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Employee and Director Benefit Programs (Tables)

12 Months Ended

Dec. 31, 2024

Employee and Director Benefit Programs

Change in accumulated benefit obligation

(Dollars in thousands)
		2024				2023
Benefit obligation at beginning of period		$	5,268				5,110
Service cost			521				363
Interest cost			101				70
Benefits paid			(464	)			(275	)
Benefit obligation at end of period		$	5,426				5,268

Amounts recognized in the Consolidated Balance Sheet

(Dollars in thousands)
		2024				2023
Benefit obligation		$	5,426				5,268
Fair value of plan assets			-				-

(Dollars in thousands)
		2024				2023
Funded status		$	(5,426	)			(5,268	)
Unrecognized prior service cost/benefit			-				-
Unrecognized net actuarial loss			-				-
Net amount recognized		$	(5,426	)			(5,268	)
Unfunded accrued liability		$	(5,426	)			(5,268	)
Intangible assets			-				-
Net amount recognized		$	(5,426	)			(5,268	)

Schedule of net benefit costs

(Dollars in thousands)
		2024				2023				2022
Service cost		$	521				363				325
Interest cost			101				70				63
Net periodic cost		$	622				433				388
Weighted average discount rate assumption used to determine benefit obligation			5.50	%			5.50	%			5.50	%

Schedule of expected benefit payments

(Dollars in thousands)
Year ending December 31,
2025		$	361
2026			455
2027			483
2028			491
2029			530
Thereafter			8,666

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- Definition

Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

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-Topic 715
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-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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