v3.26.1
SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
12. SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

The Bank has a Supplemental Executive Retirement Plan ("SERP") which provides supplemental retirement benefits to former officers of the Company. The SERP holds no plan assets other than employer contributions that are paid as benefits during the year.

The projected benefit obligation of the unfunded SERP is recorded in other liabilities on the Company's consolidated balance sheets. As of June 30, 2026, the projected benefit obligation was $8.8 million, compared to $8.9 million as of December 31, 2025. The Company expects to pay approximately $0.6 million in benefit payments under the SERP in the next 12 months.

The following table presents the components of net periodic benefit cost for the SERP for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2026202520262025
Interest cost$107 $114 $214 $228 
Amortization of net actuarial gain— — 1 — 
Net periodic benefit cost$107 $114 $215 $228 

All components of net periodic benefit cost are included in other operating expenses in the Company's consolidated statements of income.