Pension and Profit Sharing Plans

12 Months Ended

Dec. 31, 2019

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 $362,000 and $387,000 for the years ended December 31, 2019 and 2018, respectively.

Employee contributions and profit sharing expenses totaled $307,000 at December 31, 2019, compared to $301,000 at December 31, 2018.

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 $55,000 and $52,000 for the years ended December 31, 2019 and 2018, respectively.