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Employee Benefits
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefits

NOTE 11. Employee Benefits

The Company sponsors a 401(k) savings plan under which eligible employees may defer a portion of salary on a pretax basis, subject to certain IRS limits. The Company matches 50 percent of employee contributions, on a maximum of six percent of salary deferred. The 401(k) plan includes a non-elective safe-harbor employer contribution and an age-weighted employer contribution. Qualifying employees receive non-elective safe-harbor contributions equal to three percent of their salary. Company match and safe-harbor contributions are contributed each pay period. Qualifying employees will receive an additional annual contribution based on their age and years of service. The percentage of salary for the age-weighted contribution increases on both factors, age and years of service, with a minimum of one percent of salary and a maximum of ten percent of salary. Contributions under the plan amounted to $2.2 million in 2023 and $1.9 million in 2022.

 

The Company has established an Executive Supplemental Income Plan for certain key employees. Benefits are to be paid in monthly installments following retirement or death. The agreement provides that if employment is terminated for reasons other than death or disability prior to age 65, the amount of benefits could be reduced or forfeited. The executive supplemental income benefit liability was $4 thousand and $8 thousand at December 31, 2023 and 2022, respectively. The executive supplemental income benefit expense, based on the present value of the retirement benefits, was $29 thousand in 2023 and 2022. The plan is unfunded; however, life insurance has been acquired on the lives of these employees in amounts sufficient to discharge the plan’s obligations.

The Company's Employee Stock Ownership Plan ("ESOP") was terminated during the second quarter of 2023 and, as of December 31, 2023, all plan assets have been disbursed. As part of the termination process, and as required by applicable law, participants were offered the opportunity to direct the Company to repurchase shares of Company stock distributed from the ESOP. A total of 3,772 shares were repurchased and 91,505 shares moved to participant accounts. There were no contributions in 2023 and 2022.