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EMPLOYEE AND POSTRETIREMENT BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of funded status of the defined benefit plans

    

Pension

    

Postretirement

(In Thousands)

    

2023

2022

    

2023

2022

CHANGE IN BENEFIT OBLIGATION:

Benefit obligation at beginning of year

$

946

$

1,128

$

935

$

1,297

Service cost

 

0

 

0

 

54

 

63

Interest cost

 

31

 

22

 

48

 

34

Plan participants' contributions

 

0

 

0

 

129

 

137

Actuarial loss (gain)

 

63

 

(199)

 

37

 

(394)

Benefits paid

(5)

(5)

(190)

(202)

Settlement of plan obligation

 

(139)

 

0

 

0

 

0

Benefit obligation at end of year

$

896

$

946

$

1,013

$

935

CHANGE IN PLAN ASSETS:

Fair value of plan assets at beginning of year

$

1,001

$

1,175

$

0

$

0

Actual return on plan assets

 

89

 

(169)

 

0

 

0

Employer contribution

 

0

 

0

 

61

 

65

Plan participants' contributions

 

0

 

0

 

129

 

137

Benefits paid

(5)

(5)

(190)

(202)

Settlement of plan obligation

 

(139)

 

0

 

0

 

0

Fair value of plan assets at end of year

$

946

$

1,001

$

0

$

0

Funded status at end of year

$

50

$

55

$

(1,013)

$

(935)

Schedule of pension plan and postretirement plan liability amounts were recognized in the consolidated balance sheets

Pension

Postretirement

(In Thousands)

    

2023

    

2022

    

2023

    

2022

Other assets

$

50

$

55

$

0

$

0

Accrued interest and other liabilities

0

0

1,013

935

Summary of items not yet recognized as a component of net periodic benefit cost

    

Pension

Postretirement

(In Thousands)

    

2023

2022

    

2023

2022

Prior service cost

$

0

$

0

$

(124)

$

(155)

Net actuarial loss (gain)

 

139

179

 

(573)

(646)

Total

$

139

$

179

$

(697)

$

(801)

Summary of components of net periodic benefit costs from defined benefit plans

    

Pension

Postretirement

(In Thousands)

    

2023

2022

    

2021

    

2023

2022

    

2021

Service cost

$

0

$

0

$

0

$

54

$

63

$

63

Interest cost

 

31

22

20

 

48

34

33

Expected return on plan assets

 

(18)

(35)

(30)

 

0

0

0

Amortization of prior service cost

 

0

0

0

 

(31)

(31)

(31)

Recognized net actuarial loss (gain)

 

11

8

19

 

(36)

(19)

(5)

Settlement of plan obligation

21

0

0

0

0

0

Total net periodic benefit cost

$

45

$

(5)

$

9

$

35

$

47

$

60

Schedule of weighted-average assumptions used to determine net periodic benefit cost

    

Pension

Postretirement

 

    

2023

    

2022

    

2021

    

2023

    

2022

 

2021

 

Discount rate

 

5.05

%  

2.60

%  

2.30

%  

3.00

%  

3.00

%  

2.50

%

Expected return on plan assets

 

4.22

%  

5.00

%  

4.81

%  

N/A

 

N/A

 

N/A

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

    

Pension

    

Postretirement

    

2023

    

2022

    

2023

    

2022

Discount rate

 

4.80

%  

5.05

%  

5.00

%  

5.25

%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

Schedule of Estimated future benefit payments

(In Thousands)

    

Pension

    

Postretirement

2024

$

570

$

74

2025

 

8

 

85

2026

 

14

 

98

2027

 

8

 

88

2028

 

260

 

97

2029-2033

 

36

 

493

Schedule of fair values of pension plan assets

    

2023

    

2022

 

Mutual funds invested principally in:

 

Cash and cash equivalents

 

54

%  

3

%

Debt securities

 

18

%  

39

%

Equity securities

 

24

%  

50

%

Alternative funds

 

4

%  

8

%

Total

 

100

%  

100

%

Schedule of stock-based compensation expense

(In Thousands)

    

2023

2022

    

2021

Restricted stock

$

1,472

$

1,260

$

1,214

Stock options

 

0

0

0

Total

$

1,472

$

1,260

$

1,214

Summary of non-vested restricted stock activity

    

    

    

Weighted

Average

Number

Grant Date

    

of Shares

    

Fair Value

Outstanding, December 31, 2022

 

135,220

$

23.23

Granted

 

53,788

$

23.35

Vested

 

(53,738)

$

23.46

Forfeited

 

(25,261)

$

22.11

Outstanding, December 31, 2023

 

110,009

$

23.44

Summary of stock option activity

    

2023

    

2022

2021

Weighted

Weighted

Weighted

Average

Average

Average

Exercise

Exercise

Exercise

    

Shares

    

Price

    

Shares

    

Price

Shares

    

Price

Outstanding, beginning of year

 

10,564

$

20.45

 

24,218

$

20.01

 

57,111

$

18.92

Granted

 

0

 

 

0

 

 

0

 

Exercised

 

(8,288)

$

20.45

 

(13,654)

$

19.67

 

(22,429)

$

18.96

Forfeited

 

(1,630)

$

20.45

 

0

 

(3,156)

$

19.20

Expired

 

0

 

0

 

(7,308)

$

15.06

Outstanding, end of year

 

646

$

20.45

 

10,564

$

20.45

 

24,218

$

20.01

Options exercisable at year-end

 

646

$

20.45

 

10,564

$

20.45

 

24,218

$

20.01

Weighted-average fair value of options forfeited

 

$

5.50

 

N/A

 

$

4.59

Restricted Stock  
Notes Tables  
Summary of awarded shares of restricted stock under the Stock Incentive Plan,

    

2023

    

2022

Time-based awards to independent directors

11,000

9,588

Time-based awards to employees

 

31,684

 

51,638

Performance-based awards to employees

 

11,104

 

17,017

Total

 

53,788

 

78,243