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BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
401(k) Plan
The Company has a savings plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees upon employment who have attained the age of 18. Under the plan, employee contributions are partially matched by the Company at its sole discretion. Company contributions for the years ended December 31, 2025 and 2024 were $774 thousand and $810 thousand, respectively.
SERPs, Directors’ Plan and Other Postretirement Benefits Plan
The Company maintains an Executive Supplemental Income Retirement Plan (“SERP”) for certain employees and a Director Retirement Plan (“DRP”). As the SERP and DRP plans are unfunded, there are no plan assets associated with these plans. During 2022, the DRP plan was amended to curtail the plan to the current participants and to establish fixed payments to the participant in the plan.
The Company provides certain health insurance benefits for retired employees and directors meeting plan eligibility requirements. Effective January 1, 2019, the employee postretirement health benefit plan was curtailed, leaving only 12 retired participants and beneficiaries remaining in the plan. Active participants who met certain requirements received payments in lieu of future benefits. The plans are unfunded as of December 31, 2025 and 2024, and the obligation is included in other liabilities as an accrued postretirement benefit cost.
The following table sets forth the changes in benefit obligation, changes in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans was December 31 for each year presented.
SERP and DRPPost Retirement
2025202420252024
(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year$2,852 $2,903 $1,157 $1,047 
Service cost89 102 — — 
Interest cost164 151 59 48 
Actuarial (gain) loss159 (16)254 153 
Benefits paid(296)(288)(99)(91)
Projected benefit obligation at end of year$2,968 $2,852 $1,371 $1,157 
Reconciliation of plan assets:
Fair value of plan assets at beginning of year— — — — 
Employer contributions296 288 99 91 
Benefits and Settlements paid(296)(288)(99)(91)
Fair value of plan assets at end of year$— $— $— $— 
Unfunded status$2,968 $2,852 $1,371 $1,157 
Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of:
SERP and DRPPost Retirement
2025202420252024
(In thousands)
Unrecognized net actuarial loss (gain)$432 $313 $(151)$(431)
Unrecognized prior service cost4 10 — — 
Total accumulated other comprehensive loss (gain)$436 $323 $(151)$(431)
The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows:
SERP and DRPPost Retirement
2025202420252024
Discount rate4.73 %5.18 %5.04 %5.34 %
The weighted-average assumptions used in the determination of net periodic benefit cost were as follows:
SERP and DRPPost Retirement
2025202420252024
Discount rate5.08 %4.54 %5.24 %4.64 %
Expected rate of return on plan assets N/A  N/A N/AN/A
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2025 and 2024:
SERP and DRPPost Retirement
2025202420252024
(In thousands)
Service cost$89 $102 $— $— 
Interest cost164 151 59 48 
Prior Service Cost5 5 — — 
Amortization:
Net loss (gain)39 46 (26)(42)
Net periodic benefit cost$297 $304 $33 $6 
The components of net periodic benefit cost other than the service cost component are included in “other non-interest expense” in the Statement of Operations. The estimated net loss and prior service cost for the post-retirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2026 are $67 thousand and $4 thousand, respectively.
The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows:
SERP and DRPPost- Retirement
(In thousands)
2026$286 $117 
2027264 118 
2028243 118 
2029241 117 
2030213 116 
Years 2031 - 2035963 548