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SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
11. SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

In 1995, 2001, 2004 and 2006, the Bank established Supplemental Executive Retirement Plans ("SERP"), which provide certain (current and former) officers of the Company with supplemental retirement benefits. On December 31, 2002, the 1995 and 2001 SERP were curtailed. In conjunction with the September 2004 merger with CB Bancshares, Inc. ("CBBI"), the Company assumed CBBI's SERP obligation.

The projected benefit obligation of the unfunded SERP is recorded in other liabilities on the Company's consolidated balance sheets. The projected benefit obligation was $8.7 million and $8.8 million as of March 31, 2025 and December 31, 2024, respectively.

The following table presents the components of net periodic benefit cost for the SERP for the periods presented:

Three Months Ended March 31,
(dollars in thousands)20252024
Interest cost$114 $108 
Net periodic benefit cost$114 $108 

All components of net periodic benefit cost are included in other operating expenses in the Company's consolidated statements of income.