Prices

Significant

​

​

​

​

​

in Active

Other

Significant

​

​

​

​

Markets for

Observable

Unobservable

​

​

Total Fair

Identical Assets

Inputs

Inputs

Asset Category

​

Value

(Level 1)

(Level 2)

​

(Level 3)

​

(In thousands)

Mutual money market

​

$

154

​

$

154

​

$

—

​

$

—

Mutual funds – equities

​

​

​

​

​

​

ETF mutual funds

​

4,445

​

4,445

​

—

​

—

Large and small Cap

​

142

​

142

​

—

​

—

International

​

301

​

301

​

​

Mutual funds – fixed income

​

​

​

​

​

​

Fixed income

​

1,348

​

1,348

​

—

​

—

ETF fixed income

​

598

​

598

​

—

​

—

​

​

​

​

​

​

​

Total

​

$

6,988

​

$

6,988

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

​

​

​

Fair Value Measurements Using

​

​

​

Quoted Prices

Significant

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

Total Fair

​

Identical Assets

​

Inputs

​

Inputs

Asset Category

​

Value

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

(In thousands)

Mutual money market

​

$

198

​

$

198

​

$

—

​

$

—

Mutual funds – equities

​

​

​

​

​

​

ETF mutual funds

​

4,964

​

4,964

​

—

​

—

Large and small Cap

​

99

​

99

​

—

​

—

International

​

319

​

319

​

​

Mutual funds – fixed income

​

​

​

​

​

​

Fixed income

​

1,340

​

1,340

​

—

​

—

ETF fixed income

​

824

​

824

​

—

​

—

​

​

​

​

​

​

​

Total

​

$

7,744

​

$

7,744

​

$

—

​

$

—

​

Schedule of Share Information for the ESOP

​

​	​	​	​	​	​	​
​		2022			2021
Allocated shares at beginning of the year	​	​	398,104	​	​	417,086
Net shares distributed due to retirement/diversification	​		(13,700)	​		(18,982)
​	​		​	​		​
Total ESOP shares	​		384,404	​		398,104
​	​		​	​		​
Fair value of unearned shares at December 31st	​	$	—	​	$	—

​

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