Postretirement and Other Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Postretirement and Other Benefit Plans

12.Postretirement and Other Benefit Plans

The Company has a 401(k) Profit Sharing Plan covering substantially all employees. Annual discretionary employer contributions to the Plan are set by the Board of Directors. There were no discretionary contributions in the years ended December 31, 2024 and 2023. The Plan provides, among other things, that participants in the Plan be able to direct the investment of their account balances within the Plan into alternative investment funds. The Company matches employee’s contribution up to 4.5% of compensation. Employer contributions to the Plan totaled approximately $1.1 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively.

The Company has an unfunded noncontributory defined benefit pension plan that covers board members elected to the board prior to 2016. The plan is not available to future board members. The plan calls for a maximum $30 thousand annual payment to retired directors for their remaining life. Directors vests evenly over a 20-year period. On December 31, 2024 and 2023, there was one retired director receiving a fully vested annual payment. On December 31, 2024 and 2023, there were eight current directors eligible for payments upon retirement from the board. The Bank establishes a pension liability that reflects the present value of expected payments over the expected service period of eligible directors. At December 31, 2024 and 2023, this pension liability was $917 thousand and $880 thousand, respectively, which is included in other liabilities in the accompanying statements of financial condition.

The Company has a noncontributory deferred compensation plan for certain executive officers. Each year the board compensation committee may contribute a deferred award based on that year’s performance. The award may compound with interest ranging from 0% to 10% based on annual board compensation committee’s discretion. The payment is awarded to the executive at the end of a 3-year period and must be employed to receive it. The following is information related to the deferred compensation plan:

	2024		2023
Payments made in calendar year	$	206	$	246
Expense for deferred compensation plan	$	210	$	210

	2025		2026		2027
Minimum future payments per year	$	166	$	238	$	263

The minimum future payment above assumes no more discretionary interest is awarded.