Annual report pursuant to Section 13 and 15(d)

Pension Plans (Tables)

v3.22.4
Pension Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of information related to the retirement plan
    2022     2021  
Changes in plan assets:            
Fair value of plan assets, beginning   $ 19,987     $ 17,588  
Actual gains (losses)     (3,315 )     2,399  
Benefits paid     (784 )     (763 )
Company contributions     800       763  
Participant contributions    
—
      
—
  
Fair value of plan assets, ending   $ 16,688     $ 19,987  
Less: projected accumulated benefit obligation   $ 17,956     $ 23,828  
Funded status, (underfunded)/overfunded   $ (1,268 )   $ (3,841 )
                 
Amounts recognized in the consolidated balance sheets:                
Other liabilities   $ (1,268 )   $ (3,841 )
Accumulated other comprehensive (gain) loss   $ (1,166 )   $ 574  
                 
Assumptions used in computation of benefit obligations:                
Discount rate     5.15 %     2.80 %
Expected long-term return on plan assets     6.50 %     5.75 %
Rate of compensation increase    
—
      
—
  

 
Schedule of net periodic benefit costs
    Years Ended December 31,  
    2022     2021     2020  
Components of net periodic benefit costs are as follows:                  
Service cost   $ 404     $ 436     $ 405  
Interest cost     655       605       690  
Amortization of net loss    
—
       98      
—
  
Expected return on plan assets     (1,090 )     (952 )     (903 )
Net periodic (benefit) cost   $ (31 )   $ 187     $ 192  

 
Schedule of expected benefit payments

December 31:

      
2023   $ 950  
2024     980  
2025     1,040  
2026     1,050  
2027     1,070  
2028-32     6,030  
    $ 11,120  

 
Schedule of information related to the retirement plan
    2022     2021  
Amounts at the end of the year:            
Accumulated/projected benefit obligation   $ 3,907     $ 4,313  
Fair value of plan assets    
—
      
—
  
Funded status, (underfunded)/overfunded   $ (3,907 )   $ (4,313 )
                 
Amounts recognized in the consolidated balance sheets:                
Accrued liabilities   $ (310 )   $ (210 )
Other liabilities   $ (3,597 )   $ (4,103 )
Accumulated other comprehensive (income) loss   $ (656 )   $ (290 )
                 
Discount rate used in computation of benefit obligations     4.95 %     2.50 %

 
Schedule of net periodic benefit costs
    Years Ended December 31,  
    2022     2021     2020  
Components of net periodic benefit costs are as follows:                  
Service cost   $ 26     $ 42     $ 54  
Interest cost     105       105       151  
Amortization of prior service cost    
—
       25       30  
Net periodic benefit cost   $ 131     $ 172     $ 235  
Amounts recognized in the plan for the year:                        
Participant contributions   $ 43     $ 32     $ 26  
Benefits paid   $ 215     $ 217     $ 200  

 
Schedule of expected benefit payments
December 31:      
2023   $ 310  
2024     340  
2025     350  
2026     410  
2027     420  
2028-2032     1,760  
    $ 3,590