Note 15 - Benefit Plans

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Retirement Benefits [Text Block]

NOTE 15 – Benefit Plans: 

Defined Benefit Plans

The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) which includes one active participant. As of December 31, 2024 and 2023, the Company’s projected benefit obligation under the unfunded SERP was $13.6 million and $13.6 million, respectively. Net periodic pension costs for the twelve-months ended December 31, 2024 and 2023 were $0.8 million and $0.9 million, respectively, and are recorded within selling and administrative expenses in our consolidated statements of comprehensive income. Contributions to the plan are made in accordance with statutory funding requirements and any additional funding that may be deemed appropriate.

The following table presents the weighted-average assumptions used to determine benefit obligations as of  December 31, 2024 and 2023:

	Discount Rate			Long Term Rate of Return		Salary Scale
2023		4.73	%		N/A		3.00	%
2024		5.37	%		N/A		3.00	%

The following table includes projected benefit payments for the years indicated (in thousands):

Years	Payments
2025	$	323
2026		1,762
2027		1,073
2028		1,062
2029		1,070
2030-2034		5,024

Rabbi Trust

In connection with the Company’s unfunded SERP, we have life insurance contracts on the lives of designated individuals. The insurance contracts associated with the SERP are held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the SERP. The cash surrender value of the life insurance contracts was $5.0 million and $4.5 million at December 31, 2024 and 2023, respectively. The cash surrender value of these policies is included in other assets in the balance sheets. During the years ended December 31, 2024 and  2023 we recognized investment gains of $0.5 million and $0.6 million, respectively, on the cash surrender value of these life insurance contracts.

In connection with the Company's Non-Qualified Deferred Compensation Plan we have purchased life insurance contracts on the lives of designated individuals. The insurance contracts associated with the Non-Qualified Deferred Compensation Plan are also held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the Non-Qualified Deferred Compensation Plan. The cash surrender value of the life insurance contracts was $10.3 million and $9.2 million at December 31, 2024 and 2023, respectively. The cash surrender value of these policies is included in other assets in the balance sheets. The liability for participant deferrals was $8.3 million and $7.9 million as of December 31, 2024 and 2023, respectively, and is included in other long-term liabilities in the balance sheets.

Defined Contribution Plan

The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401(k) of the Internal Revenue Code. The plan provides for the Company to make a guaranteed match equal to 25% of each employee’s eligible contributions. The plan also provides the Company with the option of making an additional discretionary contribution to the plan each year. The Company expensed employer matching contributions of $0.6 million and $0.5 million during the years ended December 31, 2024 and 2023, respectively.