XML 34 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
The Company adopted a contributory retirement plan for employees of the Bank effective March 1, 1999, and amended effective January 1, 2022. Beginning April 1, 2022, employees had the opportunity to invest a portion of their plan funds in the Company’s common stock through a unitized fund. Effective January 1, 2025, the Company’s common stock unitized fund was no longer an investment alternative in the plan. The contributory retirement plan covers all employees who meet the length of service and the number of hours worked requirements and elect to participate. Discretionary employer contributions during the years ended December 31, 2024, 2023, and 2022, totaled approximately $816,000, $780,000, and $742,000, respectively.
The Bank has purchased life insurance policies on certain key employees. The Bank is the beneficiary of the BOLI policies, which have cash surrender value and death benefit components. The Bank uses a portion of the income generated from the BOLI policies to fund the expenses for nonqualified, noncontributory supplemental executive retirement agreements with certain employees. The supplemental executive retirement agreements provide post-retirement benefit payments to those employees. The liability related to these agreements was $4.1 million and $3.4 million as of December 31, 2024 and 2023, respectively, and is recorded in accrued expenses and other liabilities on the consolidated balance sheets.