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RETIREMENT PLANS
12 Months Ended
Dec. 31, 2019
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 $299 thousand and $318 thousand to the defined contribution plan for 2019 and 2018, respectively.

 

The Bank maintains a salary continuation plan for key executives which was established in 2002 and is funded by single premium life insurance policies. Expenses related to the plan were $4 thousand and $4 thousand for the years ended December 31, 2019 and 2018, respectively.