Deferred Compensation

12 Months Ended

Dec. 31, 2019

Deferred Compensation

Deferred Compensation

NOTE 18 – Deferred Compensation

The Company has entered into various deferred compensation agreements with key officers. The liability outstanding under the agreements was $446 at December 31, 2019 and $443 at December 31, 2018. The amount charged to operations was $53 and $52 for the twelve months ended December 31, 2019 and 2018, respectively.

In addition, the Company is party to a life insurance agreement with an executive officer pursuant to which the Company has purchased a life insurance policy on the executive officer’s life. Under the agreement, the beneficiary is entitled to a death benefit paid by the insurer from the policy proceeds equal to $85. At December 31, 2019, the cash surrender value of this policy was $259.