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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of changes in the Projected Benefit Obligation and Plan Assets
Information regarding the pension plan is as follows:
December 31,
(In thousands)20232022
Change in projected benefit obligation:  
Projected benefit obligation at beginning of year$3,729 $5,328 
Service Cost59 68 
Interest cost186 141 
Actuarial loss(20)(1,508)
Benefits paid(250)(263)
Settlements(62)(37)
Projected benefit obligation at end of year3,642 3,729 
Accumulated benefit obligation3,642 3,729 
Change in fair value of plan assets:  
Fair value of plan assets at plan beginning of year4,683 5,962 
Actual return on plan assets628 (979)
Contributions by employer— — 
Benefits paid(250)(263)
Settlements(62)(37)
Fair value of plan assets at end of year4,999 4,683 
(Overfunded) status$(1,357)$(954)
Information regarding the postretirement plans is as follows:
December 31,
(In thousands)20232022
Change in accumulated postretirement benefit obligation:  
Accumulated post-retirement benefit obligation at beginning of year$3,215 $4,521 
Service Cost7 12 
Interest cost166 122 
Participant contributions— — 
Actuarial loss58 (1,396)
Benefits paid(140)(44)
Accumulated post-retirement benefit obligation at end of year$3,306 $3,215 
Change in plan assets:  
Fair value of plan assets at beginning of year$— $— 
Contributions by employer140 44 
Contributions by participant— — 
Benefits paid(140)(44)
Fair value of plan assets at end of year$— $— 
Schedule of Amounts Recognized in Statement of Financial Position
Amounts Recognized on Consolidated Balance Sheets
Other assets$1,357 $954 
Other liabilities— — 
Amounts Recognized on Consolidated Balance Sheets  
Other Liabilities$3,306 $3,215 
Schedule of Net Periodic Cost
Net periodic pension cost is comprised of the following:
December 31,
(In thousands)202320222021
Service Cost$59 $68 $59 
Interest Cost186 141 140 
Expected return on plan assets(295)(376)(410)
Amortization of unrecognized actuarial loss6 11 103 
Net periodic pension (credit)$(44)$(156)$(108)
Net periodic post-retirement cost is comprised of the following:
December 31,
(In thousands)202320222021
Service cost$7 $12 $13 
Interest costs166 122 113 
Amortization of net prior service credit83 83 83 
Amortization of net actuarial loss(64)30 55 
Net periodic post-retirement costs$192 $247 $264 
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive income are as follows:
December 31,
(In thousands)202320222021
Amortization of actuarial (loss)$(6)$(11)$(103)
Actuarial (gain)(353)(154)(495)
Settlement charge— — (58)
Total recognized in accumulated other comprehensive income(359)(165)(656)
Total recognized in net periodic pension cost recognized and other comprehensive income$(403)$(321)$(764)
Changes in benefit obligations recognized in accumulated other comprehensive income are as follows:
December 31,
(In thousands)202320222021
Amortization of prior service credit$(83)$(83)$(83)
Net actuarial (gain)(1,148)(1,426)(253)
Total recognized in accumulated other comprehensive income(1,231)(1,509)(336)
Accrued post-retirement liability recognized$3,306 $3,215 $4,521 
Schedule of Principal Actuarial Assumptions
The principal actuarial assumptions used are as follows:
December 31,
 202320222021
Projected benefit obligation  
Discount rate4.99 %5.21 %2.73 %
Net periodic pension cost  
Discount rate5.21 %2.73 %2.35 %
Long term rate of return on plan assets6.50 %6.50 %7.00 %
Schedule of Fair Values of the Plan's Assets by Asset Category and Level Within the Fair Value Hierarchy
The fair value of the Plan’s assets by category within the fair value hierarchy are as follows at December 31, 2023 and December 31, 2022. During 2023, the Plan's equity mutual funds and fixed income mutual funds were transferred to Level 1 from Level 2 because they are actively traded and quoted prices were available. The Plan did not hold any assets classified as Level 3.
December 31, 2023
Asset Category (In thousands)TotalLevel 1Level 2
Equity Mutual Funds:  
Large-Cap$1,357 $1,357 $— 
Mid-Cap364 364 — 
Small-Cap386 386 — 
International828 828 — 
Fixed Income Mutual Funds:
Intermediate Duration1,674 1,674 — 
Equity Common/Collective Trusts:
Large-Cap336 — 336 
Cash Equivalents - money market54 54 — 
Total$4,999 $4,663 $336 
December 31, 2022
Asset Category (In thousands)TotalLevel 1Level 2
Equity Mutual Funds:   
Large-Cap$1,441 $— $1,441 
Mid-Cap383 — 383 
Small-Cap318 — 318 
International814 — 814 
Fixed Income - US Core1,167 — 1,167 
Intermediate Duration396 — 396 
Cash Equivalents - money market164 72 92 
Total$4,683 $72 $4,611 
Schedule of Estimated Benefit Payments
Estimated benefit payments under the pension plans over the next 10 years at December 31, 2023 are as follows:
YearPayments (In thousands)
2024277 
2025271 
2026264 
2027258 
2028 - 20331,551 
Estimated benefit payments under the post-retirement benefit plan over the next ten years at December 31, 2023 are as follows:
YearPayments (In thousands)
2024115 
2025112 
2026108 
2027111 
2028 - 20331,140 
Schedule of Amounts in Accumulated Other Comprehensive Income That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:
December 31,
(In thousands)202320222021
Net prior service cost$1,075 $1,159 $1,242 
Net actuarial (gain)/loss(690)(812)615 
Total recognized in accumulated other comprehensive income$385 $347 $1,857