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RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS
14. RETIREMENT BENEFITS

Defined Benefit Retirement Plan

The Bank had a defined benefit retirement plan that covered substantially all of its employees who were employed during the period that the plan was in effect. Effective December 31, 2002, the Bank curtailed its defined benefit retirement plan, and accordingly, plan benefits were fixed as of that date.

The Company completed the termination and settlement of its defined benefit retirement plan in the second quarter of 2022 and recognized a one-time noncash settlement expense of $4.9 million, which was recorded in other operating expense.

With the termination of the defined benefit retirement plan in the second quarter of 2022, there were no plan assets, further defined benefit retirement plan liability or ongoing pension expense recognition remaining as of December 31, 2022 and no activity in 2023 and 2024.
401(k) Retirement Savings Plan

The Company maintains a 401(k) Retirement Savings Plan ("Retirement Savings Plan"), a defined contribution plan, that covers substantially all employees of the Company. The Retirement Savings Plan allows employees to direct their own investments among a selection of investment alternatives and is funded by employee elective deferrals, employer matching contributions and employer discretionary contributions.

The Company has the option of making regular matching contributions on employee's elective deferrals. The Company has sole discretion in determining the percentage to be matched, subject to limitations of the Internal Revenue Code.

From January 1, 2022 through December 31, 2024, the Company matched 100% of an employees effective deferrals, up to 4% of the employee's pay each pay period.

The Company also has the option of making discretionary contributions into the Retirement Savings Plan and has sole discretion in determining the discretionary contribution, subject to limitations of the Internal Revenue Code. The Company did not make any discretionary contributions in 2024, 2023 and 2022.

Total contributions to the Retirement Savings Plan totaled $2.3 million, $2.4 million and $2.4 million in 2024, 2023 and 2022, respectively.