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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

(12.) EMPLOYEE BENEFIT PLANS

The Company participates in a non-contributory defined benefit pension plan for certain employees who meet participation requirements. The components of the Company’s net periodic benefit expense for its pension obligations were as follows (in thousands):

 

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

422

 

 

$

491

 

 

$

844

 

 

$

982

 

Interest cost on projected benefit obligation

 

 

888

 

 

 

861

 

 

 

1,776

 

 

 

1,722

 

Expected return on plan assets

 

 

(849

)

 

 

(1,005

)

 

 

(1,698

)

 

 

(2,009

)

Amortization of unrecognized prior service credit

 

 

(134

)

 

 

(134

)

 

 

(268

)

 

 

(268

)

Amortization of unrecognized net actuarial loss

 

 

274

 

 

 

357

 

 

 

548

 

 

 

715

 

Net periodic benefit expense

 

$

601

 

 

$

570

 

 

$

1,202

 

 

$

1,142

 

 

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of operations The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2025 fiscal year.