Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

(12.) EMPLOYEE BENEFIT PLANS

The Company participates in a non-contributory defined benefit pension plan for certain employees who meet participation requirements. The components of the Company’s net periodic benefit expense for its pension obligations were as follows (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Service cost	$	490		$	447		$	1,472		$	1,342
Interest cost on projected benefit obligation		861			855			2,583			2,565
Expected return on plan assets		(1,004	)		(878	)		(3,013	)		(2,634	)
Amortization of unrecognized prior service credit		(134	)		(123	)		(402	)		(368	)
Amortization of unrecognized net actuarial loss		358			316			1,073			948
Net periodic benefit expense	$	571		$	617		$	1,713		$	1,853

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2024 fiscal year.