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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Net periodic pension cost of plan Net periodic pension cost for the years ended December 31, 2024 and 2023 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

Interest cost

 

$

222

 

 

$

233

 

Expected return on assets

 

 

(125

)

 

 

(144

)

Amortization of net loss

 

 

64

 

 

 

70

 

Net periodic pension cost

 

$

161

 

 

$

159

 

Reconciliation of changes in plan's projected benefit obligations and assets

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

4,280

 

 

$

4,766

 

Interest cost

 

 

 

 

 

222

 

Actuarial (gain) loss

 

 

(99

)

 

 

(291

)

Benefits paid

 

 

(54

)

 

 

(417

)

Settlement

 

 

(4,127

)

 

 

 

Projected benefit obligation at end of year

 

$

 

 

$

4,280

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

4,201

 

 

$

4,631

 

Actual return on plan assets

 

 

 

 

 

(13

)

Plan expenses paid out of assets

 

 

(20

)

 

 

 

Benefits paid

 

 

(54

)

 

 

(417

)

Settlement

 

 

(4,127

)

 

 

 

Fair value of plan assets at end of year

 

$

 

 

$

4,201

 

Funded status

 

$

 

 

$

(79

)

Assumptions used to determine the net periodic benefit cost and benefit obligations Prior to settlement, the assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Discount rate for net periodic pension cost

 

 

4.85

%

 

 

5.05

%

Discount rate for benefit obligations

 

 

5.40

%

 

 

4.85

%

Expected long-term return of plan assets

 

 

5.00

%

 

 

5.25

%

Weighted average asset allocations for plan The weighted average asset allocations for the Plan at December 31, 2024 are show in the table below. There were no significant changes to the asset allocations of the Plan assets prior to settlement.

 

 

 

December 31,

 

 

 

2024

 

U.S. equities securities

 

 

10

%

U.S. debt securities

 

 

90

%

 

 

 

100

%