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Other Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Other Benefit Plans |
Other Benefit Plans | Note 10. Other Benefit Plans The Company is the owner and beneficiary of BOLI policies on certain current and former employees. Cash value totaled $8.8 million and $8.7 million at December 31, 2024 and 2023, respectively. Income on insurance investment totaled $0.2 million for years ended 2024 and 2023. The Bank has an unfunded grantor trust, as part of a change in control severance plan, covering substantially all employees. Participants in the plan are entitled to cash severance benefits upon termination of employment, for any reason other than just cause, should a “change in control” of the Company occur.

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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/325-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-1 + Details
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