Retirement Plans |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Retirement Plans | |
| Retirement Plans | Note 14: Retirement Plans 401(k) Company matching contributions for the six months ended June 30, 2025 and 2024 were $48 thousand and $67 thousand, respectively. Profit Sharing The Company did not make or approve a profit-sharing contribution for the six months ended June 30, 2025 and 2024. Supplemental Executive Retirement Plan (SERP) On March 30, 2022, the Company entered into a SERP with Joseph W. Turner, Jr. who at the time was its President and Chief Executive Officer. The total of Mr. Turner’s accrued benefit is $600,000. He is entitled to receive $60,000 per year over a ten-year period, payable in equal monthly installments commencing the first day of the month following his separation from service. Mr. Turner’s separation from service occurred at the end of July 2024. The Company began making $60,000 per year payments in $5,000 monthly installments beginning August 2024, according to the terms of the SERP. |