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v3.25.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 14 – 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 were 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 components of net periodic benefit cost for the three months ended March 31, 2025 and 2024, are as follows:
|  | Three Months Ended |
|  | March 31, |
Pension Benefits |  | 2025 |  |  | 2024 |
Interest cost |  | $ | 132 |  |  | $ | 135 |
Expected return on plan assets |  |  | (67 | ) |  |  | (75 | )
Amortization of unrecognized net income |  |  | 32 |  |  |  | 35 |
|  | $ | 97 |  |  | $ | 95 |
The Company made no contributions to the Plan for the three months ended March 31, 2025 and 2024. We may be required to make a contribution to the Plan in 2025 to meet minimum funding requirement. However, we may elect to adjust the level of contributions based on a number of factors, including performance of pension investments and changes in interest rates. The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.

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