Pension Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Pension Plans [Line Items] |
|
| Schedule of Information Related to the Retirement Plan |
Information
related to the Retirement Plan as of and for the years ended December 31, 2023 and 2022 is presented below (dollars in thousands):
| |
|
2023 |
|
|
2022 |
|
| Changes in plan assets: |
|
|
|
|
|
|
| Fair value of plan assets, beginning |
|
$ |
16,688 |
|
|
$ |
19,987 |
|
| Actual gains (losses) |
|
|
2,376 |
|
|
|
(3,315 |
) |
| Benefits paid |
|
|
(834 |
) |
|
|
(784 |
) |
| Company contributions |
|
|
255 |
|
|
|
800 |
|
| Participant contributions |
|
|
— |
|
|
|
— |
|
| Fair value of plan assets, ending |
|
$ |
18,485 |
|
|
$ |
16,688 |
|
| Less: projected accumulated benefit obligation |
|
$ |
18,590 |
|
|
$ |
17,956 |
|
| Funded status, (underfunded)/overfunded |
|
$ |
(105 |
) |
|
$ |
(1,268 |
) |
| |
|
|
|
|
|
|
|
|
| Amounts recognized in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
| Other liabilities |
|
$ |
(105 |
) |
|
$ |
(1,268 |
) |
| Accumulated other comprehensive loss |
|
$ |
(2,231 |
) |
|
$ |
(1,166 |
) |
| |
|
|
|
|
|
|
|
|
| Assumptions used in computation of benefit obligations: |
|
|
|
|
|
|
|
|
| Discount rate |
|
|
4.90 |
% |
|
|
5.15 |
% |
| 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, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Components of net periodic benefit costs are as follows: |
|
|
|
|
|
|
|
|
|
| Service
cost |
|
$ |
249 |
|
|
$ |
404 |
|
|
$ |
436 |
|
| Interest
cost |
|
|
900 |
|
|
|
655 |
|
|
|
605 |
|
| Amortization
of net loss |
|
|
— |
|
|
|
— |
|
|
|
98 |
|
| Expected
return on plan assets |
|
|
(993 |
) |
|
|
(1,090 |
) |
|
|
(952 |
) |
| Net
periodic cost (benefit) |
|
$ |
156 |
|
|
$ |
(31 |
) |
|
$ |
187 |
|
|
| 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
| December 31: |
|
|
|
|
| 2024 |
|
|
$ |
960 |
|
| 2025 |
|
|
|
1,030 |
|
| 2026 |
|
|
|
1,070 |
|
| 2027 |
|
|
|
1,100 |
|
| 2028 |
|
|
|
1,140 |
|
| 2029-33 |
|
|
|
6,280 |
|
| |
|
|
$ |
11,580 |
|
|
| Schedule of Information Related to the Postretirement Plan |
Information
related to the Postretirement Plan as of December 31, 2023 and 2022 is presented below (dollars in thousands):
| |
|
2023 |
|
|
2022 |
|
| Amounts at the end of the year: |
|
|
|
|
|
|
| Accumulated/projected
benefit obligation |
|
$ |
4,294 |
|
|
$ |
3,907 |
|
| Fair value of plan
assets |
|
|
— |
|
|
|
— |
|
| Funded
status, (underfunded)/overfunded |
|
$ |
(4,294 |
) |
|
$ |
(3,907 |
) |
| |
|
|
|
|
|
|
|
|
| Amounts recognized in
the consolidated balance sheets: |
|
|
|
|
|
|
|
|
| Accrued liabilities |
|
$ |
(320 |
) |
|
$ |
(310 |
) |
| Other liabilities |
|
$ |
(3,974 |
) |
|
$ |
(3,597 |
) |
| Accumulated other comprehensive
loss |
|
$ |
(250 |
) |
|
$ |
(656 |
) |
| |
|
|
|
|
|
|
|
|
| Discount rate used in
computation of benefit obligations |
|
|
4.75 |
% |
|
|
4.95 |
% |
|
| Schedule of Net Periodic Benefit Costs |
| |
|
Years
Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Components of net periodic benefit costs are as follows: |
|
|
|
|
|
|
|
|
|
| Service
cost |
|
$ |
14 |
|
|
$ |
26 |
|
|
$ |
42 |
|
| Interest
cost |
|
|
186 |
|
|
|
105 |
|
|
|
105 |
|
| Amortization
of prior service cost |
|
|
(53 |
) |
|
|
— |
|
|
|
25 |
|
| Net
periodic benefit cost |
|
$ |
147 |
|
|
$ |
131 |
|
|
$ |
172 |
|
| Amounts recognized
in the plan for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
| Participant
contributions |
|
$ |
36 |
|
|
$ |
43 |
|
|
$ |
32 |
|
| Benefits
paid |
|
$ |
201 |
|
|
$ |
215 |
|
|
$ |
217 |
|
|
| 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
| December 31: |
|
|
|
|
| 2024 |
|
|
$ |
320 |
|
| 2025 |
|
|
|
350 |
|
| 2026 |
|
|
|
430 |
|
| 2027 |
|
|
|
440 |
|
| 2028 |
|
|
|
450 |
|
| 2029-2033 |
|
|
|
1,940 |
|
| |
|
|
$ |
3,930 |
|
|