XML 32 R20.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 8. Employee Benefit Plans

The Company has a 401(k) plan that covers eligible employees (the “401(k) Plan”). Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank contributes a matching contribution equal to 100% of an employee's contribution up to 5% of the elective contribution. The Company's matching contribution vests immediately. For the years ended December 31, 2024 and 2023, the Company's 401(k) Plan contributions totaled $1.9 million and $1.8 million, respectively, which are reported as a component of salaries and employee benefit expense in the consolidated statements of operations.

The Company has an Employee Stock Ownership Plan (the “ESOP”), which was terminated by the board of directors on April 20, 2022. As of December 31, 2024, the Company has additional actions to complete in order to liquidate the ESOP. The ESOP held 44,379 and 63,571 total shares of Company common stock at December 31, 2024 and December 31, 2023, respectively, which are considered outstanding in the computation of EPS.