EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Employee benefits plans [Abstract] | |
| Schedule of Components of Pension Expense, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions |
(Dollars in Thousands)
2025
2024
2023
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
123,019
$
120,287
$
108,151
Service Cost
3,441
3,715
3,488
Interest Cost
6,706
6,097
5,831
Actuarial Loss (Gain)
2,813
(1,974)
6,936
Benefits Paid
(2,320)
(4,829)
(3,843)
Expenses Paid
(368)
(277)
(276)
Settlements
(12,600)
-
-
Projected Benefit Obligation at End of Year
$
120,691
$
123,019
$
120,287
Change in Plan Assets:
Fair Value
$
140,477
$
125,295
$
104,276
Actual Return on Plan Assets
16,956
20,288
19,138
Employer Contributions
-
-
6,000
Benefits Paid
(2,320)
(4,829)
(3,843)
Expenses Paid
(368)
(277)
(276)
Settlements
(12,600)
-
-
Fair Value
$
142,145
$
140,477
$
125,295
Funded Status of Plan and Prepaid Asset Recognized at End of Year:
Other Assets
$
21,454
$
17,458
$
5,008
Accumulated Benefit Obligation at End of Year
$
103,427
$
105,201
$
102,642
Components of Net Periodic Benefit (Income) Costs:
Service Cost
$
3,441
$
3,715
$
3,488
Interest Cost
6,706
6,097
5,831
Expected Return on Plan Assets
(9,058)
(8,117)
(6,805)
Amortization of Prior Service Costs
-
-
5
Net (Gain) Loss Amortization
(1,654)
165
934
Net Gain Settlements
(1,552)
-
-
Net Periodic Benefit (Income) Cost
$
(2,117)
$
1,860
$
3,453
Weighted-Average
Discount Rate
5.67%
5.82%
5.29%
Rate of Compensation Increase
(1)
4.67%
4.75%
5.10%
Measurement Date
12/31/25
12/31/24
12/31/23
Weighted-Average
Discount Rate
5.82%
5.29%
5.63%
Expected Return on Plan Assets
6.75%
6.75%
6.75%
Rate of Compensation Increase
(1)
4.67%
4.75%
5.10%
Amortization Amounts from Accumulated Other Comprehensive Income:
Net Actuarial Gain
$
(5,085)
$
(14,145)
$
(5,397)
Prior Service Cost
-
-
(5)
Net Gain (Loss)
3,206
(165)
(934)
Deferred Tax Expense
476
3,628
1,606
Other Comprehensive Income, net of tax
$
(1,403)
$
(10,682)
$
(4,730)
Amounts Recognized in Accumulated Other Comprehensive (Income)
Net Actuarial (Gain) Loss
$
(14,867)
$
(12,988)
$
1,322
Deferred Tax Expense
3,769
3,293
(335)
Accumulated Other Comprehensive (Income) Loss, net of tax
$
(11,098)
$
(9,695)
$
987
(1)
|
| Schedule of Pension Plan Asset Allocation and the Target Asset Allocation |
Target
Percentage of Plan
Allocation
Assets at December 31
(1)
2026
2025
2024
Equity Securities
50
%
55
%
73
%
Debt Securities
50
%
42
%
20
%
Cash and Cash Equivalents
(2)
-
%
3
%
7
%
Total
100
%
100
%
100
%
(1)
Represents asset allocation at December 31 which
end cash contribution to the plan.
(2)
Cash levels will be maintained in the Plan sufficient to fund expected distributions.
|
| Schedule of Fair Value of Plan Assets by Level of the Valuation Inputs within the Fair Value Hierarchy |
(Dollars in Thousands)
2025
2024
Level 1:
U.S. Treasury Securities
$
10,352
$
17,039
Mutual Funds
121,288
111,426
Cash and Cash Equivalents
4,417
9,010
Level 2:
Corporate Notes/Bonds
6,088
3,002
Total Fair Value
$
142,145
$
140,477
|
| Schedule of Expected Benefit Payments Related to the Defined Benefit Pension Plan |
Expected Benefit Payments.
follows:
(Dollars in Thousands)
2025
2026
$
11,363
2027
10,680
2028
9,693
2029
9,474
2030
9,225
2031 through 2035
47,772
Total
$
98,207
|
| Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed |
Expected
Contribution
(Dollars in Thousands)
2024
2025
2026
(1)
Actual Contributions
$
-
$
-
$
5,000
(1)
|
| Schedule of Components of SERP's Periodic Benefit Cost, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions |
(Dollars in Thousands)
2025
2024
2023
Change in Projected Benefit Obligation:
Benefit Obligation at Beginning of Year
$
10,132
$
9,204
$
10,948
Service Cost
46
37
18
Interest Cost
525
454
501
Actuarial Loss
2,240
198
201
Plan Amendments
-
239
-
Net Settlements
-
-
(2,464)
Projected Benefit Obligation at End of Year
$
12,943
$
10,132
$
9,204
Funded Status of Plan and Accrued Liability Recognized at End of Year:
Other Liabilities
$
12,943
$
10,132
$
9,204
Accumulated Benefit Obligation at End of Year
$
11,935
$
9,580
$
8,943
Components of Net Periodic Benefit Costs:
Service Cost
$
46
$
37
$
18
Interest Cost
525
454
501
Amortization of Prior Service Cost
102
-
151
Net Gain Amortization
(117)
(281)
(531)
Net Gain Settlements
-
-
(291)
Net Periodic Benefit Cost
$
556
$
210
$
(152)
Weighted-Average
Discount Rate
5.24%
5.57%
5.11%
Rate of Compensation Increase
(1)
4.67%
4.75%
5.10%
Measurement Date
12/31/25
12/31/24
12/31/23
Weighted-Average
Discount Rate
5.57%
5.11%
5.45%
Rate of Compensation Increase
(1)
4.67%
4.75%
5.10%
Amortization Amounts from Accumulated Other Comprehensive Loss:
Net Actuarial Loss
$
2,240
$
198
$
201
Prior Service (Cost) Benefit
(102)
239
(151)
Net Gain
117
281
531
Settlement Gain
-
-
291
Deferred Tax Benefit
(571)
(183)
(222)
Other Comprehensive Loss, net of tax
$
1,684
$
535
$
650
Amounts Recognized in Accumulated Other Comprehensive Loss (Income):
Net Actuarial Loss (Gain)
$
2,083
$
(275)
$
(753)
Prior Service Cost
137
239
-
Deferred Tax (Benefit)
(563)
9
191
Accumulated Other Comprehensive Loss (Income), net of tax
$
1,657
$
(27)
$
(562)
(1)
|
| Schedule of Expected Benefit Payments Related to the SERP |
(Dollars in Thousands)
2025
2026
$
11,208
2027
275
2028
290
2029
266
2030
360
2031 through 2035
1,826
Total
$
14,225
|