Deferred Compensation

12 Months Ended

Dec. 31, 2020

Compensation Related Costs [Abstract]

Disclosure Of Deferred Compensation

NOTE 18 — Deferred Compensation

The Company has obligations to certain retired and active employees and directors under deferred compensation plans. A liability is recorded for the value of the deferred compensation obligations amounting to $3.2 million and $2.6 million at December 31, 2020 and 2019, respectively. The Company holds marketable equity securities consisting of mutual fund investments and common stock deferred under the plans, which are held in a Rabbi Trust. The Company may sell these securities on a periodic basis in order to pay retirement benefits to plan retirees. There are no gain or losses realized from the sales of marketable equity securities. Benefits paid total $56 and $111 for the years ended December 31, 2020 and 2019, respectively.

The Company has entered into various salary continuation agreements with key officers. The agreements provide for the payment of specified amounts upon each employee’s retirement or death. The liability outstanding under the agreements was $299 and $362 at December 31, 2020 and 2019, respectively. The amount charged to operations was $31 and $37 for the years ended December 31, 2020 and 2019, respectively.

The Company is the beneficiary of insurance policies on the lives of certain key employees. These policies had a cash value of $13.5 million and $13.1 at December 31, 2020 and 2019, respectively, an increase in value of $400. During the year ended December 31, 2020, the Company received no proceeds from life insurance, and recorded no gain on life insurance benefit received. During the year ended December 31, 2019, the Company received proceeds from life insurance of $872, and recorded a gain on life insurance benefit received in the amount of $158.