XML 66 R45.htm IDEA: XBRL DOCUMENT v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
EMPLOYEE BENEFIT PLANS [Abstract]  
Obligation and Net Funded Status
The following table sets forth the obligation and funded status of the pension plan as of December 31 (in thousands):
 
   
2025
    
2024
  
Change in benefit obligation
            
Benefit obligation at beginning of year
  
$
8,871
    
$
9,556
  
Service cost
    
274
      
329
  
Interest cost
    
452
      
422
  
Actuarial (Gain) / Loss
    
307
      
(395
)
Settlement gain
    
-
      
(18
)
Benefits paid
    
(944
)
    
(1,023
)
Benefit obligation at end of year
    
8,960
      
8,871
  
Change in plan assets
                
Fair value of plan assets at beginning of year
    
11,726
      
11,662
  
Actual return (loss) on plan assets
    
1,110
      
1,087
  
Employer contribution
    
-
      
-
  
Plan expenses
    
-
      
-
  
Benefits paid
    
(944
)
    
(1,023
)
Fair value of plan assets at end of year
    
11,892
      
11,726
  
Funded status
  
$
2,932
    
$
2,855
  
Components of Net Periodic Pension Cost not yet recognized
Amounts not yet recognized as a component of net periodic pension cost as of December 31 (in thousands):
 
Amounts recognized in accumulated other comprehensive loss consists of:
  
2025
    
2024
  
Net loss
  
$
376
    
$
385
  
Prior service cost
    
-
      
-
  
Total
  
$
376
    
$
385
  
Components of Net Periodic Benefit Costs
The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):
 
   
2025
    
2024
    
2023
  
Service cost
  
$
274
    
$
329
    
$
306
  
Interest cost
    
452
      
422
      
433
  
Return on plan assets
    
(794
)
    
(791
)
    
(769
)
Settlement loss
    
-
      
104
      
-
  
Net amortization and deferral
    
-
      
33
      
41
  
Net periodic benefit (income) cost
  
$
(68
)
  
$
97
    
$
11
  
Weighted-average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost (Income)
The weighted-average assumptions used to determine benefit obligations at December 31, 2025, 2024 and 2023 is summarized in the following table. The change in the discount rate is the primary driver of the actuarial loss that occurred in 2025 of $307,000.
 
   
2025
    
2024
    
2023
  
Discount rate FCCB Plan
  

5.00
%
    
5.25
%
    
4.50
%
Rate of compensation increase
    
3.00
%
    
3.00
%
    
3.00
%
   
2025
    
2024
    
2023
  
Discount rate FCCB Plan
  

5.25
%
    
4.50
%
    
4.75
%
Expected long-term return on plan assets FCCB plan
    
7.00
%
    
7.00
%
    
7.00
%
Rate of compensation increase
    
3.00
%
    
3.00
%
    
3.00
%
Fair Value of Plan Assets
The long-term rate of return on plan assets gives consideration to returns currently being earned on plan assets as well as future rates expected to be earned.  The investment objective is to maximize total return consistent with the interests of the participants and beneficiaries, and prudent investment management.  The allocation of the pension plan assets is determined on the basis of sound economic principles and is continually reviewed in light of changes in market conditions.  Asset allocation favors equity securities, with a target allocation of 50-70%.  The target allocation for debt securities is 30-50%.  At December 31, 2025, the pension plan had a sufficient cash and money market position in order to re-allocate the equity portfolio for diversification purposes and reduce risk in the total portfolio.  The following table sets forth by level, within the fair value hierarchy as defined in footnote 20, the Plan’s assets at fair value as of December 31, 2025 and 2024 (dollars in thousands):
 
2025
  
Level I
    
Level II
    
Level III
    
Total
    
Allocation
  
Cash and cash equivalents
  
$
362
    
$
-
    
$
-
    
$
362
      
3.0
%
Equity Securities
    
671
      
-
      
-
      
671
      
5.6
%
Mutual Funds and ETF’s
    
7,804
      
-
      
-
      
7,804
      
65.6
%
Corporate Bonds
    
-
      
3,055
      
-
      
3,055
      
25.8
%
Total
  
$
8,837
    
$
3,055
    
$
-
    
$
11,892
      
100.0
%

2024
  
Level I
    
Level II
    
Level III
    
Total
    
Allocation
  
Cash and cash equivalents
  
$
312
    
$
-
    
$
-
    
$
312
      
2.7
%
Equity Securities
    
5,902
      
-
      
-
      
5,902
      
50.3
%
Mutual Funds and ETF’s
    
3,025
      
-
      
-
      
3,025
      
25.8
%
Corporate Bonds
    
-
      
2,487
      
-
      
2,487
      
21.2
%
Total
  
$
9,239
    
$
2,487
    
$
-
    
$
11,726
      
100.0
%
Expected Future Benefit Payments
The Bank does not expect to make a contribution to its pension plan in 2026.  Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):
 
2026
  
$
1,141
  
2027
    
956
  
2028
    
684
  
2029
    
608
  
2030
    
274
  
2031- 2035
    
5,911
  
Vesting, Awarding and Forfeiting of Restricted Shares
 
The Company maintains a Restricted Stock Plan (“the Plan”) whereby employees and non-employee corporate directors are eligible to receive awards of restricted stock based upon performance related requirements.  Awards granted under the Plan are in the form of the Company’s common stock and may be subject to certain vesting requirements including in the case of employees, continuous employment or service with the Company.  In April 2016, the Company’s stockholders authorized a total of 150,000 shares of the Company’s common stock to be made available under the Plan. As of December 31, 2025, 99,781 shares remain available to be issued under the Plan. The Plan assists the Company in attracting, retaining and motivating employees to make substantial contributions to the success of the Company and to increase the emphasis on the use of equity as a key component of compensation. The following table details the vesting, awarding and forfeiting of unearned restricted shares during 2025:
 
   
2025
  
         
Weighted
  
         
Average
  
   
Shares
    
Market Price
  
Outstanding, beginning of year
    
10,927
    
$
53.81
  
Granted
    
4,431
      
57.28
  
Forfeited
    
(1,162
)
    
49.83
  
Vested
    
(5,682
)
    
56.23
  
Outstanding, end of year
    
8,514
    
$
54.54