v3.25.4
Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
401(k) Savings Plan
The Company offers a 401(k) savings plan that allows team members to contribute up to a maximum percentage of their compensation, as established by the Internal Revenue Code. The Company made a discretionary matching contribution of up to $3,000 for each team member’s contributions in 2025, 2024 and 2023. Contribution expense was $1,006,000, $965,000, and $949,000 in 2025, 2024 and 2023, respectively.
Employee Stock Ownership Plan
The Company sponsors a non-contributory employee stock ownership plan (“ESOP”). To participate in this plan, a team member must have worked at least 1,000 hours during the year and must be employed by the Company at year-end. Employer contributions to the ESOP are discretionary. Contributions to the ESOP have been suspended since 2010 and ESOP was “frozen” as of January 1, 2019. At December 31, 2025, the ESOP owned 77,663 shares of the Company’s common stock.
Deferred Compensation Plan
The Company has a nonqualified deferred compensation plan for some of its team members. Under the deferred compensation plan, a team member may defer up to 100% of their bonus and 50% of their regular salary into a deferred account. Amounts deferred are invested in a portfolio of approved investment choices as directed by the team member. Amounts deferred by team members to the deferred compensation plan will be distributed at a future date that they have selected or upon termination of employment. There were seven team members who elected to participate in the deferred compensation plan during 2025 and 2024.
Nonqualified Defined Benefit Pension Plan
The Company has a supplemental retirement plan (“SERP”) covering some current and some former key executives and directors. While the SERP remains active for those participants, the Company has not approved any new participation in the SERP since 2011. The SERP is a nonqualified defined benefit plan. Benefits are unsecured as there are no SERP assets. The SERP is an unfunded, nonqualified defined benefit plan. The combined number of active and retired/terminated participants in the SERP was 48 at December 31, 2025. The defined benefit represents a stated amount for key executives and directors that generally vests over nine years and is reduced for early retirement. The projected benefit obligation is included in “Accrued interest payable and other liabilities” on the consolidated balance sheets. The measurement date of the SERP is December 31.
The following table sets forth the SERP’s status at December 31:
20252024
(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$25,311 $26,452 
Service cost174 205 
Actuarial loss (gain)862 (917)
Interest cost1,347 1,272 
Benefits paid(1,903)(1,701)
Projected benefit obligation at end of year$25,791 $25,311 
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss$2,746 $2,173 
Weighted-average assumptions used to determine the benefit obligation at year-end:
20252024
Discount rate5.16 %5.50 %
Rate of compensation increaseN/AN/A
Estimated benefit payments over the next ten years, which reflect anticipated future events, service and other assumptions, are as follows:
YearEstimated
Benefit
Payments
(Dollars in thousands)
2026$2,020 
20272,318 
20282,371 
20292,415 
20302,459 
2031 to 203512,661 
The following table presents the amount of periodic cost recognized for the periods indicated:
Year Ended
December 31,
20252024
(Dollars in thousands)
Components of net periodic benefit cost:
Service cost$174 $205 
Interest cost1,347 1,272 
Amortization of net actuarial loss48 104 
Net periodic benefit cost$1,569 $1,581 
Amount recognized in other comprehensive (loss) income$(573)$719 
The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income. The estimated net actuarial loss and prior service cost for the SERP that will be amortized from Accumulated Other Comprehensive Loss into net periodic benefit cost over the next fiscal year are $107,000 as of December 31, 2025.
Net periodic benefit cost for the years ended December 31, 2025 and 2024 were determined using the following assumption:
20252024
Discount rate5.50 %4.95 %
Rate of compensation increaseN/AN/A
Split-Dollar Life Insurance Benefit Plan
The Company maintains life insurance policies for some current and some former directors and officers that are subject to split-dollar life insurance agreements, some of which continues after the participant’s employment and retirement. The policies acquired from Focus and Presidio do not include a post-retirement benefit. All participants are fully vested in their split-dollar life insurance benefits. The accrued benefit liability for the split-dollar insurance
agreements represents either the present value of the future death benefits payable to the participants’ beneficiaries or the present value of the estimated cost to maintain term life insurance, depending on the contractual terms of the participant’s underlying agreement.
The split-dollar life insurance projected benefit obligation is included in “Accrued interest payable and other liabilities” on the consolidated balance sheets. The measurement date of the split-dollar life insurance benefit plan is December 31.
The following table sets forth the funded status of the split-dollar life insurance benefits for the periods indicated:
December 31,
2025		December 31,
2024
(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$6,616 $6,951 
Interest cost364 344 
Actuarial loss(300)(679)
Projected benefit obligation at end of period$6,680 $6,616 
Amounts recognized in accumulated other comprehensive loss at periods indicated consist of:
December 31,
2025		December 31,
2024
(Dollars in thousands)
Net actuarial loss$1,775 $1,728 
Prior transition obligation521 611 
Accumulated other comprehensive loss$2,296 $2,339 
Weighted-average assumption used to determine the benefit obligation at year-end follow:
20252024
Discount rate5.16 %5.50 %
Components of net periodic benefit cost during the periods indicated are:
Year Ended
December 31,
20252024
(Dollars in thousands)
Amortization of prior transition obligation
      and actuarial losses$(258)$(209)
Interest cost364 344 
Net periodic benefit cost$106 $135 
Amount recognized in other comprehensive income$43 $470 
The estimated net actuarial loss and prior transition obligation for the split-dollar life insurance benefit plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are ($278,000) and ($258,000) as of December 31, 2025 and 2024, respectively.
Weighted-average assumption used to determine the net periodic benefit cost:
20252024
Discount rate5.50 %4.95 %