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Note 14 - Benefit Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 14. Benefit Plans

 

401(k) Plan

 

The Company maintains a 401(k) plan (the Plan) for all eligible employees. Participating employees may elect to contribute up to the maximum percentage allowed by the Internal Revenue Service, as defined in the Plan. The Company makes matching contributions, on a dollar-for dollar basis, for the first one percent of an employee’s compensation contributed to the Plan and fifty cents for each dollar of the employee’s contribution between two percent and six percent. The Company also makes an additional contribution based on years of service to participants who have completed at least one thousand hours of service during the year and who are employed on the last day of the Plan Year. All employees who are age nineteen or older are eligible. Employee contributions vest immediately. Employer matching contributions vest after two Plan service years with the Company. The Company has the discretion to make a profit sharing contribution to the Plan each year based on overall performance, profitability, and other economic factors. For the years ended December 31, 2024 and 2023, expense attributable to the Plan amounted to $1.4 million and $1.2 million, respectively.

 

Supplemental Executive Retirement Plans

 

On March 15, 2019, the Company entered into supplemental executive retirement plans and participation agreements with three of its employees. The retirement benefits are fixed and provide for retirement benefits payable in 180 monthly installments.  During 2024, one covered employee terminated employment with the Company, resulting in a forfeiture of unvested funds of $203 thousand.  This resulted in a net contribution benefit of $128 thousand for the year ended  December 31, 2024.  The contribution expense totaled $126 thousand for the year ended December 31, 2023.   The plan is solely funded by the Company.  The accrued supplemental executive retirement plan liability was $889 thousand and $1.0 million at  December 31, 2024 and 2023, respectively.