Employee Benefits

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

The Company adopted a contributory retirement plan for employees of Red River Bank effective March 1, 1999, and amended as of December 22, 2015. The plan covers all employees who meet the length of service and the number of hours worked requirements and elect to participate. Discretionary employer contributions during the years ended December 31, 2021 and 2020, totaled approximately $721,000 and $625,000, respectively.

The Bank has purchased life insurance policies on certain key employees. The Bank is the beneficiary of the BOLI policies, which have cash surrender value and death benefit components. The Bank uses a portion of the income generated from the BOLI policies to fund the expenses for nonqualified, noncontributory deferred compensation agreements with certain employees. The deferred compensation agreements provide post-retirement benefit payments to those employees. The liability related to the deferred compensation agreements was $2.7 million and $2.3 million as of December 31, 2021 and 2020, respectively, and is recorded in accrued expenses and other liabilities on the consolidated balance sheets.