Pension and Profit Sharing Plans

12 Months Ended

Dec. 31, 2020

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 $451,000 and $362,000 for the years ended December 31, 2020 and 2019, respectively.