Employee Benefits

12 Months Ended

Dec. 31, 2017

NOTE 9 – EMPLOYEE BENEFITS

The Company sponsors a contributory 401(k) profit-sharing plan (the “Plan”) covering substantially all employees who meet certain age and service requirements. The Plan permits investment in the Company’s common stock subject to various limitations and provides for discretionary profit sharing and matching contributions. The discretionary profit sharing contribution is determined annually by the Board of Directors and amounted to 3.00% in 2017, 3.00% in 2016 and 2.75% in 2015 of each eligible participant’s compensation. The Plan also provided for a 50% Company match of participant contributions up to a maximum of 2% of each participant’s annual compensation in years 2017, 2016 and 2015. Beginning in 2018, the Plan provides for a 100% Company match up to a maximum of 4% of each participant’s annual compensation. Expense under the Plan amounted to approximately $363 thousand, $338 thousand, and $304 thousand for 2017, 2016, and 2015, respectively.

The following table summarizes stock options activity for the years ended December 31:


				2016							2015
	Shares				Weighted Average Exercise Price			Shares				Weighted Average Exercise Price
Outstanding at beginning of year		5,952			$	18.00			11,904			$	18.00
Granted		–				–			–				–
Exercised		(5,952	)			(18.00	)		(5,952	)			(18.00	)
Forfeited		–							–

Outstanding at end of year		–				–			5,952				18.00

Options exercisable at year-end		–			$	–			5,952			$	18.00
Weighted-average fair value of options granted during year		N/A				N/A			N/A				N/A

There were no options outstanding at December 31, 2017 and 2016. The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $39 thousand at December 31, 2015.