Quarterly report [Sections 13 or 15(d)]

EMPLOYEE BENEFIT PLANS

v3.26.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2026
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
NOTE 7 - EMPLOYEE
BENEFIT PLANS
The Company
has a defined
benefit pension
plan covering substantially
all full-time and eligible part-time associates
and a
Supplemental
Executive Retirement
Plan (“SERP”) and a
Supplemental
Executive Retirement
Plan II (“SERP II”)
covering its
executive officers.
The defined benefit
plan was amended
in December 2019
to remove plan
eligibility
for new associates
hired after
December 31, 2019.
The SERP II was
adopted
by the Company’s
Board on
May 21, 2020
and covers
certain executive
officers that
were not covered
by the SERP.
The components
of the net periodic
benefit cost for
the Company’s
qualified benefit
pension plan
were as follows:
Three Months Ended
September 30,
Nine Months Ended September
30,
(Dollars in Thousands)
2026
2025
2026
2025
Service Cost
$
833
$
861
$
2,498
$
2,581
Interest Cost
1,531
1,676
4,594
5,029
Expected Return
on Plan Assets
(2,218)
(2,265)
(6,653)
(6,794)
Net Loss Amortization
(474)
(413)
(1,421)
(1,240)
Net Periodic Benefit
Cost
$
(328)
$
(141)
$
(982)
$
(424)
Discount Rate
5.67%
5.82%
5.67%
5.82%
Long-term Rate
of Return on
Assets
6.50%
6.75%
6.50%
6.75%
The components
of the net periodic
benefit cost for
the Company’s
SERP and SERP II were as
follows:
Three Months Ended
September 30,
Nine Months Ended September
30,
(Dollars in Thousands)
2026
2025
2026
2025
Service Cost
$
19
$
11
$
57
$
34
Interest Cost
150
131
450
395
Prior Service Cost Amortization
25
25
76
76
Net Loss Amortization
238
(30)
713
(88)
Net Periodic Benefit
Cost
$
432
$
137
$
1,296
$
417
Discount Rate
5.24%
5.57%
5.24%
5.57%
The service cost component
of net periodic benefit
cost is reflected in compensation
expense in the accompanying
statements
of
income.
The other components
of net periodic cost
are included in “other”
within the noninterest expense
category in the
Consolidated
Statements
of Income.