Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 17 – EMPLOYEE BENEFIT PLANS

The Company has a qualified 401(k) deferred compensation Retirement Savings Plan (the “Savings Plan”).  All employees of the Company who have completed at least 90 days of service and meet certain other eligibility requirements are eligible to participate in the Savings Plan.  Under the terms of the Savings Plan, employees may voluntarily defer a portion of their annual compensation pursuant to section 401(k) of the Internal Revenue Code.  The Company matches 50% of the participants’ voluntary contributions up to 6% of gross wages.  In addition, at the discretion of the Board of Directors, the Company may make an additional profit sharing contribution to the Savings Plan.  Total expense was $665 thousand, $708 thousand and $573 thousand for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company has a profit sharing plan to provide associates not participating in a current incentive plan a vehicle for sharing in the success of the Company outside of existing wages and non-monetary benefits.  The Board of Directors approved a profit sharing amount equal to 2% of annual compensation for associates in 2020, and 1% for 2019 and 2018.  The expense was $195 thousand for the year ended December 31, 2020, $95 thousand for the year ended December 31 2019, and $78 thousand for the year ended December 31, 2018.

The Company maintains a deferred compensation plan for certain retirees.  Expense under this plan was $7 thousand for the years ended December 31, 2020 and 2019 and $8 thousand for the year ended December 31, 2018.  The liability under the deferred compensation plan at December 31, 2020 was $105 thousand and $115 thousand at December 31, 2019.  

During 2015, the Company established a nonqualified deferred compensation plan for a select group of management or highly compensated eligible individuals.  Under the terms of the plan, eligible individuals may elect to defer receipt of their compensation to a later taxable year.  The Company has recorded both an asset and liability of equal amount that represents the amount of contributions and the payable due to the participants in the plan.  The recorded asset and liability was $1.9 million and $1.3 million at December 31, 2020 and 2019, respectively. 

As part of the NBOH acquisition the Company has a director retirement and death benefit plan for the benefit of prior members of the Board of Directors of NBOH.  The plan is designed to provide an annual retirement benefit to be paid to each director upon retirement from the Board and attaining age 70.  There are no additional benefits or participants being added to the plan and the liability recorded at December 31, 2020 and 2019 was $1.1 million and $1.0 million, respectively.  The benefit payment upon satisfying the plan’s requirements is a benefit to the qualifying director until death or a maximum of 15 years.  An expense under this plan of $180 thousand and $136 thousand was recorded in 2020 and 2019, respectively, and a benefit was recognized under the plan of $19 thousand in 2018.