RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components:

(Dollar amounts in thousands)	2022		2021		2020
Service cost - benefits earned	$	1,190	$	1,355	$	1,300
Interest cost on projected benefit obligation		2,826		2,632		3,116
Expected return on plan assets		(4,910)		(4,713)		(4,198)
Net amortization and deferral		1,259		2,072		1,968
Net periodic pension cost		365		1,346		2,186
Net loss (gain) during the period		(5,323)		(5,883)		3,188
Amortization of prior service cost		—		(1)		(1)
Amortization of unrecognized (gain) loss		(1,259)		(2,072)		(1,967)
Total recognized in other comprehensive (income) loss		(6,582)		(7,956)		1,220
Total recognized net periodic pension cost and other comprehensive income	$	(6,217)	$	(6,610)	$	3,406

Schedule of Defined Benefit Plans Disclosures

The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation’s retirement program. Actuarial present value of benefits is based on service to date and present pay levels.

(Dollar amounts in thousands)	2022		2021
Change in benefit obligation:
Benefit obligation at January 1	$	106,496	$	109,922
Service cost		1,190		1,355
Interest cost		2,826		2,632
Actuarial (gain) loss		(21,350)		(2,943)
Benefits paid		(5,584)		(4,470)
Benefit obligation at December 31		83,578		106,496
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1		87,979		82,437
Actual return on plan assets		(11,117)		7,654
Employer contributions		456		2,358
Benefits paid		(5,584)		(4,470)
Fair value of plan assets at December 31		71,734		87,979
Funded status at December 31 (plan assets less benefit obligation)	$	(11,844)	$	(18,517)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2022		Change		12/31/2022
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	13,155	$	(144,290)	$	(131,135)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,519		(280)		2,239
Total unrealized gain (loss) on securities available-for-sale	$	15,674	$	(144,570)	$	(128,896)
Unrealized gain (loss) on retirement plans		(18,100)		7,022		(11,078)
TOTAL	$	(2,426)	$	(137,548)	$	(139,974)

	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2021		Change		12/31/2021
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	31,810	$	(18,655)	$	13,155
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,352		167		2,519
Total unrealized income (loss) on securities available-for-sale	$	34,162	$	(18,488)	$	15,674
Unrealized gain (loss) on retirement plans		(24,398)		6,298		(18,100)
TOTAL	$	9,764	$	(12,190)	$	(2,426)

Schedule of Assumptions Used

The accumulated benefit obligation for the defined benefit pension plan was $81.5 million and $102.4 million at year-end 2022 and 2021.

Principal assumptions used to determine pension benefit obligation at year end:	2022		2021
Discount rate	5.02	%	2.83	%
Rate of increase in compensation levels	3.00		3.00

Principal assumptions used to determine net periodic pension cost:	2022		2021
Discount rate	2.83	%	2.52	%
Rate of increase in compensation levels	3.00		3.00
Expected long-term rate of return on plan assets	6.00		6.00

Schedule of Allocation of Plan Assets

	Pension Plan		ESOP		Pension				ESOP
	Target		Target		Percentage of Plan				Percentage of Plan
	Allocation		Allocation		Assets at December 31,				Assets at December 31,
ASSET CATEGORY	2022		2022		2022		2021		2022		2021
Equity securities	25-75	%	95-99	%	63	%	63	%	99	%	98	%
Debt securities	0-50	%	0-0	%	34	%	32	%	—	%	—	%
Other	0-20	%	0-5	%	3	%	5	%	1	%	2	%
TOTAL					100	%	100	%	100	%	100	%

Schedule Of Fair Value Of Plan Assets

The fair value of the plan assets at December 31, 2022 and 2021, by asset category, is as follows:

			Fair Value Measurements at
			December 31, 2022 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	52,319	$	52,319	$	—	$	—
Debt securities		10,409		—		10,409		—
Investment Funds		9,006		9,006		—		—
Total plan assets	$	71,734	$	61,325	$	10,409	$	—

			Fair Value Measurements at
			December 31, 2021 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	62,382	$	62,382	$	—	$	—
Debt securities		10,102		—		10,102		—
Investment Funds		15,495		15,495		—		—
Total plan assets	$	87,979	$	77,877	$	10,102	$	—

Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:

PENSION BENEFITS
(Dollar amounts in thousands)
2023	$	6,844
2024		7,034
2025		7,175
2026		7,384
2027		7,490
2028-2032		38,028

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:

(Dollar amounts on thousands)
2023	$	—
2024		374
2025		731
2026		711
2027		730
2028-2032		3,457

Schedule Of Weighted Average Assumptions

Weighted average assumptions at December 31:

	December 31,
	2022		2021
Discount rate	5.02	%	2.83	%
Initial weighted health care cost trend rate	5.00	%	5.00	%
Ultimate health care cost trend rate	5.00		5.00
Year that the rate is assumed to stabilize and remain unchanged	2023		2022

Pension Plan [Member]

Defined Benefit Plan Disclosure

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income at December 31, 2022 and 2021 consist of:

(Dollar amounts in thousands)	2022		2021
Net loss (gain)	$	14,469	$	21,051
Prior service cost (credit)		—		—
	$	14,469	$	21,051

Postretirement Health Coverage

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

	December 31,
(Dollar amounts in thousands)	2022		2021
Change in benefit obligation:
Benefit obligation at January 1	$	4,015	$	4,147
Service cost		34		43
Interest cost		111		103
Plan participants' contributions		74		34
Actuarial (gain)		(758)		(53)
Benefits paid		(301)		(259)
Benefit obligation at December 31	$	3,175	$	4,015
Funded status at December 31	$	3,175	$	4,015

Schedule of Defined Benefit Plans Disclosures

Post-retirement health benefit expense included the following components:

	Years Ended December 31,
(Dollar amounts in thousands)	2022		2021		2020
Service cost	$	34	$	43	$	38
Interest cost		111		103		125
Amortization of net actuarial loss (gain)		—		—		—
Net periodic benefit cost		145		146		163
Net loss (gain) during the period		(758)		(53)		238
Amortization of prior service cost		—		—		—
Total recognized in other comprehensive income (loss)		(758)		(53)		238
Total recognized net periodic benefit cost and other comprehensive income	$	(613)	$	93	$	401

Supplemental Employee Retirement Plans, Defined Benefit

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

(Dollar amounts in thousands)	2022		2021		2020
Net loss (gain) during the period	$	(1,604)	$	54	$	1,459
Amortization of prior service cost		—		—		—
Amortization of unrecognized (gain) loss		(418)		(441)		(246)
Total recognized in other comprehensive (income) loss	$	(2,022)	$	(387)	$	1,213

Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:

(Dollar amounts in thousands)
2023	$	245
2024		251
2025		247
2026		244
2027		244
2028-2032		1,171