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Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans

(14) RETIREMENT PLANS

The Company has two separate retirement plans, the Thrift Plan (“401(k)”) and the Employee Stock Ownership Plan (“ESOP”). These two plans cover all eligible employees, as defined in the plans, of the Company and its subsidiaries. The 401(k) allows employees to defer up to the maximum legal limit of their compensation, of which the Company may match up to 3% of their compensation. In addition, the Company may make discretionary contributions based on employee contributions or eligible compensation to the ESOP, as determined by the Company’s Board of Directors. The ESOP sponsor purchases shares from the open market. These shares are included in the calculation of the basic earnings per share. Dividends issued on these shares are reinvested into the ESOP. The ESOP is not leveraged. The aggregate amounts of contributions by the Company to the 401(k) and ESOP are shown in the following table:

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(Dollars in thousands)

 

401(k) contributions

 

$

3,605

 

 

$

3,410

 

 

$

3,011

 

ESOP contributions

 

 

6,430

 

 

 

5,747

 

 

 

4,807

 

Total contributions

 

$

10,035

 

 

$

9,157

 

 

$

7,818