Note 10 - Retirement Plans |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| Notes to Financial Statements | |||
| Retirement Benefits [Text Block] |
The Company has a profit sharing plan qualifying under Section 401(k) of the Internal Revenue Code. All employees age 21 or older with nine months of service are eligible for participation in the plan. The Company matches employee contributions up to 4% of total compensation and may make additional discretionary contributions. Employee and employer contributions are 100% vested when made. The Company’s contributions to this plan were $80.4 thousand and $68.1 thousand for the three- month periods ended June 30, 2025 and 2024, respectively, and $166.2 thousand and $148.4 thousand for the six-month periods ended June 30, 2025 and 2024, respectively.
The Company has entered into agreements with certain employees to provide life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Some of the policies provide benefits subsequent to the employee’s employment with the Company. For this plan, the Company expensed $2.1 thousand and $2.0 thousand for the three month periods ended ended June 30, 2025 and 2024, respectively, and $4.3 thousand and $4.0 thousand for the six month periods ended June 30, 2025 and 2024, respectively.
The Company adopted supplemental executive retirement plans for of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses, including interest, of $64.8 thousand and $66.0 thousand for the three-month periods ended June 30, 2025 and 2024, respectively, and $129.4 thousand and $132.0 thousand for the six-month periods ended June 30, 2025 and 2024, respectively.
Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income.
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