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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Deferred Compensation Arrangement | The following table summarizes the activity in the asset and liability balances of the executive officer nonqualified deferred compensation arrangement for the years ended December 31, 2024, 2023, and 2022:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Beginning balance, trust asset | $ | 3,580 |  |  | $ | 3,294 |  |  | $ | 3,714 |
Contributions | 268 |  |  | 255 |  |  | 446 |
Gain (loss) on trust assets | 529 |  |  | 427 |  |  | (474) |
Distributions | (504) |  |  | (396) |  |  | (392) |
Ending balance, trust asset | $ | 3,873 |  |  | $ | 3,580 |  |  | $ | 3,294 |
Beginning balance, deferred compensation liability | $ | 3,580 |  |  | $ | 3,294 |  |  | $ | 3,714 |
Employee deferrals | 268 |  |  | 255 |  |  | 446 |
Expense (benefit) on deferred compensation liability | 529 |  |  | 427 |  |  | (474) |
Distributions | (504) |  |  | (396) |  |  | (392) |
Ending balance, deferred compensation liability | $ | 3,873 |  |  | $ | 3,580 |  |  | $ | 3,294 |
Certain directors also participate in a nonqualified deferred compensation arrangement. The deferred compensation liability is reflected in other liabilities with the associated expense recognized in other noninterest expense. The following table summarizes the activity in the liability balance of the director nonqualified deferred compensation arrangement for the years ended December 31, 2024, 2023, and 2022:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Beginning balance, deferred compensation liability | $ | 6,053 |  |  | $ | 6,137 |  |  | $ | 5,372 |
Deferred compensation | 484 |  |  | 396 |  |  | 532 |
Expense on deferred compensation liability | 345 |  |  | 323 |  |  | 296 |
Distributions | (324) |  |  | (803) |  |  | (63) |
Ending balance, deferred compensation liability | $ | 6,558 |  |  | $ | 6,053 |  |  | $ | 6,137 |
Schedule of Costs of Retirement Plans | The following table details the components of the net periodic benefit cost for the years ended December 31, 2024 and 2023:
(dollars in thousands) | 2024 |  | 2023
Service cost | $ | — |  |  | $ | — |
Interest cost | 625 |  |  | 635 |
Expected return on plan assets | (464) |  |  | (511) |
Amortization of transition obligation | — |  |  | — |
Net periodic benefit cost | $ | 161 |  |  | $ | 124 |
Defined Benefit Plan, Assumptions | Assumptions used to determine net periodic benefit cost:
| 2024 |  | 2023
Discount rate | 4.85 | % |  | 5.05 | %
Expected long-term return on plan assets | 4.85 | % |  | 4.75 | %
Rate of compensation increase | N/A |  | N/A
Schedule of Defined Benefit Plans Disclosures | The following table provides a comparison of obligations to plan assets:
(dollars in thousands) | December 31, 2024 |  | December 31, 2023
Projected benefit obligation | $ | 12,482 |  |  | $ | 13,353 |
Accumulated benefit obligation | 12,482 |  |  | 13,353 |
Fair value of plan assets | 11,791 |  |  | 12,768 |

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- Definition Tabular disclosure of arrangements with individual employees that are not equity-based payments or pensions and other postretirement benefits, which are generally employment contracts between the entity and selected officers or key employees containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Examples may include profit sharing, deferred bonuses or certain split-dollar life insurance arrangements. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 30 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483043/710-10-30-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 25 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483070/710-10-25-11 + Details
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