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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

(18) Employee Benefit Plans

 

Employee Retirement Plan. Substantially all employees are covered under a 401(k) defined contribution savings plan. Eligible employees receive dollar-for-dollar matching contributions from the Company of up to 6% of their compensation. Matching contributions by the Company were $787,000, $857,000, and $768,000 for the years ended December 31, 2024, 2023, and 2022, respectively.

 

Split-Dollar Life Insurance Agreement. The Company has recognized a liability for future benefits payable under an agreement that splits the benefits of a bank owned life insurance policy between the Company and a former employee. The liability totaled $44,000 at December 31, 2024 and 2023.

 

Deferred Compensation Agreements. The Company has entered into a deferred compensation agreement with a key employee that provides for cash payments to be made after retirement. The obligations under this arrangement have been recorded at the present value of the accrued benefits. The Company has also entered into agreements with a current and former director to defer portions of their compensation. The balance of accrued benefits under all deferred compensation agreements was $924,000 and $798,000 at December 31, 2024 and 2023, respectively, and was included as a component of other liabilities in the accompanying consolidated balance sheets. The Company recorded income associated with the deferred compensation agreements of $1,000 for the year ended December 31, 2024, expense associated with the deferred compensation agreements of $2,000 for the year ended December 31, 2023, and income associated with the deferred compensation agreements of $1,000 for the year ended December 31, 2022. The liability balance is also impacted by changes in the value of the underlying assets supporting the agreements for directors who have not retired.