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Pension and Supplemental Executive Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension and Supplemental Executive Retirement Plans
Note 6 – Pension and Supplemental Executive Retirement Plans

We participate in a trusteed pension plan known as the Allegheny Group Retirement Plan. Benefits are based on years of service and the employee’s compensation. Accruals under the plan were frozen as of May 31, 2014. Freezing the plan resulted in a remeasurement of the pension obligations and plan assets as of the freeze date. The pension obligation was remeasured using the discount rate based on the Citigroup Above Median Pension Discount Curve in effect on May 31, 2014 of 4.5%.

The following table presents information pertaining to the activity in our defined benefit pension plan, using the latest available actuarial valuations with a measurement date of June 30, 2025 and 2024 for the periods shown:

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2025202420252024
Interest cost$119 $113 238 226 
Expected return on plan assets(154)(157)(308)(314)
Amortization of net actuarial loss38 43 76 86 
     Net periodic benefit income$3 $(1)$6 $(2)
Contributions paid$— $— $— $— 

There was no service cost or amortization of prior service cost for the three and six months ended June 30, 2025 and 2024.

In June 2017, we approved a Supplemental Executive Retirement Plan (the “SERP”), pursuant to which the Chief Executive Officer of Potomac Mortgage Group (“PMG”) was entitled to receive certain supplemental nonqualified retirement benefits. The SERP took effect on December 31, 2017. As the executive completed three years of continuous employment with PMG prior to retirement date, he was entitled to receive $1.8 million payable in 180 equal consecutive monthly installments upon retirement. The liability accrued for this obligation was $1.7 million as of December 31, 2024. The SERP was terminated in February 2024. Within the agreement, there was a one year provision for payment delay and the $1.8 million obligation was paid in April 2025.