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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company provides a contributory trusteed 401(k) deferred compensation and profit sharing plan, which covers substantially all employees. The Company agrees to match certain employee contributions under the 401(k) portion of the plan, while profit sharing contributions are discretionary and are subject to determination by the Board of Directors. Company contributions were $2,381, $2,356, and $2,152 for 2024, 2023, and 2022, respectively.
 
The Company self-insures employee health benefits. Stop loss insurance covers annual losses exceeding $175 per covered family. Management’s policy is to establish a reserve for claims not submitted by a charge to earnings based on prior experience. Charges to earnings were $7,303, $7,227, and $7,619 for 2024, 2023, and 2022, respectively.
 
The Company maintains deferred compensation plans for the benefit of certain directors and officers. Under the plans, the Company agrees in return for the directors and officers deferring the receipt of a portion of their current compensation, to pay a retirement benefit computed as the amount of the compensation deferred plus accrued interest at a variable rate. Accrued benefits payable totaled $2,485 and $2,651 at December 31, 2024 and 2023, respectively. Deferred compensation expense was $81, $261, and $1,143 for 2024, 2023, and 2022, respectively. In conjunction with the plans, the Company purchased life insurance on certain directors and officers.

Postretirement Medical and Life Benefit Plan
 
The Company has an unfunded postretirement benefit plan covering substantially all of its employees. The medical plan is contributory with the participants’ contributions adjusted annually; the life insurance plans are noncontributory.
Changes in Accumulated Postretirement Benefit Obligations:20242023
Obligation at the Beginning of Year$1,747 $1,530 
Unrecognized Loss (Gain)(240)187 
Components of Net Periodic Postretirement Benefit Cost
Service Cost118 101 
Interest Cost77 71 
Net Expected Benefit Payments(168)(142)
Amendments— — 
Obligation at End of Year$1,534 $1,747 

Components of Postretirement Benefit Expense:202420232022
Service Cost$118 $101 $105 
Interest Cost77 71 35 
Amortization of Prior Service Costs(3)(3)(2)
Amortization of Unrecognized Net (Gain) Loss46 32 43 
Net Postretirement Benefit Expense238 201 181 
Net Gain (Loss) During Period Recognized in Other Comprehensive Income (Loss)(283)158 (112)
Total Recognized in Net Postretirement Benefit Expense and Other Comprehensive Income$(45)$359 $69 
 
Assumptions Used to Determine Net Periodic Cost and Benefit Obligations:202420232022
Discount Rate5.30 %4.64 %4.83 %
 
Assumed Health Care Cost Trend Rates at Year-end:20242023
Health Care Cost Trend Rate Assumed for Next Year7.50 %8.00 %
Rate that the Cost Trend Rate Gradually Declines to4.50 %4.50 %
Year that the Rate Reaches the Rate it is Assumed to Remain at20312030
  
Contributions
The Company expects to contribute $112 to its postretirement medical and life insurance plan in 2025.
 
Estimated Future Benefits

The following postretirement benefit payments, which reflect expected future service, are expected to be paid:
2025$112 
2026134 
2027128 
2028150 
2029169 
2030-2033873 

Multi-Employer Pension Plan

Through the acquisition of River Valley Bancorp, the Company acquired a participation in a multi-employer defined benefit pension plan. Effective December 31, 2015, the plan was frozen. Pension expense was approximately $141 during 2023. Specific plan asset and accumulated benefit information for the Company’s portion of the fund is not available. Under the Employee Retirement Income and Security Act of 1974 (“ERISA”), a contributor to a multi-employer pension plan may be liable in the event of complete or partial withdrawal for the benefit payments guaranteed under ERISA. The Company withdrew from this multi-employer pension plan in the second quarter of 2024. As a result, the Company accrued a withdrawal liability totaling $101 as of December 31, 2023. The withdrawal expense was fully accrued at December 31, 2023, and no additional pension expense was incurred in 2024.

The Company participated in the Pentegra Defined Benefit Plan for Financial Institutions (the “Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under ERISA and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan.

The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers.
Total contributions made to the Pentegra DB Plan, as reported on Form 5500, equal $142,405 for the plan year ended June 30, 2022. The Company’s contributions to the Pentegra DB Plan for the fiscal year ending December 31, 2023 were not more than 5% of total contributions to the Pentegra DB Plan for the year ending June 30, 2022.