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SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
11. SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

The Bank established Supplemental Executive Retirement Plans ("SERP") in 1995, 2001, 2004 and 2006, to provide supplemental retirement benefits to certain current and former officers of the Company. On December 31, 2002, the 1995 and 2001 SERPs were curtailed. Additionally, as part of the September 2004 merger with CB Bancshares, Inc. ("CBBI"), the Company assumed CBBI's SERP obligations.

The projected benefit obligation of the unfunded SERPs is recorded in other liabilities on the Company's consolidated balance sheets. As of September 30, 2025, the projected benefit obligation was $8.7 million, compared to $8.8 million as of December 31, 2024. The Company expects to pay approximately $0.6 million in benefit payments under the SERPs in the next 12 months.

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

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Interest cost$113 $107 $341 $323 
Net periodic benefit cost$113 $107 $341 $323 

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