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Employee Benefit Plans
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
401(k) Plan
The Company has a 401(k) Plan whereby substantially all employees participate in the plan. Employees may contribute portions of their compensation subject to limits based on federal tax laws. The Company may make discretionary matching contributions to the plan. For 2024 and 2023, expense attributable to the plan amounted to $471 thousand and $401 thousand, respectively. The 401(k) expense is reported as salaries and employee benefits on the consolidated statements of income.

Long-Term Cash Incentive Plan
The Company maintains a long-term cash incentive compensation plan under which awarded participants are entitled to receive cash payments equivalent to the increase in Retained Earnings Per Share (“REPS”), as defined in the plan, with a vesting period extending over seven years. As of December 31, 2024 and December 31, 2023, the accrued liability for obligations under this plan was $3.2 million and $1.9 million, respectively. For the years 2024 and 2023, expenses attributable to the plan amounted to $1.6 million and $631 thousand, respectively.
On September 10, 2024, the Board of Directors adopted the Amended and Restated Long-Term Cash Incentive Plan, which became effective immediately. Under this plan, all awards granted in 2024 or later vest over five years, reflecting a change from the previous plan, under which awards granted prior to 2024 vest over seven years.
The accrued liability for vested and unvested awards is reported under accrued expenses and other liabilities on the consolidated balance sheets, while plan-related expenses are recognized in salaries and employee benefits in the consolidated statements of income.