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Deferred Compensation
12 Months Ended
Dec. 31, 2019
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 $2,553 and $2,429 at December 31, 2019 and 2018, respectively. The Company holds marketable equity securities (trading securities as of December 31, 2018) 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 retires.  There are no gain or losses recognized from the sales of marketable equity securities.  Benefits paid total $111 and $92 for the years ended December 31, 2019 and 2018, 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 $362 and $438 at December 31, 2019 and 2018, respectively. The amount charged to operations was $37 and $48 for the years ended December 31, 2019 and 2018, respectively.

The Company is the beneficiary of insurance policies on the lives of certain key employees. These policies had a cash value of $13,085 at and $13,400 at December 31, 2019 and 2018, respectively. 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. During the year ended December 31, 2018, the Company received proceeds from life insurance of $856, and recorded a gain on life insurance benefit received in the amount of $120.