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EMPLOYEE AND POSTRETIREMENT BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of funded status of the defined benefit plans

    

Pension

    

Postretirement

(In Thousands)

    

2024

2023

    

2024

2023

CHANGE IN BENEFIT OBLIGATION:

Benefit obligation at beginning of year

$

896

$

946

$

1,013

$

935

Service cost

 

0

 

0

 

6

 

54

Interest cost

 

29

 

31

 

31

 

48

Plan participants' contributions

 

0

 

0

 

118

 

129

Actuarial loss

 

18

 

63

 

10

 

37

Gain from plan amendments

0

0

(413)

0

Benefits paid

(5)

(5)

(179)

(190)

Settlement of plan obligation

 

0

 

(139)

 

0

 

0

Benefit obligation at end of year

$

938

$

896

$

586

$

1,013

CHANGE IN PLAN ASSETS:

Fair value of plan assets at beginning of year

$

946

$

1,001

$

0

$

0

Actual return on plan assets

 

36

 

89

 

0

 

0

Employer contribution

 

0

 

0

 

61

 

61

Plan participants' contributions

 

0

 

0

 

118

 

129

Benefits paid

(5)

(5)

(179)

(190)

Settlement of plan obligation

 

0

 

(139)

 

0

 

0

Fair value of plan assets at end of year

$

977

$

946

$

0

$

0

Funded status at end of year

$

39

$

50

$

(586)

$

(1,013)

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

Pension

Postretirement

(In Thousands)

    

2024

    

2023

    

2024

    

2023

Accrued interest and other liabilities

39

$

50

$

586

1,013

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

    

Pension

Postretirement

(In Thousands)

    

2024

2023

    

2024

2023

Prior service cost

$

0

$

0

$

(56)

$

(124)

Net actuarial loss (gain)

 

131

139

 

(486)

(573)

Total

$

131

$

139

$

(542)

$

(697)

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

    

Pension

Postretirement

(In Thousands)

    

2024

2023

    

2022

    

2024

2023

    

2022

Service cost

$

0

$

0

$

0

$

6

$

54

$

63

Interest cost

 

29

31

22

 

31

48

34

Expected return on plan assets

 

(16)

(18)

(35)

 

0

0

0

Amortization of prior service cost

 

0

0

0

 

(12)

(31)

(31)

Recognized net actuarial loss (gain)

 

6

11

8

 

(77)

(36)

(19)

Effect of curtailment

0

0

0

(469)

0

0

Settlement of plan obligation

0

21

0

0

0

0

Total net periodic benefit cost

$

19

$

45

$

(5)

$

(521)

$

35

$

47

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

    

Pension

Postretirement

 

    

2024

    

2023

    

2022

    

2024

    

2023

 

2022

 

Discount rate

 

4.80

%  

5.05

%  

2.60

%  

5.00

%  

5.25

%  

3.00

%

Expected return on plan assets

 

5.00

%  

4.22

%  

5.00

%  

N/A

 

N/A

 

N/A

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

    

Pension

    

Postretirement

    

2024

    

2023

    

2024

    

2023

Discount rate

 

5.35

%  

4.80

%  

5.29

%  

5.00

%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

Schedule of Estimated future benefit payments

(In Thousands)

    

Pension

    

Postretirement

2025

$

620

$

68

2026

 

14

 

67

2027

 

9

 

59

2028

 

250

 

59

2029

 

8

 

54

2030-2034

 

38

 

233

Schedule of fair values of pension plan assets

    

2024

    

2023

 

Mutual funds invested principally in:

 

Cash and cash equivalents

 

100

%  

54

%

Debt securities

 

0

%  

18

%

Equity securities

 

0

%  

24

%

Alternative funds

 

0

%  

4

%

Total

 

100

%  

100

%

Schedule of stock-based compensation expense

(In Thousands)

    

2024

2023

    

2022

Restricted stock

$

1,494

$

1,472

$

1,260

Stock options

 

0

0

0

Total

$

1,494

$

1,472

$

1,260

Summary of non-vested restricted stock activity

    

    

    

Weighted

Average

Number

Grant Date

    

of Shares

    

Fair Value

Outstanding, December 31, 2023

 

110,009

$

23.44

Granted

 

92,860

$

20.69

Vested

 

(62,969)

$

22.97

Forfeited

 

(2,076)

$

23.37

Outstanding, December 31, 2024

 

137,824

$

21.80

Summary of stock option activity

    

2024

    

2023

2022

Weighted

Weighted

Weighted

Average

Average

Average

Exercise

Exercise

Exercise

    

Shares

    

Price

    

Shares

    

Price

Shares

    

Price

Outstanding, beginning of year

 

646

$

20.45

 

10,564

$

20.45

 

24,218

$

20.01

Granted

 

0

 

0

 

0

 

0

 

0

 

0

Exercised

 

0

0

 

(8,288)

$

20.45

 

(13,654)

$

19.67

Forfeited

 

0

0

 

(1,630)

$

20.45

 

0

0

Expired

 

(646)

$

20.45

 

0

0

 

0

0

Outstanding, end of year

 

0

$

0

 

646

$

20.45

 

10,564

$

20.45

Options exercisable at year-end

 

0

$

0

 

646

$

20.45

 

10,564

$

20.45

Weighted-average fair value of options forfeited

 

$

N/A

 

$

5.50

 

N/A

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

    

2024

    

2023

Time-based awards to independent directors

10,000

11,000

Time-based awards to employees

 

63,514

 

31,684

Performance-based awards to employees

 

19,346

 

11,104

Total

 

92,860

 

53,788