XML 38 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Company sponsors a retirement savings plan pursuant to Section 401(k) of the Internal Revenue Code ("IRC"). New employees who have met the age requirement are automatically enrolled in the plan at a 6% deferral rate. The automatic deferral can be modified by the employee at any time. An eligible employee may contribute up to 15% of annual salary to the plan, not to exceed IRC limits. For the years ended December 31, 2024, 2023, and 2022, the Company matched 100% of the employee’s contribution up to 4%, 6% and 6%, respectively. The Company’s matching contribution expense was $6.8 million, $6.1 million, and $4.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. Although discretionary contributions by the Company are permitted by the plan, the Company did not make any such contributions in the years presented. The Company’s matching and discretionary contributions are made according to the same investment elections each participant has established for their deferral contributions. During 2024, upon the dissolution of the Pension Plan, as discussed below, the remaining balance of plan assets was transferred to the 401(k) Plan, the expense for which is included in the 2024 contribution expense shown above. Pension Plan Historically, the Company offered a noncontributory defined benefit retirement plan (the “Pension Plan”) that qualified under Section 401(a) of the IRC. In 2023, the Company’s Board of Directors (the "Board") approved a resolution to terminate the Pension Plan. During 2023, the Company commenced the Pension Plan termination process and on July 31, 2023, the Pension Plan was amended to terminate it as of that date. Subsequently in 2023, the Pension Plan settled benefits through lump-sum payments of approximately $9.2 million to eligible participants electing that option and purchased annuity contracts from One America (the "Insurer") which irrevocably transferred to the Insurer approximately $19.5 million of the Pension Plan's obligations and related assets, thereby reducing the Pension Plan's obligations at December 31, 2023 to zero. The Company utilized the remaining surplus for future contributions under the Company’s 401(k) Plan and the remaining balance was transferred to the 401(k) Plan during 2024. Supplemental Executive Retirement Plan Historically, the Company sponsored a Supplemental Executive Retirement Plan (the “SERP”) for the benefit of certain senior management executives of the Company. The purpose of the SERP was to provide additional monthly pension benefits. The SERP is an unfunded plan. Payments are made from the general assets of the Company. Effective December 31, 2012, the Company froze the SERP to all participants. The following table reconciles the beginning and ending balances of the SERP’s benefit obligation, as computed by the Company’s independent actuarial consultants:
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 3,352 |  |  | $ | 3,521 |  |  | $ | 4,660 |
Service cost |  | — |  |  | — |  |  | — |
Interest cost |  | 151 |  |  | 158 |  |  | 112 |
Actuarial gain |  | (111) |  |  | (86) |  |  | (1,006) |
Benefits paid |  | (241) |  |  | (241) |  |  | (245) |
Accumulated benefit obligation at end of year |  | 3,151 |  |  | 3,352 |  |  | 3,521 |
Plan assets |  | — |  |  | — |  |  | — |
Funded status at end of year |  | $ | (3,151) |  |  | $ | (3,352) |  |  | $ | (3,521) |
The accumulated benefit obligation presented above is included in "Other liabilities" in the consolidated balance sheets at December 31, 2024 and 2023. The following table presents information regarding the amounts recognized in AOCI at December 31, 2024 and 2023, as it relates to the SERP:
($ in thousands) |  | 2024 |  | 2023
Net (loss) gain |  | $ | 111 |  |  | $ | (100) |
Prior service cost |  | — |  |  | — |
Amount recognized in AOCI before tax effect |  | 111 |  |  | (100) |
Tax (expense) benefit |  | (26) |  |  | 23 |
Net amount recognized as increase (decrease) to AOCI |  | $ | 85 |  |  | $ | (77) |
The following table reconciles the beginning and ending balances of AOCI at December 31, 2024 and 2023, as it relates to the SERP:
($ in thousands) |  | 2024 |  | 2023
Accumulated other comprehensive (loss) income at beginning of fiscal year |  | $ | (77) |  |  | $ | 1,195 |
Net gain arising during period |  | 111 |  |  | 86 |
Prior service cost |  | — |  |  | — |
Amortization of unrecognized actuarial gain (loss) |  | 100 |  |  | (1,737) |
Amortization of prior service cost and transition obligation |  | — |  |  | — |
Tax (expense) benefit related to changes during the year, net |  | (49) |  |  | 379 |
Accumulated other comprehensive income (loss) at end of fiscal year |  | $ | 85 |  |  | $ | (77) |
The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands) |  | 2024 |  | 2023
Accrued liability as of beginning of fiscal year |  | $ | (3,251) |  |  | $ | (5,071) |
Net periodic pension (cost) income for fiscal year |  | (251) |  |  | 1,579 |
Benefits paid |  | 241 |  |  | 241 |
Accrued liability as of end of fiscal year |  | $ | (3,261) |  |  | $ | (3,251) |
Net pension cost for the SERP included the following components for the years ended December 31, 2024, 2023, and 2022:
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Service cost – benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  | 151 |  |  | 158 |  |  | 112 |
Amortization of net actuarial gain (loss) |  | 100 |  |  | (1,737) |  |  | (544) |
Net periodic pension cost (income) |  | $ | 251 |  |  | $ | (1,579) |  |  | $ | (432) |
The components of net periodic benefit cost other than the service cost component are included in the line item "Other operating expenses" in the consolidated statements of income. The following table is an estimate of the benefits that will be paid in accordance with the SERP for each of the five calendar years ending December 31, 2027 and thereafter:
($ in thousands) |  | Estimated benefit payments
2025 |  | $ | 282 |
2026 |  | 283 |
2027 |  | 301 |
2028 |  | 292 |
2029 |  | 284 |
2030-2034 |  | 1,296 |
The following assumptions were used in determining the actuarial information for the SERP for the years ended December 31, 2024, 2023, and 2022:
|  | 2024 |  | 2023 |  | 2022
Discount rate used to determine net periodic pension cost |  | 4.68 | % |  | 4.90 | % |  | 2.48 | %
Discount rate used to calculate end of year liability disclosures |  | 5.31 | % |  | 4.68 | % |  | 4.90 | %
The Company’s discount rate policy for the SERP is to use the FTSE yield curve that matches the expected cash flows of the SERP.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration