v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 14 – Employee Benefit Plans

 

The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan were not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities.

 

The components of net periodic benefit cost for the three and six months ended June 30, 2026 and 2025, are as follows:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Pension Benefits

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Interest cost

 

$

121

 

 

$

132

 

 

$

242

 

 

$

264

 

Expected return on plan assets

 

 

(66

)

 

 

(67

)

 

 

(132

)

 

 

(134

)

Amortization of unrecognized net income

 

 

34

 

 

 

33

 

 

 

66

 

 

 

65

 

 

 

$

89

 

 

$

98

 

 

$

176

 

 

$

195

 

 

The Company made no significant contributions to the Plan for the three and six months ended June 30, 2026 and 2025. The Company made a contribution of $73 during the three months ended June 30, 2026 and we expect to make additional contributions of $542 to the Plan during the remainder of 2026 to meet minimum funding requirements. However, we may elect to adjust the level of contributions based on a number of factors, including performance of pension investments and changes in interest rates.

 

The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.