Annual report pursuant to Section 13 and 15(d)

Pension Plans (Tables)

v3.22.0.1
Pension Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Plan [Member]  
Pension Plans (Tables) [Line Items]  
Schedule of information related to the retirement plan
    2021     2020  
Changes in plan assets:            
Fair value of plan assets, beginning   $ 17,588     $ 15,654  
Actual gains     2,399       1,969  
Benefits paid     (763 )     (721 )
Company contributions     763       686  
Participant contributions    
—
      
—
  
Fair value of plan assets, ending   $ 19,987     $ 17,588  
Less: projected accumulated benefit obligation   $ 23,828     $ 24,629  
Funded status, (underfunded)/overfunded   $ (3,841 )   $ (7,041 )
                 
Amounts recognized in the consolidated balance sheets:                
Other liabilities   $ (3,841 )   $ (7,041 )
Accumulated other comprehensive loss   $ 574     $ 3,199  
                 
Assumptions used in computation of benefit obligations:                
Discount rate     2.80 %     2.50 %
Expected long-term return on plan assets     5.75 %     6.25 %
Rate of compensation increase    
—
      
—
  

 
Schedule of components of net periodic benefit costs
    Years Ended December 31,  
    2021     2020     2019  
Components of net periodic benefit costs are as follows:                  
Service cost   $ 436     $ 405     $ 374  
Interest cost     605       690       760  
Amortization of net loss     98      
—
      
—
  
Expected return on plan assets     (952 )     (903 )     (760 )
Net periodic benefit cost   $ 187     $ 192     $ 374  

 
Schedule of expected benefit payments
December 31:      
2022   $ 850  
2023     900  
2024     940  
2025     1,000  
2026     1,020  
2027-31     5,780  
    $ 10,490  

 
Postretirement Plan [Member]  
Pension Plans (Tables) [Line Items]  
Schedule of information related to the retirement plan
    2021     2020  
Amounts at the end of the year:            
Accumulated/projected benefit obligation   $ 4,313     $ 5,296  
Fair value of plan assets    
—
      
—
  
Funded status, (underfunded)/overfunded   $ (4,313 )   $ (5,296 )
                 
Amounts recognized in the consolidated balance sheets:                
Accrued liabilities   $ (210 )   $ (300 )
Other liabilities   $ (4,103 )   $ (4,996 )
Accumulated other comprehensive (income) loss   $ (290 )   $ 679  
                 
Discount rate used in computation of benefit obligations     2.50 %     2.05 %

 
Schedule of components of net periodic benefit costs
    Years Ended December 31,  
    2021     2020     2019  
Components of net periodic benefit costs are as follows:                  
Service cost   $ 42     $ 54     $ 67  
Interest cost     105       151       219  
Amortization of prior service cost     25       30       122  
Net periodic benefit cost   $ 172     $ 235     $ 408  
Amounts recognized in the plan for the year:                        
Participant contributions   $ 32     $ 26     $ 24  
                         
Benefits paid   $ 217     $ 200     $ 195  

 
Schedule of expected benefit payments
December 31:      
2022   $ 210  
2023     240  
2024     260  
2025     280  
2026     330  
2027-2031     1,720  
    $ 3,040