Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 8—Employee Benefit Plans

Executive Retirement Plan and Senior Management Retirement Plan

The Company, through the Bank, sponsored an Executive Retirement Plan for certain executive level employees and a Senior Management Retention Plan for other senior level employees, collectively the “Plans”. Effective November 29, 2024, all components of the Plans were terminated and frozen and no subsequent contributions were made to the Plans.  On December 10, 2025, the account balances of the Plans were liquidated and paid out to eligible participants.

The Company incurred no expense for the Plans during the three months ended March 31, 2026 and March 31, 2025 due to the freezing of the Plans. The Company’s carrying value of the liability under the Plans for certain participants with different liquidation payout provisions was $2.5 million as of March 31, 2026 and $2.2 million as of December 31, 2025, which is included in interest payable and other liabilities on the balance sheet.  The Company’s shares of stock held as investments in the Rabbi Trust of the Plans as of March 31, 2026 and December 31, 2025 totaled 1,073 shares with a historical cost basis of $1.1 million. All amounts were fully funded into the Rabbi Trust as of March 31, 2026 and December 31, 2025. The consolidated investments held in the Rabbi Trust are recorded at fair value with changes in unrealized gains or losses recorded within non-interest income, and the equal and offsetting charges in the related liability are recorded in non-interest expense in the consolidated statements of income.

Net gains on the Plans’ investments were $0.8 million at March 31, 2025. Balances in non-qualified deferred compensation plans may be invested in financial instruments whose market value fluctuates based upon trends in interest rates and stock prices.