Other Benefit Plans

12 Months Ended

Dec. 31, 2021

Postemployment Benefits [Abstract]

Other Benefit Plans

OTHER BENEFIT PLANS

The Company has established a stock dividend reinvestment and other stock purchase plan. Under the DRIP, eligible shareholders can voluntarily purchase stock with their dividend or can make additional stock purchases. During the year ended December 31, 2021 and 2020, 17,971 and 34,737 shares were purchased at an average price of $21.68 and $14.67, respectively.

All employees and Directors are eligible to participate in the NSPP. Expense recognized in relation to the NSPP for the years ended December 31, 2021 and 2020 was $80 and $43, respectively.

The Company has a Salary Continuation Agreement, (the “Agreement”), with an executive officer. In accordance with the Agreement, the executive will receive an annual benefit of $25 for twenty years following separation of service. If early termination occurs before December 31, 2022, the executive will not receive any benefit under the Agreement. The liability recorded for the Agreement was $312 and $241 at December 31, 2021 and 2020, respectively, and the related expense for the years ended December 31, 2021 and 2020 was $71 and $82, respectively.

The Company has a 401(k) plan that covers all employees subject to certain age and service requirements. The Company contributes 3% of each employee’s salary each pay period as a safe harbor contribution. The Company may also match employee contributions each year at the discretion of the Board of Directors. Expense recognized in relation to the 401(k) plan was $2,487 and $1,978 for the years ended December 31, 2021 and 2020, respectively.

In December 2018, the Company approved an ESOP for eligible employees as of January 1, 2018. Each year, the Company’s Board of Directors may approve a discretionary percentage of employees’ salaries to be contributed to the ESOP for eligible employees. The Board approved 1% and 2% of salaries for eligible employees in 2021 and 2020, respectively. Expense related to the ESOP was $490 and $395 for the years ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2021 and 2020, $366 and $260, respectively, was contributed to the ESOP. The Company has contributed 57,620 common shares to the ESOP since its approval in December 2018.