EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| EMPLOYEE BENEFIT PLANS |
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| Schedule of information about plan assets, obligations, pension costs, benefits paid and contributions |
Information about plan assets, obligations, pension costs, benefits paid and contributions follows (in thousands): | | | | | | | | | 2025 | | 2024 | Projected benefit obligation | | $ | (17,335) | | $ | (17,791) | Fair value of plan assets | | | 22,014 | | | 22,171 | Funded status of plan | | $ | 4,679 | | $ | 4,380 | Accumulated benefit obligation | | $ | 16,938 | | $ | 17,416 | Net periodic pension cost | | $ | 66 | | $ | 216 | Employer contributions | | $ | — | | $ | — | Settlement change | | $ | (30) | | $ | — | Benefits paid | | $ | 2,342 | | $ | 1,160 | Change in accumulated actuarial gains included in other comprehensive income (net of tax) | | $ | 246 | | $ | 1,124 |
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| Schedule of amounts recognized in accumulated other comprehensive loss |
Amounts recognized in accumulated other comprehensive loss at December 31, 2025 and 2024, before applicable tax effects consist of (in thousands): | | | | | | | | | 2025 | | 2024 | Net gain | | $ | 752 | | $ | 418 | Prior service credit | | | — | | | — | Total | | $ | 752 | | $ | 418 |
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| Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (in thousands): | | | | | | | | | 2025 | | 2024 | Net gain | | $ | (364) | | | (1,535) | Settlement Change | | | 31 | | | — | Amortization of prior service credit | | | — | | | — | Amortization of net loss | | | — | | | — | Total amount recognized in other comprehensive income | | $ | (333) | | $ | (1,535) | Total amount recognized in net periodic pension income and other comprehensive income | | $ | (298) | | $ | (1,318) |
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| Schedule of estimated future benefit payments |
The following benefit payments, which reflect expected future service, are expected (in thousands): | | | | 2026 | | $ | 1,316 | 2027 | | | 1,284 | 2028 | | | 1,362 | 2029 | | | 1,449 | 2030 | | | 1,456 | Following five years | | $ | 7,099 |
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| Schedule of weighted average assumptions |
Weighted - average assumptions used to determine pension benefit obligations at year - end: | | | | | | | | 2025 | | 2024 | | Discount rate | | 5.55 | % | 5.69 | % | Rate of compensation increase | | 3.50 | | 3.50 | |
Weighted-average assumptions used to determine net periodic pension cost: | | | | | | | | 2025 | | 2024 | | Discount rate | | 5.69 | % | 5.18 | % | Expected return on plan assets | | 5.50 | | 5.50 | | Rate of compensation increase | | 3.50 | | 3.50 | |
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| Schedule of target asset allocation and actual asset allocation |
| | | | | | December 31, 2025 | | | | | | | | Target | | Actual | | | | Allocation | | Allocation | | Total Global Equity | | — | % | — | % | Large cap equity | | 10‑40 | % | 21.5 | % | Small cap equity | | 0‑20 | % | 5.2 | % | Developed Markets | | 0‑20 | % | 4.2 | % | Emerging Markets | | 0‑10 | % | 2.6 | % | Total | | 10‑50 | % | 33.5 | % | Treasury/Agency | | 0‑50 | % | 25.4 | % | Mortgage Backed | | 0‑30 | % | 14.4 | % | Corporate | | 0‑30 | % | 10.4 | % | International | | 0‑15 | % | 1.3 | % | High Yield | | 0‑15 | % | 3.2 | % | Total Equity | | 50‑80 | % | 54.7 | % | Total Cash | | 0‑15 | % | 11.8 | % | Total Portfolio | | 100.00 | % | 100.00 | % |
| | | | | | December 31, 2024 | | | | | | | | Target | | Actual | | | | Allocation | | Allocation | | Total Global Equity | | — | % | — | % | Large cap equity | | 10‑40 | % | 20.8 | % | Small cap equity | | 0‑20 | % | 4.7 | % | Developed Markets | | 0‑20 | % | 3.3 | % | Emerging Markets | | 0‑10 | % | 2.2 | % | Total | | 10‑50 | % | 31.0 | % | Treasury/Agency | | 0‑50 | % | 24.8 | % | Mortgage Backed | | 0‑30 | % | 14.8 | % | Corporate | | 0‑30 | % | 12.4 | % | High Yield | | 0‑15 | % | 4.4 | % | International | | 0‑15 | % | 1.7 | % | Total Equity | | 50‑80 | % | 59.1 | % | Total Cash | | 0‑15 | % | 10.9 | % | Total Portfolio | | 100.00 | % | 100.00 | % |
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| Schedule of plan's fair value hierarchy |
In accordance with ASC 820, the following tables (rounded to the nearest thousands) represent the Plan’s fair value hierarchy for its financial assets (instruments) measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | 2025: | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | Short-term investments | | $ | 1,263 | | $ | — | | $ | — | | $ | 1,263 | Total cash equivalents | | $ | 1,263 | | | — | | | — | | $ | 1,263 | | | | | | | | | | | | | | Equities: | | | | | | | | | | | | | Common Stock | | $ | 4,719 | | $ | — | | $ | — | | $ | 4,719 | Total fixed income securities | | $ | 4,719 | | $ | — | | $ | — | | $ | 4,719 | | | | | | | | | | | | | | Fixed income securities: | | | | | | | | | | | | | US Government Agencies | | $ | — | | $ | 7,194 | | $ | — | | $ | 7,194 | Corporate Bonds | | | — | | | 3,450 | | | — | | | 3,450 | Mutual Funds | | | — | | | 5,388 | | | — | | | 5,388 | Total fixed income securities | | | — | | | 16,032 | | | — | | | 16,032 | Total plan investments | | $ | 5,982 | | $ | 16,032 | | $ | — | | $ | 22,014 |
| | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | 2024: | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | Short-term Investments | | $ | 1,386 | | $ | — | | $ | — | | $ | 1,386 | Total cash equivalents | | | 1,386 | | | — | | | — | | | 1,386 | | | | | | | | | | | | | | Equities: | | | | | | | | | | | | | Common Stock | | $ | 3,150 | | $ | — | | $ | — | | $ | 3,150 | Exchange Traded Funds | | | — | | | 3,673 | | | — | | | 3,673 | Foreign Equity | | | — | | | 85 | | | — | | | 85 | Exchange Traded Funds – Foreign | | | — | | | 1,419 | | | — | | | 1,419 | Total equities | | | 3,150 | | | 5,177 | | | — | | | 8,327 | | | | | | | | | | | | | | Fixed income securities: | | | | | | | | | | | | | US Government Agencies | | $ | — | | $ | 741 | | $ | — | | $ | 741 | UST Bonds & Notes | | | — | | | 4,879 | | | — | | | 4,879 | Corporate Bonds | | | — | | | 3,428 | | | — | | | 3,428 | GNMA | | | — | | | 2,062 | | | — | | | 2,062 | Mutual Funds | | | — | | | 351 | | | — | | | 351 | Bank Certificates of Deposit | | | — | | | 1,017 | | | — | | | 1,017 | Total fixed income securities | | | — | | | 12,478 | | | — | | | 12,478 | Total plan investments | | $ | 4,516 | | $ | 20,805 | | $ | — | | $ | 22,171 |
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