EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFITS [Abstract]

EMPLOYEE BENEFITS

12.  EMPLOYEE BENEFITS

The Company sponsors the City Bank 401(k) Plan (the “401(k) Plan”). Under the provisions of the 401(k) Plan, participants may elect to contribute pre-tax salary deferrals and direct investment of those salary deferrals among investments offered in the 401(k) Plan. The Company may elect to contribute a safe harbor match equal to 100% of the first 5% of the participants’ compensation contributed. The expense for Company contributions to the 401(k) Plan was $1.9 million in 2025, $1.8 million in 2024, and $1.8 million in 2023.

Employee Health Benefits – The Company has a self-insured welfare benefit plan which provides health and dental benefits. For officers of the Company, there is no waiting period to be eligible, while there is a 60-day waiting period for all other employees. In addition, to be eligible, an employee must be scheduled to work on a full-time basis (at least 30 hours per week). The Company periodically evaluates the costs of the plan and determines the amount to be contributed by the Company and the amount, if any, to be contributed by the employee. Welfare benefit expense was approximately $4.8 million, $4.5 million, and $4.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. In addition, benefit obligations have been accrued and include reported claims payable and claims incurred but not reported, for approximately $957 thousand and $746 thousand as of December 31, 2025 and 2024, respectively. The Company has limited its risk exposure for these benefits through a stop-loss policy with an independent third party insurer which reimburses benefits paid that exceed $200 thousand per participant per year.

Non-Qualified Plans – Certain Company executives, as determined by the Company’s Board from time-to-time, have post-retirement salary continuation agreements under an Executive Salary Continuation Plan. Retirement ages and retirement salary amounts are specified in each agreement. The Company accrues actuarial estimates of the costs of these benefits over the respective service periods; approximately $13.9 million and $13.7 million was accrued at December 31, 2025 and 2024, respectively. This plan is nonqualified, noncontributory, and unfunded. The charge to income for this plan during 2025, 2024, and 2023 was approximately $1.0 million, $1.1 million and, $1.1 million, respectively.