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RETIREMENT PLANS
12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
RETIREMENT PLANS

NOTE 13 RETIREMENT PLANS

 

The Company has established a qualified defined contribution plan that covers all full time employees. The Company matches employee contributions up to a maximum of 3% of their salary. The Company contributed $263 thousand and $385 thousand to the defined contribution plan for 2017 and 2016, respectively.

 

In addition, in 2002, the Bank established a salary continuation plan for key executives, which is funded by single premium life insurance policies. Expenses related to the plan were $5 thousand for the years 2017 and 2016, respectively.