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PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Employee Benefit Plans
Information as to the Company’s employee benefit plans at December 31, 2024 and 2023 is as follows:
Pension BenefitsSERP Benefits
(dollars in thousands)2024202320242023
Change in benefit obligation:        
Beginning benefit obligation$1,497 $1,546 $693 $700 
Interest cost66 75 30 33 
Actuarial (gain) loss(213)(112)30 93 
Benefits paid(114)(12)(133)(133)
Ending benefit obligation1,236 1,497 620 693 
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value:
Beginning plan assets1,835 1,820 546 606 
Actual return221 232 57 73 
Employer contribution0 0 0 0 
Benefits paid(289)(217)(133)(133)
Ending plan assets1,767 1,835 470 546 
Funded status at end of year$531 $338 $(150)$(147)
Schedule of Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets consist of:
Pension BenefitsSERP Benefits
(dollars in thousands)2024202320242023
Funded status included in other assets$531 $0 $0 $0 
Funded status included in other liabilities0 (338)150 147 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Pension BenefitsSERP Benefits
(dollars in thousands)2024202320242023
Net actuarial loss$469 $478 $288 $502 
Schedule of Net Period Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss)
Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:
Pension BenefitsSERP Benefits
(dollars in thousands)202420232022202420232022
Net pension expense:            
Service cost$0 $0 $0 $0 $0 $0 
Interest cost66 75 53 30 33 20 
Expected return on plan assets(116)(123)(130)(33)(38)(45)
Recognized net actuarial (gain) loss16 18 99 45 42 45 
Settlement cost25 27 23 0 0 0 
Net pension expense$(9)$(3)$45 $42 $37 $20 
Net (gain) loss$(168)$(43)$(215)$8 $56 $100 
Amortization of net loss(17)(17)(99)(45)(42)(45)
Total recognized in other comprehensive income (loss)(185)(60)(314)(37)14 55 
Total recognized in net pension expense and other comprehensive income (loss)$(194)$(63)$(269)$5 $51 $75 
Schedule of Assumptions Used in Calculating the Net Benefit Obligation
For 2024, 2023 and 2022, the assumed form of payment elected by active participants upon retirement was a lump sum to reflect participant trends. The lump sum assumed interest rates, on the next page, for December 31, 2024, 2023 and 2022 reflect the mortality table in effect for 2024, 2023 and 2022, respectively. For 2024, 2023 and 2022, the mortality assumption was the PRI-2012 White Collar Mortality Table, with full generational Projection Scale MP-2021 at year-end.
NOTE 10 – PENSION AND OTHER POSTRETIREMENT PLANS (continued)
Pension BenefitsSERP Benefits
202420232022202420232022
The following assumptions were used in calculating the net benefit obligation:
Weighted average discount rate5.46 %4.83 %5.03 %5.46 %4.83 %5.03 %
Rate of increase in future compensationN/AN/AN/AN/AN/AN/A
Lump sum assumed interest rates First 5 years4.42 %5.77 %5.10 %N/AN/AN/A
Next 15 years5.04 %6.14 %5.83 %N/AN/AN/A
All future years5.46 %6.19 %5.68 %N/AN/AN/A
The following assumptions were used in calculating the net pension expense:
Weighted average discount rate4.83 %5.03 %2.49 %4.83 %5.03 %2.49 %
Rate of increase in future compensationN/AN/AN/AN/AN/AN/A
Expected long-term rate of return6.50 %6.50 %6.50 %6.50 %6.50 %6.50 %
Schedule of Allocation of Plan Assets
The Company’s pension plan asset allocation at year end 2024 and 2023, target allocation for 2025, and expected long-term rate of return by asset category are as follows:
Target
Allocation		Percentage of Plan
Assets
at Year End		Weighted
Average Expected
Long-Term Rate
of Return
Asset Category202520242023
Equity securities55 -65 %59 %63 %8.85 %
Debt securities35 -45 %38 %34 %3.00 %
Other5 -10 %3 %3 %0.10 %
Total100 %100 %6.50 %
The Company’s SERP plan asset allocation at year end 2024 and 2023, target allocation for 2025, and expected long-term rate of return by asset category are as follows:
Target
Allocation		Percentage of Plan
Assets
at Year End		Weighted
Average Expected
Long-Term Rate
of Return
Asset Category202520242023
Equity securities55 -65 %60 %65 %8.85 %
Debt securities35 -45 %36 %33 %3.00 %
Other5 -10 %4 %2 %0.10 %
Total100 %100 %6.50 %
Schedule of Fair Values of Pension Plan and Postretirement Plan Assets by Asset Category
The fair values of the Company’s pension plan assets at December 31, 2024, by asset category are as follows:
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks$698 $698 $0 $0 
Equity securities - US mid cap stock mutual funds96 96 0 0 
Equity securities - US small cap stock mutual funds50 50 0 0 
Equity securities - international stock mutual funds153 153 0 0 
Equity securities - emerging markets stock mutual funds53 53 0 0 
Debt securities - intermediate term bond mutual funds466 466 0 0 
Debt securities - short term bond mutual funds172 172 0 0 
Debt securities - preferred stock mutual funds34 34 0 0 
Cash - money market account45 45 0 0 
Total$1,767 $1,767 $0 $0 
The fair values of the Company’s pension plan assets at December 31, 2023, by asset category are as follows:
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2 )		Significant
Unobservable
Inputs
(Level 3)
(dollars in thousands)        
Equity securities - US large cap common stocks$763 $763 $0 $0 
Equity securities - US mid cap stock mutual funds44 44 0 0 
Equity securities - US small cap stock mutual funds135 135 0 0 
Equity securities - international stock mutual funds143 143 0 0 
Equity securities - emerging markets stock mutual funds68 68 0 0 
Debt securities - intermediate term bond mutual funds373 373 0 0 
Debt securities - short term bond mutual funds153 153 0 0 
Debt securities - high yield bond mutual funds18 18 0 0 
Debt securities - nontraditional bond mutual funds12 12 0 0 
Debt securities - bank loan mutual funds35 35 0 0 
Debt securities - preferred stock mutual funds36 36 0 0 
Cash - money market account55 55 0 0 
Total$1,835 $1,835 $0 $0 
The fair values of the Company’s SERP assets at December 31, 2024, by asset category are as follows:
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(dollars in thousands)        
Equity securities - US large cap stock mutual funds$82 $82 $0 $0 
Equity securities - US mid cap stock mutual funds28 28 0 0 
Equity securities - US small cap stock mutual funds15 15 0 0 
Equity securities - US large cap exchange traded funds105 105 0 0 
Equity securities - emerging markets stock mutual funds14 14 0 0 
Equity securities - international stock mutual funds39 39 0 0 
Debt securities - intermediate term bond mutual funds124 124 0 0 
Debt securities - short term bond mutual funds36 36 0 0 
Debt securities - preferred stock mutual funds10 10 0 0 
Cash - money market account17 17 0 0 
Total$470 $470 $0 $0 
The fair values of the Company’s SERP assets at December 31, 2023, by asset category are as follows:
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(dollars in thousands)        
Equity securities - US large cap common stocks$236 $236 $0 $0 
Equity securities - US mid cap stock mutual funds42 42 0 0 
Equity securities - US small cap stock mutual funds13 13 0 0 
Equity securities - emerging markets stock mutual funds20 20 0 0 
Equity securities - international stock mutual funds45 45 0 0 
Debt securities - intermediate term bond mutual funds107 107 0 0 
Debt securities - short term bond mutual funds44 44 0 0 
Debt securities - high yield bond mutual funds5 5 0 0 
Debt securities - nontraditional bond mutual funds4 4 0 0 
Debt securities - bank loan mutual funds10 10 0 0 
Debt securities - preferred stock mutual funds10 10 0 0 
Cash - money market account10 10 0 0 
Total$546 $546 $0 $0 
Schedule of Benefit Payments are Expected to be Paid
The following benefit payments are expected to be paid over the next ten years:
Plan YearPension
Benefits		SERP
Benefits
(dollars in thousands)
2025$141 $129 
2026192 119 
2027134 107 
2028129 93 
2029117 76 
2030-2034442 206