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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities
The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:
(dollars in thousands)20252024
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$64,917 $73,187 
Interest cost3,503 3,437 
Actuarial gain/(loss)2,284 (4,101)
Benefits paid(5,894)(7,606)
Projected Benefit Obligation at End of Year$64,810 $64,917 
Change in Plan Assets
Fair value of plan assets at beginning of year$63,906 $71,574 
Actual gain/(loss) on plan assets4,725 (62)
Benefits paid(5,894)(7,606)
Fair Value of Plan Assets at End of Year$62,737 $63,906 
Funded Status$(2,073)$(1,011)
Accumulated Other Comprehensive Income (Loss)
The following table sets forth the amounts recognized in accumulated OCI at December 31:
(dollars in thousands)20252024
Net actuarial loss$16,650 $17,247 
Total (Before Tax Effects)
$16,650 $17,247 
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation
Below are the actuarial weighted average assumptions used in determining the benefit obligation:
20252024
Discount rate5.30 %5.58 %
The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
202520242023
Discount rate5.58 %5.03 %5.41 %
Expected return on assets5.71 %5.18 %5.72 %
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
(dollars in thousands)202520242023
Components of Net Periodic Pension Cost
Interest cost on projected benefit obligation$3,503 $3,437 $3,812 
Expected return on plan assets(3,460)(3,535)(3,932)
Recognized net actuarial loss1,616 1,386 1,725 
Net Periodic Pension Expense$1,659 $1,288 $1,605 
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
Net actuarial loss (gain)
$1,019 $(504)$1,453 
Recognized net actuarial loss(1,616)(1,386)(1,725)
Total Changes in Plan Assets and Benefit Obligation (Before Tax Effects)$(597)$(1,890)$(272)
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Before Tax Effects)
$1,062 $(602)$1,333 
Schedule of Expected Benefit Payments
The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
(dollars in thousands)Amount
2026$5,875 
20275,860 
20285,689 
20295,851 
20305,542 
2031-203525,023 
Pension Plan Assets Measured at Fair Value on Recurring Basis
The following tables present our retirement plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2025 and 2024. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2025 or 2024.
December 31, 2025
Fair Value Asset Classes(1)
(dollars in thousands)Level 1Level 2Level 3Total
Cash and cash equivalents(2)
$363 $— $— $363 
Fixed income(3)
55,948 — — 55,948 
Equity mutual funds(4)
6,426 — — 6,426 
Total Assets at Fair Value$62,737 $— $— $62,737 
(1)Refer to Note 1. Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)This asset class includes FDIC insured money market instruments.
(3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities.
(4)This asset class includes equity mutual funds invested in an active all-cap strategy.
December 31, 2024
Fair Value Asset Classes(1)
(dollars in thousands)Level 1Level 2Level 3Total
Cash and cash equivalents(2)
$1,040 $— $— $1,040 
Fixed income(3)
56,301 — — 56,301 
Equity mutual funds(4)
6,565 — — 6,565 
Total Assets at Fair Value$63,906 $— $— $63,906 
(1)Refer to Note 1. Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)This asset class includes FDIC insured money market instruments.
(3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities.
(4)This asset class includes equity mutual funds invested in an active all-cap strategy.