v3.25.2
RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Deferred Compensation Arrangement
The following table summarizes the activity in the asset and liability balances of the executive officer nonqualified deferred compensation arrangement for the years ended December 31, 2024, 2023, and 2022:
(dollars in thousands)202420232022
Beginning balance, trust asset$3,580 $3,294 $3,714 
Contributions268 255 446 
Gain (loss) on trust assets529 427 (474)
Distributions(504)(396)(392)
Ending balance, trust asset$3,873 $3,580 $3,294 
Beginning balance, deferred compensation liability$3,580 $3,294 $3,714 
Employee deferrals268 255 446 
Expense (benefit) on deferred compensation liability529 427 (474)
Distributions(504)(396)(392)
Ending balance, deferred compensation liability$3,873 $3,580 $3,294 
Certain directors also participate in a nonqualified deferred compensation arrangement. The deferred compensation liability is reflected in other liabilities with the associated expense recognized in other noninterest expense.
The following table summarizes the activity in the liability balance of the director nonqualified deferred compensation arrangement for the years ended December 31, 2024, 2023, and 2022:
(dollars in thousands)202420232022
Beginning balance, deferred compensation liability$6,053 $6,137 $5,372 
Deferred compensation484 396 532 
Expense on deferred compensation liability345 323 296 
Distributions(324)(803)(63)
Ending balance, deferred compensation liability$6,558 $6,053 $6,137 
Schedule of Costs of Retirement Plans
The following table details the components of the net periodic benefit cost for the years ended December 31, 2024 and 2023:
(dollars in thousands)20242023
Service cost$— $— 
Interest cost625 635 
Expected return on plan assets(464)(511)
Amortization of transition obligation— — 
Net periodic benefit cost$161 $124 
Defined Benefit Plan, Assumptions
Assumptions used to determine net periodic benefit cost:
20242023
Discount rate4.85 %5.05 %
Expected long-term return on plan assets4.85 %4.75 %
Rate of compensation increaseN/AN/A
Schedule of Defined Benefit Plans Disclosures
The following table provides a comparison of obligations to plan assets:
(dollars in thousands)December 31, 2024
December 31, 2023
Projected benefit obligation$12,482 $13,353 
Accumulated benefit obligation12,482 13,353 
Fair value of plan assets11,791 12,768