Note 6 - Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

6. Postretirement Benefit Plan

The Company provides certain postretirement health and life insurance benefits ("the Plan") for two former executives (“retirees”) of the Company. Upon ceasing employment, the Plan pays the annual cost of health insurance coverage and provides continuing life insurance at the same level of coverage at the time of terminating employment with the Company. The Plan also provides a benefit to reimburse the retirees for certain out-of-pocket medical and/or health-related costs. The retirees’ benefits cease upon their death. The Plan is unfunded and the actuarially-determined projected postretirement benefit obligation was approximately $4,121,000 and $4,097,000 as of March 31, 2025 and December 31, 2024, respectively. Benefit costs for the three-month periods ended March 31, 2025, and 2024 were $66,000 and $73,000, respectively.