Employee Benefit Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee benefit plans

401(k) plan

The Company sponsors a defined contribution plan which covers substantially all employees and allows participating employees to contribute the maximum amount of their eligible salary subject to certain limits based on the federal tax laws. The Company has an employer match of 50% of the first 6% of an employee’s salary with any such contributions vesting ratably over a three-year period. Matching employer contributions totaled $1,478 and $3,691 for the three and nine months ended September 30, 2025, respectively and $760 and $2,526 for the three and nine months ended September 30, 2024, respectively.

Acquired supplemental retirement plans

Historically, the Company has maintained nonqualified supplemental retirement plans for certain former employees assumed through acquisitions. In connection with the Southern States merger, the Company assumed additional nonqualified supplemental retirement plans, similar to those previously maintained. As of September 30, 2025 and December 31, 2024, accrued expenses and other liabilities on the consolidated balance sheets included post-retirement benefits payable of $12,722 and $2,328, respectively, related to these plans. For the three and nine months ended September 30, 2025 and 2024, the expense related to these plans and payments to the participants were not meaningful.

Related to the nonqualified supplemental retirement plan obligations, the Company maintains BOLI policies covering these individuals and annuity contracts to satisfy the underlying obligation, all acquired through past acquisitions. At September 30, 2025 and December 31, 2024, cash surrender value of BOLI was $113,374 and $72,504, respectively. Income related to these policies (net of related insurance premium expense) amounted to $717 and $1,589 for the three and nine months ended September 30, 2025, respectively, and $385 and $3,296 for the three and nine months ended September 30, 2024, respectively. At September 30, 2025, the annuity contracts held had a contract value of $16,644 included in other assets. There were no such annuity contracts at December 31, 2024. Income related to these annuity contracts recorded in other income was not meaningful for the three and nine months ended September 30, 2025. There was no such income recorded for three and nine months ended September 30, 2024.