PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2024

PENSION PLANS

Schedule of financial information related to pension plan

Presented below is financial information relating to this plan for the periods indicated (dollars in thousands):

	Year Ended		Year Ended
	December 31,		December 31,
	2024		2023
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$	12,793	$	$ 13,268
Interest cost		444		642
Actuarial gain		(1,100)		(264)
Gross benefits paid		(3,907)		(853)
Net benefit obligation - end of period	$	8,230	$	12,793
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	$	14,163	$	12,617
Employer contributions		—		400
Gross benefits paid		(3,907)		(853)
Return on plan assets		776		1,999
Fair value of plan assets - end of period	$	11,032	$	14,163
Over funded status at end of period	$	2,802	$	1,370

Schedule of pension expense components

The pension expense includes the following components (dollars in thousands):

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2024			2023			2022
COMPONENTS OF NET PERIODIC COST:
Interest cost	$	444		$	642		$	694
Gain on assets		(513)			(753)			(953)
Amortization of loss		179			518			—
Net periodic cost (benefit)	$	110		$	407		$	(259)
WEIGHTED-AVERAGE ASSUMPTION USED:
Discount rate		5.0	%		5.0	%		5.0	%
Rate of compensation increase		0.0	%		0.0	%		0.0	%

Schedule of fair values and asset allocation

All fair values are based on the fair value hierarchy on quoted prices in active markets for identical assets (Level 1 at December 31, 2024 and Level 2 at December 31, 2023) (dollars in thousands):

	December 31, 2024					December 31, 2023
			% of Plan		December 31, 2023			% of Plan
Asset Category	Fair Value		Assets		Asset Allocation (a)		Fair Value	Assets
Cash and equivalents	$	11,032	100	%	0% to 10%	$	704	5	%
Equity securities		—	—	%	40% to 57%		9,780	69	%
Fixed income securities		—	—	%	35% to 50%		3,679	26	%
Total	$	11,032	100	%		$	14,163	100	%

(a) At December 31, 2024, the asset allocation was adjusted to 100% in cash in advance of the plan termination.