Pension Plans (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Pension Plans [Abstract] |
|
| Schedule of Information Related to the Retirement Plan |
Information related to the Retirement Plan as of
and for the years ended December 31, 2024 and 2023 is presented below (dollars in thousands):
| |
|
2024 |
|
|
2023 |
|
| Changes in plan assets: |
|
|
|
|
|
|
| Fair value of plan assets, beginning |
|
$ |
18,485 |
|
|
$ |
16,688 |
|
| Actual gains |
|
|
1,711 |
|
|
|
2,376 |
|
| Benefits paid |
|
|
(829 |
) |
|
|
(834 |
) |
| Company contributions |
|
|
800 |
|
|
|
255 |
|
| Participant contributions |
|
|
— |
|
|
|
— |
|
| Fair value of plan assets, ending |
|
$ |
20,167 |
|
|
$ |
18,485 |
|
| Less: projected accumulated benefit obligation |
|
$ |
17,530 |
|
|
$ |
18,590 |
|
| Funded status, overfunded (underfunded) |
|
$ |
2,637 |
|
|
$ |
(105 |
) |
| |
|
|
|
|
|
|
|
|
| Amounts recognized in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
| Other assets |
|
$ |
2,637 |
|
|
$ |
— |
|
| Other liabilities |
|
$ |
— |
|
|
$ |
(105 |
) |
| Accumulated other comprehensive income |
|
$ |
(4,167 |
) |
|
$ |
(2,231 |
) |
| |
|
|
|
|
|
|
|
|
| Assumptions used in computation of benefit obligations: |
|
|
|
|
|
|
|
|
| Discount rate |
|
|
5.50 |
% |
|
|
4.90 |
% |
| Expected long-term return on plan assets |
|
|
6.50 |
% |
|
|
6.50 |
% |
| Rate of compensation increase |
|
|
— |
|
|
|
— |
|
|
| Schedule of Components of Net Periodic Benefit Costs |
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Components of net periodic benefit costs are as follows: |
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
267 |
|
|
$ |
249 |
|
|
$ |
404 |
|
| Interest cost |
|
|
887 |
|
|
|
900 |
|
|
|
655 |
|
| Expected return on plan assets |
|
|
(1,103 |
) |
|
|
(993 |
) |
|
|
(1,090 |
) |
| Net periodic cost (benefit) |
|
$ |
51 |
|
|
$ |
156 |
|
|
$ |
(31 |
) |
|
| Schedule of Expected Benefit Payments |
The following table summarizes the expected benefit
payments for the Company’s Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years
thereafter (in thousands):
| December 31: |
|
|
|
| 2025 |
|
$ |
1,000 |
|
| 2026 |
|
|
1,040 |
|
| 2027 |
|
|
1,080 |
|
| 2028 |
|
|
1,130 |
|
| 2029 |
|
|
1,160 |
|
| 2030-34 |
|
|
6,480 |
|
| |
|
$ |
11,890 |
|
|
| Schedule of Information Related to the Postretirement Plan |
Information related to the Postretirement Plan as of December 31, 2024
and 2023 is presented below (dollars in thousands):
| |
|
2024 |
|
|
2023 |
|
| Amounts at the end of the year: |
|
|
|
|
|
|
| Accumulated/projected benefit obligation |
|
$ |
3,783 |
|
|
$ |
4,294 |
|
| Fair value of plan assets |
|
|
— |
|
|
|
— |
|
| Funded status, underfunded |
|
$ |
(3,783 |
) |
|
$ |
(4,294 |
) |
| |
|
|
|
|
|
|
|
|
| Amounts recognized in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
| Accrued liabilities |
|
$ |
(280 |
) |
|
$ |
(320 |
) |
| Other liabilities |
|
$ |
(3,503 |
) |
|
$ |
(3,974 |
) |
| Accumulated other comprehensive income |
|
$ |
(808 |
) |
|
$ |
(250 |
) |
| |
|
|
|
|
|
|
|
|
| Discount rate used in computation of benefit obligations |
|
|
5.30 |
% |
|
|
4.75 |
% |
|
| Schedule of Net Periodic Benefit Costs |
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Components of net periodic benefit costs are as follows: |
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
19 |
|
|
$ |
14 |
|
|
$ |
26 |
|
| Interest cost |
|
|
196 |
|
|
|
186 |
|
|
|
105 |
|
| Amortization of prior service cost |
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
| Net periodic benefit cost |
|
$ |
215 |
|
|
$ |
147 |
|
|
$ |
131 |
|
| Amounts recognized in the plan for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
| Participant contributions |
|
$ |
35 |
|
|
$ |
36 |
|
|
$ |
43 |
|
| Benefits paid |
|
$ |
204 |
|
|
$ |
201 |
|
|
$ |
215 |
|
|
| Schedule of Expected Benefit Payments |
The following table summarizes the expected benefit
payments for the Company’s Postretirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years
thereafter (in thousands):
|
December 31: |
|
|
|
| 2025 |
|
$ |
280 |
|
| 2026 |
|
|
360 |
|
| 2027 |
|
|
390 |
|
| 2028 |
|
|
420 |
|
| 2029 |
|
|
400 |
|
| 2030-2034 |
|
|
1,780 |
|
| |
|
$ |
3,630 |
|
|