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Retirement Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Retirement Plans and Other Postretirement Benefits
Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$48,777 $47,279 $2,209 $2,524 
Service cost565 532 56 76 
Interest cost2,383 2,365 108 129 
Actuarial (loss) gain(2,225)1,436 (301)(427)
Benefits paid(4,730)(2,835)(86)(93)
Benefit obligation at end of year$44,770 $48,777 $1,986 $2,209 
Change in plan assets:
Fair value of plan assets at beginning of year$54,348 $49,399 $— $— 
Actual return on plan assets7,002 7,627 — — 
Benefits paid(4,730)(2,835)(86)(93)
Employer contribution and non-qualified benefit payments157 157 86 93 
Fair value of plan assets at end of year$56,777 $54,348 $— $— 
Funded status12,007 5,571 (1,986)(2,209)
Unrecognized net actuarial loss (gain)9,265 15,715 (1,015)(784)
Net amount recognized$21,272 $21,286 $(3,001)$(2,993)
Components of Net Periodic Benefit Cost (Income)
Components of net periodic benefit cost (income) were as follows: 
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)202420232022202420232022
Service cost$565 $532 $558 $56 $76 $123 
Interest cost2,383 2,365 1,573 108 129 96 
Expected loss on plan assets(3,478)(3,056)(3,756)— — — 
Amortization of net actuarial loss (gain)700 1,001 817 (113)(16)56 
Net periodic benefit cost (income)$170 $842 $(808)$51 $189 $275 
Expected Amortization Expense
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
Expected amortization expense for 2025:
Amortization (accretion) of net actuarial loss (gain)$251 $(102)
Summary of Benefit Payments Expected to be Paid
The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
For the fiscal year ending:
2025$3,202 $107 
20263,270 112 
20273,297 117 
20283,328 121 
20293,365 128 
Years 2030-203416,818 680 
       Total$33,280 $1,265 
Weighted-Average Assumptions Used to Determine Benefit Obligations
Weighted-average assumptions used to determine benefit obligations at December 31, 2024 and 2023 were as follows:
Retirement PlansOther Postretirement Benefits
2024202320242023
Assumed discount rate5.6 %5.0 %5.6 %5.0 %
Assumed salary increase rate3%-6%3%-6%— — 

The benefit obligation for all plans at December 31, 2024 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date.

Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2024 and 2023 were as follows:
Retirement PlansOther Postretirement Benefits
2024202320242023
Assumed discount rate5.0 %5.2 %5.0 %5.2 %
Assumed long-term rate of investment return6.5 %6.5 %— — 
Assumed salary increase rate3%-6%3%-6%— — 
Assumed cash balance interest crediting rate5.6 %4.8 %— — 
Summary of Corporation's Pension Plan Asset Allocation
The Corporation's pension plan asset allocation at December 31, 2024 and 2023, by asset category was as follows:
Percentage of Plan Assets at December 31,
20242023
Asset Category:
Equity securities60 %64 %
Debt securities38 34 
Other2 2 
Total100 %100 %
Major Categories of Assets in Corporation's Pension Plan
The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures."
Fair Value Measurements at December 31,
(Dollars in thousands)20242023
Level 1:
Mutual funds$35,030 $35,554 
Short-term investments1,042 1,208 
U.S. treasury bonds1,641 243 
Level 2:
U.S. government obligations7,427 7,699 
Corporate bonds9,855 6,937 
Certificates of deposit1,782 2,707 
Total fair value of plan assets$56,777 $54,348