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Employee Benefit Plans
12 Months Ended
Dec. 31, 2019
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

Note 9 - Employee Benefit Plans

The Bank has a 401(k) Retirement Savings Plan. Employees may contribute a percentage of their salary up to the maximum amount allowed by law. The Bank matches 50% of the first 6% of an employee’s contribution. All employees who have completed one year of service with the Bank are eligible to participate in the company match. The Bank’s contributions to this plan were $285,000 and $214,000 for the years ended December 31, 2019 and 2018, respectively.

The Bank has an Employee Stock Ownership Plan (“ESOP”) for the exclusive benefit of participating employees. The Bank recognized ESOP expense of $134,000 and $129,000 for the years ended December 31, 2019 and 2018, respectively. The plan had allocated shares totaling 492,029 and 518,654, respectively, and had unallocated shares to participants in the plan totaling 47,380 shares and 2,000 shares, respectively, as of December 31, 2019 and 2018. The fair value of the unallocated shares at December 31, 2019 was approximately $441,108.