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Employee Benefits
3 Months Ended
Mar. 31, 2025
Employee Benefits  
Employee Benefits

Note 14: Employee Benefits

The Company has a retirement savings 401(k) plan covering substantially all employees. Employees may contribute a percentage of their compensation, up to the maximum allowable by the IRS, with the Company matching 50 percent of the employee’s contribution on the first 5 percent of the employee’s compensation. Employer contributions charged to expense for the three months ended March 31, 2025 and 2024 were $26 and $20, respectively.

The Company has deferred compensation agreements with directors. The agreements provide for the payment of benefits at termination or retirement. The plan assets are comprised of Company stock held in a Rabbi Trust and cash assets. The cash balances earn a rate of return equivalent to the Moody’s Bond Indices Corporate AAA rate as of December 31st of the prior year. The charge to expense for the agreements was $(35) and $6 for the three months ended March 31, 2025 and 2024, respectively. The liability accrued for these plans totaled $624 and $645 at March 31, 2025 and December 31, 2024, respectively.

The Company has an Employee Stock Ownership Plan. See Note 18.