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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits, Description [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to Internal Revenue Service determined limits and the Bank may provide a match to employee contributions not to exceed 3.0% of compensation depending on contribution level. The Plan is a safe harbor plan whereby the Bank also contributes a minimum 3.0% of annual compensation to the plan for all eligible employees. The expense related to the 401(k) plan was $1,108,000, $1,067,000, and $977,000 in 2024, 2023, and 2022, respectively. Deferred Compensation and Supplemental Retirement Plan The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years commencing upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. There are no active officers eligible for these benefits. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental plans was $201,000 in 2024, $57,000 in 2023, and $308,000 in 2022. As of December 31, 2024 and 2023, the accrued liability of these plans was $2,578,000 and $2,664,000, respectively, and is recorded in other liabilities. Postretirement Benefit Plans The Bank sponsors two postretirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees; these subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees and health insurance for retired directors. None of these plans are prefunded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through OCI. The following table sets forth the accumulated post-retirement benefit obligation and funded status:
At December 31, | 2024 |  | 2023 |  | 2022
Change in benefit obligations |  |  |  |  |
Benefit obligation at beginning of year: | $ | 919,000 |  |  | $ | 1,050,000 |  |  | $ | 1,353,000 |
Interest cost | 41,000 |  |  | 48,000 |  |  | 33,000 |
Benefits paid | (73,000) |  |  | (79,000) |  |  | (93,000) |
Actuarial gain | (44,000) |  |  | (100,000) |  |  | (243,000) |
Benefit obligation at end of year: | $ | 843,000 |  |  | $ | 919,000 |  |  | $ | 1,050,000 |
Funded status |  |  |  |  |
Benefit obligation at end of year | $ | (843,000) |  |  | $ | (919,000) |  |  | $ | (1,050,000) |
Unamortized gain | (363,000) |  |  | (384,000) |  |  | (345,000) |
Accrued benefit cost | $ | (1,206,000) |  |  | $ | (1,303,000) |  |  | $ | (1,395,000) |
Weighted average discount rate as of December 31 | 5.30 | % |  | 4.67 | % |  | 4.75 | %
The following table sets forth the net periodic benefit cost:
For the years ended December 31, | 2024 |  | 2023 |  | 2022
Components of net periodic benefit cost |  |  |  |  |
Interest cost | $ | 41,000 |  |  | $ | 48,000 |  |  | $ | 33,000 |
Amortization of gains | (33,000) |  |  | — |  |  | — |
Other settlement income | (31,000) |  |  | (33,000) |  |  | (31,000) |
Net periodic benefit (credit) cost | $ | (23,000) |  |  | $ | 15,000 |  |  | $ | 2,000 |
Weighted average discount rate for net periodic cost | 4.67 | % |  | 4.75 | % |  | 2.50 | %
The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2025 is $90,000. For years ending 2026 through 2029, the estimated amount of benefits to be paid is $87,000, $83,000, $80,000 and $77,000, respectively, and the total estimated amount of benefits to be paid for years ended 2030 through 2033 is $338,000. Per actuarial projections, plan expense for 2025 is estimated to be $0. In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
At December 31, | 2024 |  | 2023 |  | Portion to Be Recognized in Income in 2024
Unamortized net actuarial gain | $ | 363,000 |  |  | $ | 384,000 |  |  | $ | — |
Deferred tax expense at 21% | (76,000) |  |  | (81,000) |  |  | — |
Net unrecognized post-retirement benefits included in accumulated other comprehensive income | $ | 287,000 |  |  | $ | 303,000 |  |  | $ | — |

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