v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits, Description [Abstract]  
Employee Benefit Plans Employee Benefit Plans
401(k) Plan
The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to Internal Revenue Service determined limits and the Bank may provide a match to employee contributions not to exceed 3.0% of compensation depending on contribution level. The Plan is a safe harbor plan whereby the Bank also contributes a minimum 3.0% of annual compensation to the plan for all eligible employees. The expense related to the 401(k) plan was $1,083,000, $1,108,000, and $1,067,000 in 2025, 2024, and 2023, respectively.
Deferred Compensation and Supplemental Retirement Plan
The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years commencing upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. There are no active officers eligible for these benefits. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental plans was $169,000 in 2025, $201,000 in 2024, and $57,000 in 2023. As of December 31, 2025 and 2024, the accrued liability of these plans was $2,460,000 and $2,578,000, respectively, and is recorded in other liabilities.

Postretirement Benefit Plans
The Bank sponsors two postretirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees; these subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees and health insurance for retired directors. None of these plans are prefunded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through OCI.

The following table sets forth the accumulated post-retirement benefit obligation and funded status:
At December 31,202520242023
Change in benefit obligations
Benefit obligation at beginning of year:$843,000 $919,000 $1,050,000 
Interest cost42,000 41,000 48,000 
Benefits paid(66,000)(73,000)(79,000)
Actuarial gain1,000 (44,000)(100,000)
Benefit obligation at end of year:$820,000 $843,000 $919,000 
Funded status  
Benefit obligation at end of year$(820,000)$(843,000)$(919,000)
Unamortized gain(304,000)(363,000)(384,000)
Accrued benefit cost$(1,124,000)$(1,206,000)$(1,303,000)
Weighted average discount rate as of December 314.91 %5.30 %4.67 %

The following table sets forth the net periodic benefit cost:
For the years ended December 31,202520242023
Components of net periodic benefit cost
Interest cost$42,000 $41,000 $48,000 
Amortization of gains(33,000)(33,000)— 
Other settlement income(24,000)(31,000)(33,000)
Net periodic benefit (credit) cost$(15,000)$(23,000)$15,000 
Weighted average discount rate for net periodic cost5.30 %4.67 %4.75 %

The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2026 is $85,000. For years ending 2027 through 2030, the estimated amount of benefits to be paid is $83,000, $80,000, $77,000 and $75,000, respectively, and the total estimated amount of benefits to be paid for years ended 2030 through 2033 is $328,000. Per actuarial projections, plan expense for 2026 is estimated to be $0.
In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
At December 31,20252024Portion to Be Recognized in
Income in 2026
Unamortized net actuarial gain $304,000 $363,000 $— 
Deferred tax expense at 21% (64,000)(76,000)— 
Net unrecognized post-retirement benefits included in accumulated other comprehensive income $240,000 $287,000 $—