RETIREMENT PLANS AND EMPLOYEE BENEFITS |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 | ||||
| Retirement Benefits [Abstract] | ||||
| RETIREMENT PLANS AND EMPLOYEE BENEFITS |
401(k) Defined Contribution Plan.
The Company also maintains a tax-qualified defined contribution plan through a third party provider (the “401(k) Plan”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of the Internal Revenue Code. Participants may make pre-tax salary deferrals to the plan not to exceed the annual IRS limits. Effective January 1, 2023, the Company converted to a Safe Harbor 401(k) Plan. In addition to salary deferrals, the Company will match up to 100% of the first 4% of the participant’s eligible compensation (for a total maximum employer matching contribution of 4% of a participant’s eligible compensation). In addition, on an annual basis, the Company may make a discretionary profit share contribution to each participant.
The Company’s expense for the 401(k) plan match was $794,000, $773,000 and $736,000 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company’s expense for the 401(k) discretionary profit share contribution was $640,000, $598,000 and $675,000 for the years ended December 31, 2025, 2024 and 2023, respectively. The discretionary profit share contribution expensed during the year ended December 31, 2025 is expected to be made during the first quarter of 2026. |