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 Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated statement of condition related to the Company’s plans are as follows as of dates indicated (dollars in thousands): | | | | | | | | | December 31, | | | 2025 | | 2024 | Other assets | | | | | | | Pension asset | | $ | 25,289 | | $ | 18,498 | | | | | | | | Other liabilities | | | | | | | Accumulated post-retirement benefit obligation | | $ | 1,062 | | $ | 1,177 | | | | | | | | Accumulated other comprehensive income, net of taxes | | | | | | | Pension plan | | $ | (12,163) | | $ | (7,446) | Post-retirement benefit plan | | | (515) | | | (457) | | | $ | (12,678) | | $ | (7,903) |
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| Schedule of Defined Benefit Plans Disclosures |
The following table sets forth information on the Company’s defined benefit pension plan as of the dates indicated (dollars in thousands): | | | | | | | | | December 31, | | | 2025 | | 2024 | Change in projected benefit obligation: | | | | | | | Projected benefit obligation at beginning of year | | $ | 40,870 | | $ | 39,363 | Service cost | | | 1,203 | | | 589 | Interest cost | | | 2,282 | | | 1,139 | Actuarial (gain) loss | | | (1,231) | | | 654 | Benefits paid | | | (2,289) | | | (875) | Projected benefit obligation at end of year | | | 40,835 | | | 40,870 | | | | | | | | Change in fair value of plan assets: | | | | | | | Fair value of plan assets at beginning of year | | | 59,368 | | | 57,630 | Actual return on plan assets | | | 9,045 | | | 2,638 | Benefits paid and actual expenses | | | (2,289) | | | (900) | Fair value of plan assets at end of year | | | 66,124 | | | 59,368 | Funded status of plan at end of year | | $ | 25,289 | | $ | 18,498 |
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| Defined Benefit Plan, Assumptions |
| | | | | | | | December 31, | | | | 2025 | | 2024 | | Weighted average assumptions – benefit obligations | | | | | | Discount rate | | 5.42 | % | 5.67 | % | Annual rate of compensation increase | | 4.00 | % | 4.00 | % |
| | | | | | | | | | December 31, | | June 30, | | | | 2025 | | 2024 | | 2024 | | Weighted average assumptions – net periodic benefit cost | | | | | | | | Discount rate | | 5.67 | % | 5.51 | % | 5.23 | % | Annual rate of compensation increase | | 4.00 | % | 4.00 | % | 3.00 | % | Expected long-term rate of return on plan assets | | 6.00 | % | 6.00 | % | 5.75 | % |
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| Summary of pension plan asset allocation, target allocation, and expected long-term rate of return by asset category |
The Company’s pension plan asset allocation at the dates indicated, target allocation for 2025, and expected long-term rate of return by asset category are as follows: | | | | | | | | | | | | | | | | | | | | | | | | Percentage of | | Weighted- | | | | Target | | Plan Assets at | | Average Expected | | | | Allocation | | December 31, | | Long-Term Rate | | Asset Category | | 2025 | | 2025 | | 2024 | | of Return | | Equity securities | | 65.0 | % | 63.1 | % | 62.3 | % | 5.00 – 9.00 | % | Fixed income securities | | 35.0 | % | 36.9 | % | 37.7 | % | 1.00 – 4.00 | % | Total | | | | 100.0 | % | 100.0 | % | | |
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| Summary of fair values of the plan assets by asset category |
The fair values of the pension plan assets at the dates indicated, by asset category, are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Fair Value Measurements | | | | | | | Quoted Prices in | | | Significant | | | Significant | | | | | | | Active Markets for | | | Observable | | | Unobservable | | | Carrying | | Identical Assets | | Inputs | | Inputs | | | Value | | (Level 1) | | (Level 2) | | (Level 3) | Mutual funds | | | | | | | | | | | | | American Funds New World R6 | | $ | 3,363 | | $ | 3,363 | | $ | — | | $ | — | Cohen & Steers Real Estate SECS I | | | 1,938 | | | 1,938 | | | — | | | — | Fidelity Capital & Income Fund | | | 3,336 | | | 3,336 | | | — | | | — | PIMCO Commodities Plus Strat Fd Inst | | | 2,032 | | | 2,032 | | | — | | | — | PIMCO Long Term Credit Bond Inst | | | 9,676 | | | 9,676 | | | — | | | — | PIMCO Low Duration Incm Fd I | | | 2,676 | | | 2,676 | | | — | | | — | Vanguard Developed Mkts Index Inst | | | 8,944 | | | 8,944 | | | — | | | — | Vanguard Growth Index Fund Instl | | | 9,275 | | | 9,275 | | | — | | | — | Vanguard Mid Cap Index Funds Admiral | | | 4,568 | | | 4,568 | | | — | | | — | Vanguard Small Cap I | | | 3,968 | | | 3,968 | | | — | | | — | Vanguard Value Index Instl Shares | | | 9,437 | | | 9,437 | | | — | | | — | Western Asset Core Bd Fd I | | | 6,573 | | | 6,573 | | | — | | | — | Cash | | | 338 | | | 338 | | | — | | | — | Total plan assets | | $ | 66,124 | | $ | 66,124 | | $ | — | | $ | — |
| | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value Measurements | | | | | | | Quoted Prices in | | | Significant | | | Significant | | | | | | | Active Markets for | | | Observable | | | Unobservable | | | Carrying | | Identical Assets | | Inputs | | Inputs | | | Value | | (Level 1) | | (Level 2) | | (Level 3) | Mutual funds | | | | | | | | | | | | | American Funds New World R6 | | $ | 2,932 | | $ | 2,932 | | $ | — | | $ | — | Cohen & Steers Real Estate SECS I | | | 1,732 | | | 1,732 | | | — | | | — | Fidelity Capital & Income Fund | | | 2,995 | | | 2,995 | | | — | | | — | PIMCO Commodities Plus Strat Fd Inst | | | 1,845 | | | 1,845 | | | — | | | — | PIMCO Long Term Credit Bond Inst | | | 8,731 | | | 8,731 | | | — | | | — | PIMCO Low Duration Incm Fd I | | | 2,419 | | | 2,419 | | | — | | | — | Vanguard Developed Mkts Index Inst | | | 7,614 | | | 7,614 | | | — | | | — | Vanguard Growth Index Fund Instl | | | 8,315 | | | 8,315 | | | — | | | — | Vanguard Mid Cap Index Funds Admiral | | | 4,053 | | | 4,053 | | | — | | | — | Vanguard Small Cap I | | | 3,448 | | | 3,448 | | | — | | | — | Vanguard Value Index Instl Shares | | | 8,216 | | | 8,216 | | | — | | | — | Western Asset Core Bd Fd I | | | 5,952 | | | 5,952 | | | — | | | — | Cash | | | 1,116 | | | 1,116 | | | — | | | — | Total plan assets | | $ | 59,368 | | $ | 59,368 | | $ | — | | $ | — |
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets |
The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated financial statements at the dates indicated (dollars in thousands): | | | | | | | | | | December 31, | | | | 2025 | | 2024 | | Change in accumulated post-retirement benefit obligation: | | | | | | | | Accumulated benefit obligation at beginning of year | | $ | 1,177 | | $ | 1,354 | | Service cost | | | 16 | | | 8 | | Interest cost | | | 64 | | | 32 | | Actuarial gain | | | (154) | | | (191) | | Benefits paid | | | (41) | | | (26) | | Accumulated benefit obligation at end of year | | | 1,062 | | | 1,177 | | | | | | | | | | Change in plan assets: | | | | | | | | Fair value of plan assets at beginning of year | | | — | | | — | | Employer contributions | | | 41 | | | 26 | | Benefits paid | | | (41) | | | (26) | | Fair value of plan assets at end of year | | | — | | | — | | Unfunded status at end of year | | $ | (1,062) | | $ | (1,177) | |
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive loss, before tax effect, at the dates indicated, consist of (dollars in thousands): | | | | | | | | | | December 31, | | | | 2025 | | 2024 | | Net actuarial gain | | $ | (697) | | $ | (618) | |
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| Schedule of shares held by the ESOP |
Shares held by the ESOP include the following: | | | | | | | As of December 31, | | | 2025 | | 2024 | Allocated | | 256,381 | | 219,921 | Committed to be allocated | | 50,916 | | 50,916 | Unallocated | | 661,913 | | 712,829 | Total shares | | 969,210 | | 983,666 |
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| Pension plan |
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| EMPLOYEE BENEFIT PLANS |
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| Summary of net periodic cost included in the Company's consolidated statements of income |
Net periodic pension (income) cost included the following components (dollars in thousands): | | | | | | | | | | | | | | | For the | | For the | | For the | | | Year Ended | | Six Months Ended | | Fiscal Year Ended | | | December 31, | | December 31, | | June 30, | | | 2025 | | 2024 | | 2023 | | 2024 | Service cost | | $ | 1,203 | | $ | 589 | | $ | 647 | | $ | 1,235 | Interest cost | | | 2,282 | | | 1,139 | | | 920 | | | 2,033 | Expected return on plan assets | | | (3,417) | | | (1,668) | | | (1,313) | | | (2,862) | Amortization of net actuarial gain | | | (472) | | | (141) | | | — | | | — | Net periodic pension (income) cost | | $ | (404) | | $ | (81) | | $ | 254 | | $ | 406 |
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| summary of projected benefit payments under the plan over the next ten years |
The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands): | | | | Year ending December 31, | | | | 2026 | | $ | 2,980 | 2027 | | | 2,718 | 2028 | | | 2,887 | 2029 | | | 3,316 | 2030 | | | 3,186 | Years 2031 – 2035 | | | 16,841 |
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| Post-retirement benefit plan |
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| EMPLOYEE BENEFIT PLANS |
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| Summary of net periodic cost included in the Company's consolidated statements of income |
Net periodic post-retirement benefit cost included the following components (dollars in thousands): | | | | | | | | | | | | | | | For the | | For the | | For the | | | Year Ended | | Six Months Ended | | Fiscal Year Ended | | | December 31, | | December 31, | | June 30, | | | 2025 | | 2024 | | 2023 | | 2024 | Service cost | | $ | 16 | | $ | 8 | | $ | 12 | | $ | 19 | Interest cost | | | 64 | | | 32 | | | 38 | | | 72 | Amortization of net actuarial gain | | | (76) | | | (34) | | | (20) | | | (30) | Net periodic post-retirement benefit cost | | $ | 4 | | $ | 6 | | $ | 30 | | $ | 61 |
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| summary of projected benefit payments under the plan over the next ten years |
The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands): | | | | Year ending December 31, | | | | 2026 | | $ | 69 | 2027 | | | 62 | 2028 | | | 57 | 2029 | | | 60 | 2030 | | | 65 | Years 2031 – 2035 | | | 391 |
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| Schedule of shares held by the ESOP |
Shares held by the ESOP include the following: | | | | | | | As of December 31, | | | 2025 | | 2024 | Allocated | | 256,381 | | 219,921 | Committed to be allocated | | 50,916 | | 50,916 | Unallocated | | 661,913 | | 712,829 | Total shares | | 969,210 | | 983,666 |
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