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Employee benefit plans | 12 Months Ended
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Dec. 31, 2024
Employee benefit plans |
Employee benefit plans | 18. Employee benefit plans: The Company sponsors a separate ESOP and Retirement Profit Sharing 401(k) Plan. The Company also maintains SERPs and an employees’ pension plan, which is currently frozen. Under the ESOP, amounts voted by the Company’s Board of Directors are paid into the ESOP and each eligible participant is credited with an amount in proportion to their annual compensation or a fixed dollar amount. All contributions to the ESOP are invested in or will be invested primarily in Company stock. Distribution of a participant’s ESOP account occurs upon retirement, death or termination in accordance with the plan provisions. Under the Retirement Profit Sharing 401(k) Plan, amounts approved by the Board of Directors have been paid into a fund and each participant was credited with an amount in proportion to their annual compensation. Upon retirement, death or termination, each participant is paid the total amount of their credits in the fund in one of a number of optional ways in accordance with the plan provisions. Eligible participants may elect deferrals of up to the maximum amounts permitted by law. The Company contributed $0.2 million to the ESOP for 2022. There were no ESOP contributions in 2024 or 2023. The Company contributed $1.8 million in 2024, $1.4 million in 2023 and $1.3 million in 2022, to the Retirement Profit Sharing 401(k) Plan, which was comprised of a safe harbor contribution of $1.0 million, $0.8 million and $0.7 million, respectively and a discretionary match of $0.8 million, $0.6 million and $0.6 million, respectively. The Company established a SERP Plan to replace certain 401(k) plan benefits lost due to compensation limits imposed on qualified plans by federal tax law. The annual benefit is a maximum of 6 percent of the executive compensation in excess of Federal limits. The total liability associated with this plan was $223 thousand and $180 thousand at December 31, 2024 and 2023, respectively. The expense associated with the plan was $43 thousand, $19 thousand and $20 thousand for 2024, 2023 and 2022, respectively. The Company has SERPs for the benefit of certain officers. At December 31, 2024 and 2023, other liabilities include $5.1 million and $3.1 million accrued under the plans. Compensation expense includes approximately $0.3 million, $0.4 million and $0.4 million relating to these SERPs for the years ended December 31, 2024, 2023 and 2022, respectively. ​ The increase in the SERP was due to the Company’s assumption of FNCB’s $2.0 million SERP liability in the merger July 1, 2024. Additional expense associated with the plan totaled $0.1 million for the year ended December 31, 2024. Under the Employees’ Pension Plan, currently frozen, amounts computed on an actuarial basis were being paid by the Company into a trust fund. The plan provided for fixed benefits payable for life upon retirement at the age of 65, based on length of service and compensation levels as defined in the plan. As of June 22, 2008 no further benefits are being accrued in this plan. Plan assets of the trust fund are invested and administered by the Trust Department of the Company. Information related to the Employees’ Pension Plan at December 31, 2024 and 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Pension Benefits |
(Dollars in thousands) | ​ | 2024 | ​ | 2023 |
Change in benefit obligation: |  | ​ | ​ |  | ​ | ​ | ​
Benefit obligation, beginning | ​ | $ | 13,845 | ​ | $ | 13,792 | ​
Interest cost | ​ |  | 634 | ​ |  | 655 | ​
Change in experience gain | ​ |  | 77 | ​ |  | 2 | ​
Change in actuarial assumptions | ​ |  | (867) | ​ |  | 306 | ​
Benefits paid | ​ |  | (945) | ​ |  | (910) | ​
Benefit obligation, ending | ​ |  | 12,744 | ​ |  | 13,845 | ​
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning | ​ |  | 17,609 | ​ |  | 16,106 | ​
Actual return on plan assets | ​ |  | 1,868 | ​ |  | 2,413 | ​
Employer contributions | ​ |  | ​ | ​ |  | ​ | ​
Benefits paid | ​ |  | (945) | ​ |  | (910) | ​
Fair value of plan assets, ending | ​ |  | 18,532 | ​ |  | 17,609 | ​
Funded status at end of year | ​ | $ | 5,788 | ​ | $ | 3,764 | ​
​ The Company utilized the mortality scale within the mortality tables from MP 2021 to re-measure its pension plan at December 31, 2024 and 2023. The change in the discount rate from 4.73 percent to 5.38 percent resulted in a decrease to the benefit obligation of $0.9 million in 2024 and an increase of $0.3 million in 2023. Amounts recognized in the consolidated balance sheets at December 31, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Pension Benefits | ​ |
(Dollars in thousands) | ​ | 2024 | ​ | 2023 | ​ |
(Other Assets)/Other Liabilities |  | $ | (5,788) |  | $ | (3,764) |  | ​
Amounts recognized in the accumulated other comprehensive loss consist of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial gain | ​ |  | (2,852) | ​ |  | (4,370) | ​ | ​
Deferred taxes | ​ |  | 622 | ​ |  | 956 | ​ | ​
Net amount recognized | ​ | $ | (2,230) | ​ | $ | (3,414) | ​ | ​
​ The accumulated benefit obligation for the defined benefit pension plan was $12.7 million and $13.8 million at December 31, 2024 and 2023, respectively. Components of net periodic pension income and other amounts recognized in other comprehensive income (loss) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | Pension Benefits
Twelve Months Ended December 31, | ​ | 2024 | ​ | 2023 | ​ | 2022
Net periodic pension benefit: |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | $ | 634 | ​ | $ | 655 | ​ | $ | 456
Expected return on plan assets | ​ |  | (1,281) | ​ |  | (1,170) | ​ |  | (1,407)
Amortization of unrecognized net loss | ​ |  | 141 | ​ |  | 194 | ​ |  | 198
Net periodic pension benefit: | ​ | ​ | (506) | ​ | ​ | (321) | ​ | ​ | (753)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ |  | 634 | ​ |  | 655 | ​ |  | 456
Deferred tax | ​ |  | (138) | ​ |  | (141) | ​ |  | (96)
Total recognized in other comprehensive income (loss) | ​ |  | 496 | ​ |  | 514 | ​ |  | 360
Total recognized in net period pension cost and other comprehensive income (loss) | ​ | $ | (10) | ​ | $ | 193 | ​ | $ | (393)
​ Weighted-average assumptions used to determine benefit obligations and related expenses were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Pension Benefits | ​ |
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ |
Discount rate: |  | ​ | ​ | ​ |  | ​ |  | ​
Obligation |  | 5.38 | % | 4.73 | % | 4.93 | % | ​
Expense |  | 4.73 | ​ | 4.93 | ​ | 2.59 | ​ | ​
Expected long-term return on plan assets |  | 7.50 | % | 7.50 | % | 7.50 | % | ​
​ The expected long-term return on plan assets was determined using average historical returns of the Company’s plan assets. ​ The Company’s pension plan weighted-average asset allocations at December 31, 2024 and 2023, by asset category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | ​ | 2023 |
Asset Category: | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 1.4 | % | ​ | 4.4 | %
Equity securities |  | 50.9 | ​ | ​ | 63.3 | ​
Corporate bonds |  | 29.0 | ​ | ​ | 18.1 | ​
U.S. government securities |  | 18.7 | ​ | ​ | 14.2 | ​
​ |  | 100.0 | % | ​ | 100.0 | %
​ Fair value measurement of pension plan assets at December 31, 2024 and 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 |
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | Active Markets | ​ | Significant | ​ | Significant |
​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Observable |
​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs |
(Dollars in thousands) | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) |
Cash and cash equivalents | ​ | $ | 255 | ​ | $ | 255 | ​ | $ | ​ |  | $ | ​ | ​
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. large cap | ​ |  | 8,598 | ​ | ​ | 8,598 | ​ | ​ | ​ | ​ | ​ | ​ | ​
International | ​ |  | 853 | ​ | ​ | 853 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed income securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ |  | 1,667 | ​ | ​ | ​ | ​ | ​ | 1,667 | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,791 | ​ | ​ | ​ | ​ | ​ | 1,791 | ​ | ​ | ​ | ​
Corporate bonds | ​ |  | 5,368 | ​ | ​ | ​ | ​ | ​ | 5,368 | ​ | ​ | ​ | ​
Total | ​ | $ | 18,532 | ​ | $ | 9,706 | ​ | $ | 8,826 | ​ | $ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | December 31, 2023 | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Significant | ​ | Significant |
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Observable |
​ | ​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs |
(Dollars in thousands) | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) |
Cash and cash equivalents | ​ | $ | 783 | ​ | $ | 783 | ​ | $ | ​ |  | $ | ​ | ​
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. large cap | ​ |  | 9,482 | ​ | ​ | 9,482 | ​ | ​ | ​ | ​ | ​ | ​ | ​
International | ​ |  | 1,671 | ​ | ​ | 1,671 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed income securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ |  | 343 | ​ | ​ | ​ | ​ | ​ | 343 | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 2,149 | ​ | ​ | ​ | ​ | ​ | 2,149 | ​ | ​ | ​ | ​
Corporate bonds | ​ |  | 3,181 | ​ | ​ | ​ | ​ | ​ | 3,181 | ​ | ​ | ​ | ​
Total | ​ | $ | 17,609 | ​ | $ | 11,936 | ​ | $ | 5,673 | ​ | $ | ​ | ​
​ The Company investment policies and strategies with respect to the pension plan include: (i) the Trust and Investment Division’s equity philosophy is large-cap core with a value bias (we invest in individual high-grade common stocks that are selected from our approved list); (ii) diversification is maintained by having no more than 20 percent in any industry sector and no individual equity representing more than 10 percent of the portfolio; and (iii) the fixed income style is conservative but also responsive to the various needs of our individual clients. Fixed income securities consist of U.S. government agencies or corporate bonds rated “A” or better. The Company targets the following allocation percentages: (i) cash equivalents 10 percent; (ii) fixed income 40 percent; and (iii) equities 50 percent. There is no Company stock included in equity securities at December 31, 2024 or 2023. The Company has not determined the amount of the expected contribution to the Employees’ Pension Plan for 2025. The following benefit payments are expected to be paid in the next five years and in the aggregate for the five years thereafter: ​
​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | Pension Benefits |
2025 | ​ | $ | 1,011 | ​
2026 | ​ |  | 1,034 | ​
2027 | ​ |  | 1,041 | ​
2028 | ​ |  | 1,036 | ​
2029 | ​ |  | 1,019 | ​
Thereafter | ​ | ​ | 4,918 | ​
Total | ​ | $ | 10,059 | ​
​

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