Pension and Profit Sharing Plans

12 Months Ended

Dec. 31, 2018

Pension and Profit Sharing Plans

Pension and Profit Sharing Plans

Note 10. Pension and Profit Sharing Plans

The Bank has a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code that is funded through a profit sharing agreement and voluntary employee contributions.  Annual contributions, included in employee benefit expense, totaled $497,457 and $286,955 for the years ended December 31, 2018 and 2017, respectively.

The plan provides for discretionary employer matching contributions to be determined annually by the Board of Directors.  The plan covers substantially all employees.  The Bank’s contributions to the plan, included in employee benefit expense, totaled $51,840 and $38,211 for the years ended December 31, 2018 and 2017, respectively.

The Bank had a money purchase pension plan, which provided for annual employer contributions based on employee compensation, and covered substantially all employees.  The Bank made additional contributions under this plan for the benefit of certain employees, whose retirement funds were negatively affected by the termination of this pension plan.  These additional contributions, also included in employee benefit expense, totaled $0 and $1,014 for the years ended December 31, 2018 and 2017, respectively.