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RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
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)

    

2023

    

2022

    

2021

Service cost - benefits earned

$

628

$

1,190

$

1,355

Interest cost on projected benefit obligation

 

3,824

 

2,826

 

2,632

Expected return on plan assets

 

(3,879)

 

(4,910)

 

(4,713)

Net amortization and deferral

 

752

 

1,259

 

2,072

Net periodic pension cost

 

1,325

 

365

 

1,346

Net loss (gain) during the period

 

(1,761)

 

(5,323)

 

(5,883)

Amortization of prior service cost

 

 

 

(1)

Amortization of unrecognized (gain) loss

 

(752)

 

(1,259)

 

(2,072)

Total recognized in other comprehensive (income) loss

 

(2,513)

 

(6,582)

 

(7,956)

Total recognized net periodic pension cost and other comprehensive income

$

(1,188)

$

(6,217)

$

(6,610)

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)

    

2023

    

2022

Change in benefit obligation:

 

  

 

  

Benefit obligation at January 1

$

83,578

$

106,496

Service cost

 

628

 

1,190

Interest cost

 

3,824

 

2,826

Actuarial (gain) loss

 

788

 

(21,350)

Benefits paid

 

(4,295)

 

(5,584)

Benefit obligation at December 31

 

84,523

 

83,578

Reconciliation of fair value of plan assets:

 

  

 

  

Fair value of plan assets at January 1

 

71,734

 

87,979

Actual return on plan assets

 

6,429

 

(11,117)

Employer contributions

 

249

 

456

Benefits paid

 

(4,295)

 

(5,584)

Fair value of plan assets at December 31

 

74,117

 

71,734

Funded status at December 31 (plan assets less benefit obligation)

$

(10,406)

$

(11,844)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Balance at

Current Period

Balance at

(Dollar amounts in thousands)

    

1/1/2023

    

Change

    

12/31/2023

Unrealized gains (losses) on securities available-for-sale without other than temporary impairment

$

(131,135)

$

10,883

$

(120,252)

Unrealized gains (losses) on securities available-for-sale with other than temporary impairment

 

2,239

 

13

 

2,252

Total unrealized gain (loss) on securities available-for-sale

$

(128,896)

$

10,896

$

(118,000)

Unrealized gain (loss) on retirement plans

 

(11,078)

 

1,991

 

(9,087)

TOTAL

$

(139,974)

$

12,887

$

(127,087)

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 income (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)

Schedule of Assumptions Used

The accumulated benefit obligation for the defined benefit pension plan was $81.8 million and $81.5 million at year-end 2023 and 2022.

Principal assumptions used to determine pension benefit obligation at year end:

    

2023

    

2022

 

Discount rate

 

4.83

%  

5.02

%

Rate of increase in compensation levels

 

3.00

 

3.00

Principal assumptions used to determine net periodic pension cost:

    

2023

    

2022

 

Discount rate

 

5.02

%  

2.83

%

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

    

2023

    

2023

    

2023

    

2022

    

2023

    

2022

 

Equity securities

 

25-75

%  

95-99

%  

64

%  

63

%  

99

%  

99

%

Debt securities

 

0-50

%  

0-0

%  

34

%  

34

%  

%  

%

Other

 

0-20

%  

0-5

%  

2

%  

3

%  

1

%  

1

%

TOTAL

 

100

%  

100

%  

100

%  

100

%  

Schedule Of Fair Value Of Plan Assets

The fair value of the plan assets at December 31, 2023 and 2022, by asset category, is as follows:

Fair Value Measurements at

December 31, 2023 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

$

52,088

$

52,088

$

$

Debt securities

11,192

11,192

Investment Funds

10,837

10,837

Total plan assets

$

74,117

$

62,925

$

11,192

$

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

$

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)

2024

$

4,766

2025

 

4,917

2026

 

5,077

2027

 

5,201

2028

 

5,308

2029-2033

 

27,124

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

(Dollar amounts on thousands)

2024

    

$

2025

 

731

2026

 

763

2027

 

777

2028

 

750

2029-2033

 

3,426

Schedule Of Weighted Average Assumptions

Weighted average assumptions at December 31:

    

December 31, 

 

2023

2022

 

Discount rate

 

4.83

%  

5.02

%

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

 

2024

 

2023

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, 2023 and 2022 consist of:

(Dollar amounts in thousands)

    

2023

    

2022

Net loss (gain)

$

11,956

$

14,469

Prior service cost (credit)

 

 

$

11,956

$

14,469

Postretirement Health Coverage  
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs

    

December 31, 

(Dollar amounts in thousands)

    

2023

    

2022

Change in benefit obligation:

 

  

 

  

Benefit obligation at January 1

$

3,175

$

4,015

Service cost

 

21

 

34

Interest cost

 

153

 

111

Plan participants' contributions

 

84

 

74

Actuarial (gain)

 

34

 

(758)

Benefits paid

 

(277)

 

(301)

Benefit obligation at December 31

$

3,190

$

3,175

Funded status at December 31

$

3,190

$

3,175

Schedule of Defined Benefit Plans Disclosures

Post-retirement health benefit expense included the following components:

Years Ended December 31, 

(Dollar amounts in thousands)

    

2023

    

2022

    

2021

Service cost

$

21

$

34

$

43

Interest cost

 

153

 

111

 

103

Amortization of net actuarial loss (gain)

 

(53)

 

 

Net periodic benefit cost

 

121

 

145

 

146

Net loss (gain) during the period

 

34

 

(758)

 

(53)

Amortization of prior service cost

 

53

 

 

Total recognized in other comprehensive income (loss)

 

87

 

(758)

 

(53)

Total recognized net periodic benefit cost and other comprehensive income

$

208

$

(613)

$

93

Supplemental Employee Retirement Plans, Defined Benefit  
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs

(Dollar amounts in thousands)

    

2023

    

2022

    

2021

Net loss (gain) during the period

$

(144)

$

(1,604)

$

54

Amortization of prior service cost

 

 

 

Amortization of unrecognized (gain) loss

 

(84)

 

(418)

 

(441)

Total recognized in other comprehensive (income) loss

$

(228)

$

(2,022)

$

(387)

Schedule of Expected Benefit Payments

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

(Dollar amounts in thousands)

2024

$

249

2025

 

250

2026

 

247

2027

 

249

2028

 

250

2029-2033

 

1,205