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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 15 – Employee Benefit Plans The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan are not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities. The Company has elected to utilize a full yield curve approach in estimating the interest component for pension benefits by applying the specific spot rates along the yield curve used in determining the benefit obligation to the relevant projected cash flows. The changes in benefit obligation, change in plan assets and funded status as of December 31, 2024 and 2023, are as follows:
|  |  | Pension Benefits |
|  |  | 2024 |  |  |  | 2023 |
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation – Beginning of year |  |  | $ | 11,393 |  |  |  | $ | 12,443 |
Interest cost |  |  |  | 535 |  |  |  |  | 599 |
Actuarial gain |  |  |  | (821 | ) |  |  |  | (119 | )
Benefits paid |  |  |  | (690 | ) |  |  |  | (1,530 | )
Annuity purchase |  |  |  | - |  |  |  |  | - |
Benefit obligation – End of year |  |  |  | 10,417 |  |  |  |  | 11,393 |
Change in plan assets |  |  |  |  |  |  |  |
Plan assets – Beginning of year |  |  |  | 10,347 |  |  |  |  | 11,403 |
Return on plan assets |  |  |  | (312 | ) |  |  |  | 474 |
Benefits paid |  |  |  | (690 | ) |  |  |  | (1,530 | )
Plan assets at fair value – End of year |  |  |  | 9,345 |  |  |  |  | 10,347 |
Funded status of plan – End of year |  |  | $ | (1,072 | ) |  |  | $ | (1,046 | )
|  |  | Pension Benefits |
|  |  | 2024 |  |  |  | 2023 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Non-current liabilities |  |  |  | (1,072 | ) |  |  |  | (1,046 | )
Net amount recognized as of December 31 |  |  | $ | (1,072 | ) |  |  | $ | (1,046 | )
Amounts recognized in accumulated other comprehensive income but not yet recognized in earnings as of December 31, 2024 and 2023, are as follows:
|  |  | Pension Benefits |
|  |  | 2024 |  |  |  | 2023 |
Net actuarial loss |  |  | $ | 4,174 |  |  |  | $ | 4,524 |
Components of net periodic benefit cost for the years ended December 31, 2024 and 2023, are as follows:
|  |  | Pension Benefits |
|  |  | 2024 |  |  |  | 2023 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ |  | 535 |  |  | $ |  | 599 |
Expected return on plan assets |  |  |  | (300 | ) |  |  |  | (319 | )
Amortization of unrecognized net loss |  |  |  | 145 |  |  |  |  | 150 |
Total net periodic benefit cost |  | $ |  | 380 |  |  | $ |  | 430 |
The increase in accumulated other comprehensive income (pre-tax) for the years ended December 31, 2024 and 2023, are as follows:
|  |  | Pension Benefits |
|  |  | 2024 |  |  |  | 2023 |
Net actuarial gain |  |  | $ | (213 | ) |  |  | $ | (274 | )
Amortization of: |  |  |  |  |  |  |  |
Actuarial loss from settlement |  |  |  | - |  |  |  |  | (313 | )
Net actuarial loss |  |  |  | (145 | ) |  |  |  | (150 | )
Total recognized in accumulated other comprehensive income |  |  | $ | (358 | ) |  |  | $ | (737 | )
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2024:
|  |  | Pension Benefits |
2025 |  |  | $ | 772 |
2026 |  |  |  | 762 |
2027 |  |  |  | 747 |
2028 |  |  |  | 771 |
2029 |  |  |  | 772 |
2030 through 2034 |  |  |  | 3,900 |
As of December 31, 2024, the Company expects to make contributions of approximately $7 to its pension pla n in 2025 to meet its minimum funding requirements. The assumptions used to determine end of year benefit obligations are shown in the following table:
|  |  | Pension Benefits
|  |  | 2024 |  |  | 2023
Discount rates |  |  | 5.67% |  |  | 5.01%
The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2021, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for United States plans, scale (MP-2021 with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company used the base mortality table Pri-2012 projected generationally using a modified MP-2021 with Endemic COVID adjustment for purposes of measuring its pension obligations as of December 31, 2024. The 2024 actuarial gain of $821 was driven by the mortality improvement scale MP-2021 with Endemic COVID adjustment to reflect anticipated slow recovery from COVID. The 2023 actuarial gain of $119 was largely the result of the change in the yield curve to Pri-2012 with MP-2021. The assumptions used in the measurement of net periodic cost are shown in the following table:
|  |  | Pension Benefits
|  |  | 2024 |  |  | 2023
Discount rate for benefit obligations |  |  | 5.67% |  |  | 5.01% |
Expected return on plan assets |  |  | 3.00% |  |  | 3.00% |
Rate for interest on benefit obligations |  |  | 5.39% |  |  | 4.91% |
Discount rate for service cost |  |  | N/A |  |  | N/A |
The Company’s pension plan’s weighted average asset allocations as of December 31, 2024 and 2023, and target allocations for 2025, by asset category, are as follows:
|  |  | December 31, |  |  | Target Allocation |
|  |  | 2024 |  |  | 2023 |  |  | 2025 |
Asset Category |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  | 1.50 | % |  |  | 0 | % |  | 0% - 5% |
Equity securities |  |  |  | 0 | % |  |  | 0 | % |  | 0% |
Fixed income securities |  |  |  | 98.50 | % |  |  | 100 | % |  | 95%-100% |
Real estate |  |  |  | 0 | % |  |  | 0 | % |  | 0% |
|  |  |  | 100 | % |  |  | 100 | % |  | 100% |
The basic goal underlying the pension plan investment policy is to ensure that the assets of the plans, along with expected plan sponsor contributions, will be invested in a prudent manner to meet the obligations of the plans as those obligations come due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within the capital markets to protect asset values against adverse movements in any one market. The Company’s investment strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to manage the risk of such investments with less volatile assets, such as fixed-income securities. Investment practices must comply with the requirements of ERISA and any other applicable laws and regulations. The Company, in consultation with its investment advisors, has determined a targeted allocation of invested assets by category and it works with its advisors to reasonably maintain the actual allocation of assets near the target. The long term return on assets was estimated based upon historical market performance, expectations of future market performance for debt and equity securities and the related risks of various allocations between debt and equity securities. Numerous asset classes with differing expected rates of return, return volatility and correlations are utilized to reduce risk through diversification. The Company’s pension plan assets are invested in one mutual fund for each fund classification. The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820, Fair Value Measurement, fair value hierarchy as of December 31, 2024 and 2023. For further information on the fair value hierarchy, see Note 2 - Summary of Significant Accounting Policies.
Pension Plan Assets |  |  | As of December 31, 2024 |
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  |  | $ | 9,207 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 9,207 |
Cash and equivalents |  |  |  | 138 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 138 |
Total |  |  | $ | 9,345 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 9,345 |
Pension Plan Assets |  |  | As of December 31, 2023 |
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  |  | $ | 10,347 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 10,347 |
Cash and equivalents |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Total |  |  | $ | 10,347 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 10,347 |
The Company offered a one-time, lump sum pay-out option, funded by the assets of the Plan, to its terminated vested participants under the Plan in 2023. As a result, the Company reduced its gross Plan liabilities by $536 and recognized a non-cash pre-tax pension settlement loss of $313 during the year ended December 31, 2023. The Company also maintains qualified defined contribution plans, which provide benefits to their employees based on employee contributions and employee earnings, with discretionary contributions allowed. Expenses related to these plans were $360 and $354 for the years ended December 31, 2024 and 2023, respectively.

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