Note 13 - Other Benefit Plans

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

NOTE

1

3

– OTHER BENEFIT PLANS

401

(

k

) Plan

– The Company’s

401

(k) Savings Plan allows employees to contribute up to the annual limits as determined by the Internal Revenue Service. For

2019

and

2018,

the Company matched

100%

of the

first

1%

of compensation contributed and

50%

of the next

5%

contributed by employees. In

2017,

the Company matched

50%

of the

first

4%

of compensation contributed. The Company, at its discretion,

may

make additional contributions. Total contributions made by the Company to the plan totaled approximately

$362,000,

$347,000

and

$200,000

in

2019,

2018

and

2017,

respectively.

Supplemental Executive Retirement Plan

– The Company had a supplemental executive retirement plan covering certain executive officers. Under the plan, the Company pays each participant, or their beneficiary, a specific defined benefit amount over

10

years, beginning with the individual’s retirement or early termination of service for reasons other than cause. A liability is accrued for the obligation under these plans. The expense incurred for the plan was

$6,000,

$77,000

and

$121,000

for the years ended

December 

31,

2019,

2018

and

2017,

respectively.

The Company approved the termination of the plan effective

January 31, 2018.

As a result of the termination, the plan was liquidated with all benefits paid in a lump sum to the participants on

February 1, 2019.

No

additional expenses were incurred as a result of the plan termination. The related liability was

$1.3

million at

December 

31,

2018

and was included in other liabilities on the balance sheet.

The Company purchased life insurance on the participants of the plan. The cash surrender value of all insurance policies was

$16.0

million and

$15.6

million at

December 

31,

2019

and

2018,

respectively. Income earned from the cash surrender value of life insurance totaled

$410,000,

$437,000

and

$412,000

for the years ended

December 

31,

2019,

2018,

and

2017,

respectively.