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SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
11. SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

In 1995, 2001, 2004 and 2006, the Bank established Supplemental Executive Retirement Plans ("SERP"), which provide certain (current and former) officers of the Company with supplemental retirement benefits. On December 31, 2002, the 1995 and 2001 SERP were curtailed. In conjunction with the September 2004 merger with CB Bancshares, Inc. ("CBBI"), the Company assumed CBBI's SERP obligation.

The projected benefit obligation of the unfunded SERP is recorded in other liabilities on the Company's consolidated balance sheets. The projected benefit obligation was $9.3 million at June 30, 2024 and December 31, 2023.

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

Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2024202320242023
Interest cost$108 $112 $216 $224 
Amortization of net actuarial gain— (19)— (38)
Amortization of net transition obligation— 2 — 4 
Net periodic benefit cost$108 $95 $216 $190 

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