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Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2025
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 IRS determined limits and the Bank may match 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 $275,000 and $315,000 for the three months ended March 31, 2025 and 2024, respectively. Deferred Compensation and Supplemental Retirement Benefits The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a postretirement 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 retirement benefits was $36,000 and $37,000 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the associated accrued liability included in other liabilities in the balance sheet was $2,542,000 compared to $2,578,000 and $2,629,000 at December 31, 2024 and March 31, 2024, respectively. 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 comprehensive income (loss). The following table sets forth the accumulated postretirement benefit obligation and funded status:
| At or for the three months ended March 31,
| 2025 | 2024
Change in benefit obligation |  |
Benefit obligation at beginning of year | $ | 843,000 |  | $ | 1,091,000 |
Interest cost | — |  | — |
Benefits paid | (23,000) |  | (21,000) |
Benefit obligation at end of period | $ | 820,000 |  | $ | 1,070,000 |
Funded status |  |
Benefit obligation at end of period | $ | (820,000) |  | $ | (1,070,000) |
Unamortized gain | (363,000) |  | (384,000) |
Accrued benefit cost at end of period | $ | (1,183,000) |  | $ | (1,454,000) |
There was no net periodic pension cost for the three months ended March 31, 2025 and 2024.
Amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
| March 31, 2025 | December 31, 2024 | March 31, 2024
Unamortized net actuarial gain | $ | 363,000 |  | $ | 363,000 |  | $ | 384,000 |
Deferred tax expense | (76,000) |  | (76,000) |  | (81,000) |
Net unrecognized postretirement benefits included in AOCI | $ | 287,000 |  | $ | 287,000 |  | $ | 303,000 |
A weighted average discount rate of 5.30% was used in determining the accumulated benefit obligation and the net periodic benefit cost. The assumed health care cost trend rate is 7.00%. The measurement date for benefit obligations was as of year-end for prior years presented. The expected benefit payments for all of 2025 are $90,000. Plan expense for 2025 is estimated to be $0. A 1.00% change in trend assumptions would create an approximate change in the same direction of $100,000 in the accumulated benefit obligation, $7,000 in the interest cost, and $1,000 in the service cost.

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