v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Projected Benefit Obligation
A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
(In thousands)20252024
Projected benefit obligation:
Balance, January 1 $784 $87,127 
Interest cost — 4,280 
Actuarial (gain) loss— (6,047)
Benefits paid (784)(84,576)
Balance, December 31
$— $784 
Plan assets:
Fair value, January 1 $2,129 $86,754 
Actual investment return 60 996 
Expenses paid from plan assets(209)(1,045)
Transfer to defined contributions plan(1,196)— 
Benefits paid (784)(84,576)
Fair value, December 31
$— $2,129 
Funded status:
Accrued pension asset (liability)$— $1,345 
A summary of the activity in the SERP’s projected benefit obligation and amounts recognized in the Company’s consolidated balance sheets is as follows:
December 31,
(In thousands)20252024
Benefit obligation:
Balance, January 1 $8,812 $9,501 
Interest cost 463 450 
Benefits paid (656)(382)
Actuarial loss (gain)176 (757)
Balance, December 31
$8,795 $8,812 
Schedule of Assumptions used to Determine Projected Benefit Obligation
For 2024, the projected benefit obligation represents actual benefit payments made during the first quarter of 2025. During the fourth quarter of 2024, the plan liabilities were settled with lump sum payments and the purchase of annuity contracts. The remaining projected benefit obligation at December 31, 2024 represented benefit payments to be made to retirees prior to the administration of the Plan being taken over by the insurance company that assumed the annuity contracts in a sale from the Plan.
For 2024 and 2023, the Plan’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve. For 2023, the Pri-2012 Mortality Table and MP-2022 Mortality Improvement Scale were used.
202520242023
Weighted average discount rate N/A5.60 %5.05 %
Rate of increase in compensation levels N/AN/AN/A
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2025, 2024 and 2023, the SERP’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve.
202520242023
Weighted average discount rate 5.15 %5.50 %4.95 %
Rate of increase in compensation levels N/AN/AN/A
Schedule of Expected Benefit Payments
Amount
2026$792,000 
2027789,000 
2028785,000 
2029779,000 
2030771,000 
2029-2033$3,629,000 
Schedule of Plan's Pension Costs
The Plan’s net periodic pension cost included the following components:
For the Year Ended
December 31,
(In thousands)202520242023
Interest cost on projected benefit obligations — 4,280 4,314 
Expected return on plan assets — (3,566)(3,735)
Net amortization and deferral — 3,458 154 
Net periodic pension cost$— $4,172 $733 
Schedule of Assumptions used to Determine Net Pension Cost
The following represent the major assumptions used to determine the net periodic pension cost of the Plan:
202520242023
Weighted average discount rate N/A5.05 %5.25 %
Rate of increase in compensation levels N/AN/AN/A
Expected long-term rate of return on assets N/A6.00 %6.00 %
Schedule Of Net Periodic Pension Cost Related To SERP
Net periodic benefit cost related to the SERP included the following components:
For the Year Ended December 31,
(In thousands)202520242023
Service cost – benefits earned during the year $— $— $— 
Interest cost on projected benefit obligations 463 450 472 
Net amortization and deferral — — — 
Net periodic pension cost $463 $450 $472 
Schedule of Pretax Amounts in Accumulated Other Comprehensive Loss The pretax amounts in accumulated other comprehensive loss for the SERP as of December 31, 2025 and 2024 were a net actuarial gain of $855,000 and $1.0 million, respectively.