v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The amount of net pension cost is shown in the table below for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(dollars in thousands)(dollars in thousands)
Service Cost$- $- $- $- 
Interest Cost1,388 1,382 2,776 2,764 
Expected Return on Assets(1,631)(1,592)(3,262)(3,183)
Net Amortization- - - - 
Net periodic pension cost$(243)$(210)$(486)$(419)
All benefits accrued under the Company’s defined benefit pension plan have been frozen since December 31, 2018. During the first six months of 2026, the Company made no funding contributions to its defined benefit pension plan and made minimal funding contributions to a supplemental executive retirement plan (the SERP), which carries no segregated assets. 
During the second quarter of 2026, the Company continued the termination process for its defined benefit pension plan, which began in the first quarter of 2026. Benefit elections are expected to be completed by the end of August 2026. The Company expects to satisfy the plan's obligations through a combination of lump-sum distributions to eligible participants and the purchase of group annuity contracts from a third-party insurer, both expected in the fourth quarter of 2026.
Based on the current status of the plan, the Company expects to recognize a modest settlement gain upon completion of the termination. Any settlement gain will include the recognition of unamortized actuarial gains or losses currently recorded in accumulated other comprehensive income. The plan is currently in a surplus position, and the Company expects that excess plan assets remaining after satisfaction of all benefit obligations will be used to fund nonelective contributions to its defined contribution 401(k) plan or for other qualified purposes over a period of up to seven years.
The Company is continuing to evaluate the financial impact of the plan termination, and no settlement gains or other termination‑related impacts have been recognized in the accompanying consolidated financial statements for the quarter ended June 30, 2026. The Company does not expect the termination to have a material adverse impact on its liquidity, capital, or results of operations.