Employee Benefit Plans	12 Months Ended
Dec. 31, 2019
Employee Benefit Plans
Employee Benefit Plans	Note 11 - Employee Benefit Plans - 401(k) Plan The Company sponsors a 401(k) profit sharing plan. Substantially all employees 21 years of age or older who have at least six months of service and have worked 1,000 hours during the year may participate in the plan through salary deferral contributions subject to the plan provisions. The Company makes matching contributions based on a percentage of each participant’s contribution and may also make discretionary contributions to the plan. The Company matched 100% of the participant’s salary deferral contribution up to 3% and 50% of the participant’s salary deferral contribution of the next 2% of the participant’s annual compensation for 2019 and 2018. The Company’s contributions to the plan were approximately $44,000 and $41,000 for 2019 and 2018, respectively. Pension Plan The Company sponsors a defined contribution pension plan. Substantially all employees 21 years of age or older who have at least one year of service and are employed on the last day of the year may participate in the plan. The Company contributed 5.4% of the participant’s annual compensation to the plan for 2019 and 2018. The Company’s contributions to the plan were approximately $67,000 and $96,000 for 2019 and 2018, respectively. The employees vest in the employer’s contributions 20% a year after the first year in the plans and are fully vested at the completion of six years of service. The maximum combined employer contribution to both the 401(k) plan and the pension plan is 25% of the total annual compensation paid to each participant. Employee Stock Ownership Plan As part of the Company's stock conversion in 2019, an employee stock ownership plan ("ESOP") for eligible employees was established. The leveraged ESOP is accounted for in accordance with the requirements of ASC 718, Compensation - Stock Compensation. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Shares were purchased by the ESOP with a loan from Eureka Homestead Bancorp, Inc. The ESOP acquired 114,374 shares of the Company's common stock in the conversion. During the year ended December 31, 2019, 4,575 shares were allocated to ESOP plan participants, leaving 109,799 unallocated shares in the ESOP at December 31, 2019. Compensation expense related to the ESOP was $56,000 for the year ended December 31, 2019. The stock price at the formation date was $10.00. The aggregate fair value of the 109,799 unallocated shares was $1,334,000 based on the $12.15 closing price of the common stock on December 31, 2019. Under ASC 718, unearned ESOP shares are not considered outstanding and are shown as a reduction of shareholders' equity as unearned compensation. Dividends on unallocated ESOP shares are considered to be compensation expense. The Company recognizes compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company's ESOP shares differ from the cost of such shares, the differential is credited to shareholders' equity. The Company receives a tax deduction equal to the cost of the shares released. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a Company liability. The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants results in a corresponding reduction in the earnings of Eureka Homestead Bancorp. Other Retirement Agreements The Company has entered into retirement agreements with certain directors and several key management employees, all of whom are officers. Under the director agreements, after ten years in the plan and attaining the age of 75, the Company is to provide to each director the sum of $120,000 payable over a period of 10 years. (This benefit would be paid to the director’s beneficiaries in a lump sum upon the director’s death.) Under the employee agreements, the Company was to provide to each covered employee annual benefits for life beginning at age 65 ranging from $66,000 to $85,000. The employee agreements were terminated on June 30, 2018. In accordance with the terms of the agreements, the employees received the accrued balance at the termination date, paid one year from the termination date. The total accrued balance of this benefit was approximately $1.5 million at December 31, 2018 and was paid to the employees in July of 2019. The estimated present value of future benefits to be paid is being accrued over the period from the effective date of the agreements until the dates payments are expected to expire. The expense incurred for this plan for the years ended December 31, 2019 and 2018, amounted to approximately $34,000 and $61,000, respectively. The accrued liability at December 31, 2019 and 2018, amounted to approximately $301,000 and $1,774,000, respectively. The Company is the beneficiary of life insurance policies, with death benefits totaling approximately $7,174,000 and $7,157,000 at December 31, 2019 and 2018, respectively that have been purchased as a method of financing benefits under the agreements. Deferred Compensation Agreement The Company had a deferred compensation plan for the benefit of its former President who retired in 2018. The plan permitted a portion of the President's annual compensation to be deferred and required the Company to pay the President, upon his retirement, the balance of amounts deferred over a ten-year period. The plan contained a provision in the event of the President's death that any benefits payable would be paid to his beneficiaries in a lump sum. Annual amounts that were deferred were included in that year's operating results as compensation expense. Payments of the benefits were neither guaranteed by the Company nor secured by any of its assets. The plan was irrevocably terminated in 2017 and the former President received a payment of approximately $187,000 in 2018 in connection with the termination and complete liquidation of the plan. Neither the other retirement agreements nor the deferred compensation agreement are qualified plans as defined by the provisions of the Internal Revenue Code or the regulations of the Department of Labor. Split Dollar Life Insurance The Company entered into a split dollar life insurance agreement on March 1, 2019 with each of Messrs. Haskins and Heintzen to recognize the valuable services of the executives and to encourage them to continue in service with the Company. The split-dollar agreements divide the death proceeds of certain life insurance policies owned by the Company on the lives of the executives with their designated beneficiaries. The Company paid the life insurance premiums on the policies from its general assets. Under the agreements, Messrs. Haskins and Heintzen or their assignees have the right to designate the beneficiary an amount of death proceeds. Upon either executive’s death, his beneficiary will be entitled to a benefit equal to the lesser of $700,000 or the net death proceeds from the policies. The net death proceeds portion is the total death proceeds paid under the policy less the greater of the policy’s cash surrender value or the aggregate premiums paid by the Company on the policy. Each executive’s interest in the split-dollar agreement terminates under certain circumstances, including the executive’s cessation of all service with the Company.

Note 11 - Employee Benefit Plans -

401(k) Plan

The Company sponsors a 401(k) profit sharing plan. Substantially all employees 21 years of age or older who have at least six months of service and have worked 1,000 hours during the year may participate in the plan through salary deferral contributions subject to the plan provisions. The Company makes matching contributions based on a percentage of each participant’s contribution and may also make discretionary contributions to the plan. The Company matched 100% of the participant’s salary deferral contribution up to 3% and 50% of the participant’s salary deferral contribution of the next 2% of the participant’s annual compensation for 2019 and 2018. The Company’s contributions to the plan were approximately $44,000 and $41,000 for 2019 and 2018, respectively.

Pension Plan

The Company sponsors a defined contribution pension plan. Substantially all employees 21 years of age or older who have at least one year of service and are employed on the last day of the year may participate in the plan. The Company contributed 5.4% of the participant’s annual compensation to the plan for 2019 and 2018. The Company’s contributions to the plan were approximately $67,000 and $96,000 for 2019 and 2018, respectively.

The employees vest in the employer’s contributions 20% a year after the first year in the plans and are fully vested at the completion of six years of service. The maximum combined employer contribution to both the 401(k) plan and the pension plan is 25% of the total annual compensation paid to each participant.

Employee Stock Ownership Plan

As part of the Company's stock conversion in 2019, an employee stock ownership plan ("ESOP") for eligible employees was established. The leveraged ESOP is accounted for in accordance with the requirements of ASC 718, Compensation - Stock Compensation. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP.

Shares were purchased by the ESOP with a loan from Eureka Homestead Bancorp, Inc. The ESOP acquired 114,374 shares of the Company's common stock in the conversion. During the year ended December 31, 2019, 4,575 shares were allocated to ESOP plan participants, leaving 109,799 unallocated shares in the ESOP at December 31, 2019. Compensation expense related to the ESOP was $56,000 for the year ended December 31, 2019.

The stock price at the formation date was $10.00. The aggregate fair value of the 109,799 unallocated shares was $1,334,000 based on the $12.15 closing price of the common stock on December 31, 2019.

Under ASC 718, unearned ESOP shares are not considered outstanding and are shown as a reduction of shareholders' equity as unearned compensation. Dividends on unallocated ESOP shares are considered to be compensation expense. The Company recognizes compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company's ESOP shares differ from the cost of such shares, the differential is credited to shareholders' equity. The Company receives a tax deduction equal to the cost of the shares released. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a Company liability.

The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants results in a corresponding reduction in the earnings of Eureka Homestead Bancorp.

Other Retirement Agreements

The Company has entered into retirement agreements with certain directors and several key management employees, all of whom are officers. Under the director agreements, after ten years in the plan and attaining the age of 75, the Company is to provide to each director the sum of $120,000 payable over a period of 10 years. (This benefit would be paid to the director’s beneficiaries in a lump sum upon the director’s death.) Under the employee agreements, the Company was to provide to each covered employee annual benefits for life beginning at age 65 ranging from $66,000 to $85,000. The employee agreements were terminated on June 30, 2018. In accordance with the terms of the agreements, the employees received the accrued balance at the termination date, paid one year from the termination date. The total accrued balance of this benefit was approximately $1.5 million at December 31, 2018 and was paid to the employees in July of 2019.

The estimated present value of future benefits to be paid is being accrued over the period from the effective date of the agreements until the dates payments are expected to expire. The expense incurred for this plan for the years ended December 31, 2019 and 2018, amounted to approximately $34,000 and $61,000, respectively. The accrued liability at December 31, 2019 and 2018, amounted to approximately $301,000 and $1,774,000, respectively.

The Company is the beneficiary of life insurance policies, with death benefits totaling approximately $7,174,000 and $7,157,000 at December 31, 2019 and 2018, respectively that have been purchased as a method of financing benefits under the agreements.

Deferred Compensation Agreement

The Company had a deferred compensation plan for the benefit of its former President who retired in 2018. The plan permitted a portion of the President's annual compensation to be deferred and required the Company to pay the President, upon his retirement, the balance of amounts deferred over a ten-year period. The plan contained a provision in the event of the President's death that any benefits payable would be paid to his beneficiaries in a lump sum. Annual amounts that were deferred were included in that year's operating results as compensation expense. Payments of the benefits were neither guaranteed by the Company nor secured by any of its assets.

The plan was irrevocably terminated in 2017 and the former President received a payment of approximately $187,000 in 2018 in connection with the termination and complete liquidation of the plan.

Neither the other retirement agreements nor the deferred compensation agreement are qualified plans as defined by the provisions of the Internal Revenue Code or the regulations of the Department of Labor.

Split Dollar Life Insurance

The Company entered into a split dollar life insurance agreement on March 1, 2019 with each of Messrs. Haskins and Heintzen to recognize the valuable services of the executives and to encourage them to continue in service with the Company. The split-dollar agreements divide the death proceeds of certain life insurance policies owned by the Company on the lives of the executives with their designated beneficiaries. The Company paid the life insurance premiums on the policies from its general assets. Under the agreements, Messrs. Haskins and Heintzen or their assignees have the right to designate the beneficiary an amount of death proceeds. Upon either executive’s death, his beneficiary will be entitled to a benefit equal to the lesser of $700,000 or the net death proceeds from the policies. The net death proceeds portion is the total death proceeds paid under the policy less the greater of the policy’s cash surrender value or the aggregate premiums paid by the Company on the policy. Each executive’s interest in the split-dollar agreement terminates under certain circumstances, including the executive’s cessation of all service with the Company.