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RETIREMENT AND POSTRETIREMENT PLANS
 6 Months Ended
Jun. 30, 2025
RETIREMENT AND POSTRETIREMENT PLANS  
RETIREMENT AND POSTRETIREMENT PLANS

14. RETIREMENT AND POSTRETIREMENT PLANS

The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees.

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Employee Retirement Plan

The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the Employee Retirement Plan effective December 31, 2023. Retirement benefits of the plan were vested as they were earned. For the year ended December 31, 2024, the Bank used December 31st as its measurement date for the Employee Retirement Plan.

BNB Bank Pension Plan

During 2012, Bridge Bancorp, Inc., (“Bridge”) amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. Effective December 31, 2023, the Bank froze all participant benefits under the BNB Pension Plan, the impact of which is reflected in the recorded curtailment as of December 31, 2023. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023. The termination was effectively completed by March 31, 2025, and all related liabilities were fully settled. Retirement benefits of the plan were vested as they were earned. For the year ended December 31, 2024, the Bank used December 31st as its measurement date for the BNB Bank Pension Plan.

The following tables represent the components of net periodic (credit) benefit cost associated with these plans:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

​

​

2025

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

BNB Bank

​

Employee

​

BNB Bank

​

Employee

(In thousands)

​

Pension Plan

​

Retirement Plan

​

Pension Plan

​

Retirement Plan

Service cost

​

$

—

​

$

—

​

$

—

​

$

—

Interest cost

​

​

—

​

​

218

​

​

310

​

​

210

Expected return on assets

​

​

—

​

​

(322)

​

​

(680)

​

​

(360)

Amortization of unrealized loss

​

​

—

​

​

232

​

​

—

​

​

202

Net periodic (credit) benefit

​

$

—

​

$

128

​

$

(370)

​

$

52

Settlement loss recognized

​

​

—

​

​

—

​

​

—

​

​

—

Total benefit cost

​

$

—

​

$

128

​

$

(370)

​

$

52

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

​

2025

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

BNB Bank

​

Employee

​

BNB Bank

​

Employee

(In thousands)

​

Pension Plan

​

Retirement Plan

​

Pension Plan

​

Retirement Plan

Service cost

​

$

—

​

$

—

​

$

—

​

$

—

Interest cost

​

​

271

​

​

435

​

​

620

​

​

420

Expected return on assets

​

 

(534)

​

 

(645)

​

 

(1,360)

​

​

(720)

Amortization of unrealized loss

​

 

49

​

 

465

​

 

—

​

​

405

Net periodic (credit) benefit

​

$

(214)

​

$

255

​

$

(740)

​

$

105

Settlement loss recognized

​

​

7,231

​

​

—

​

​

—

​

​

—

Total benefit cost

​

$

7,017

​

$

255

​

$

(740)

​

$

105

​

​

There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the three or six months ended June 30, 2025 and 2024.

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401(k) Plan

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first pay date following the 60th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $23,500 for the calendar year ended December 31, 2025. Under the provisions of the 401(k) Plan, Dime Community Bank provides an employer non-elective contribution to employee accounts equivalent to 3% of eligible compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment of new contributions in the Company’s common stock, nor does it allow participants to transfer existing balances into the Company’s common stock. The 401(k) Plan held Company

common stock within the accounts of participants totaling $5.7 million and $4.7 million at June 30, 2025 and 2024, respectively. During the three and six months ended June 30, 2025, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $1.9 million, respectively. During the three and six months ended June 30, 2024, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $796 thousand and $1.7 million, respectively.

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