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BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
401(k) Plan
The Company has a savings plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees upon employment who have attained the age of 18. Under the plan, employee contributions are partially matched by the Company at its sole discretion. Company contributions for the years ended December 31, 2023 and 2022 were $711 thousand and $857 thousand, respectively.
SERPs, Directors’ Plan and Other Postretirement Benefits Plan
The Company maintains an Executive Supplemental Income Retirement Plan (“SERP”) for certain employees and a Director Retirement Plan (“DRP”). As the SERP and DRP plans are unfunded, there are no plan assets associated with these plans. During 2022, the DRP plan was amended to curtail the plan to the current participants and to establish fixed payments to the participant in the plan.
The Company provides certain health insurance benefits for retired employees and directors meeting plan eligibility requirements. Effective January 1, 2019, the employee postretirement health benefit plan was curtailed, leaving only 12 retired participants and beneficiaries remaining in the plan. Active participants who met certain requirements received payments in lieu of future benefits. The plans are unfunded as of December 31, 2023 and 2022, and the obligation is included in other liabilities as an accrued postretirement benefit cost.
The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented.
SERP and DRPPost Retirement
2023202220232022
(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year$2,814 $3,941 $1,072 $1,613 
Service cost100 98 — 1 
Interest cost141 87 51 39 
Actuarial (gain) loss126 (469)4 (488)
Benefits paid(278)(339)(80)(93)
Plan amendments— (504)— — 
Projected benefit obligation at end of year2,903 2,814 1,047 1,072 
Reconciliation of plan assets:
Employer contributions278 341 80 93 
Benefits and Settlements paid(278)(341)(80)(93)
Unfunded status$2,903 $2,814 $1,047 $1,072 
Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of:
SERP and DRPPost Retirement
2023202220232022
(In thousands)
Unrecognized net actuarial loss (gain)$375 $279 $(625)$(671)
Unrecognized prior service cost15 20 — — 
Total accumulated other comprehensive loss (gain)$390 $299 $(625)$(671)
The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows:
SERP and DRPPost Retirement
2023202220232022
Discount rate4.60 %4.81 %4.71 %4.91 %
The weighted-average assumptions used in the determination of net periodic benefit cost were as follows:
SERP and DRPPost Retirement
2023202220232022
Discount rate4.74 %2.31 %4.86 %2.59 %
Expected rate of return on plan assets N/A  N/A N/AN/A
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2023 and 2022:
SERP and DRPPost Retirement
2023202220232022
(In thousands)
Service cost$100 $98 $— $1 
Interest cost141 87 51 39 
Prior Service Cost5 — — — 
Amortization:
Net loss (gain)30 134 (42)(6)
Net periodic benefit cost$276 $319 $9 $34 
The components of net periodic benefit cost other than the service cost component are included in “other non-interest expense” in the Statement of Operations. The estimated net loss and prior service cost for the post-retirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2024 are $5 thousand and $5 thousand, respectively.
The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows:
SERP and DRPPost- Retirement
(In thousands)
2024$270 $77 
2025270 79 
2026252 79 
2027237 80 
2028221 80 
Years 2029 - 20331,009 388