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Note 15 - Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Employee Benefit Plans | Note 15. Employee Benefit Plans The Company has a profit sharing plan, which includes a provision designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended, to allow for participant contributions. Substantially all employees who are at least 18 years of age are eligible to participate in the plan. The Company matches 100% of the first 3% of employee contributions, and 50% of the next 3% of employee contributions, up to a maximum amount of 4.5% of an employee’s compensation. Additionally, at its discretion, the Company may make additional contributions to the plan, which are allocated to the accounts of participants in the plan based on relative compensation. There were no discretionary contributions for the years ended December 31, 2021, 2020 and 2019. Company matching contributions for the years ended December 31, 2021, 2020, and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Matching contribution | ​ | $ | 2,446 | ​ | $ | 2,520 | ​ | $ | 2,443
​ The Company has entered into nonqualified supplemental executive retirement plans (SERPs) with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified retirement plan. Changes in the liability related to the SERPs, included in other liabilities, are as follows for the years ended December 31, 2021, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning | ​ | $ | 6,189 | ​ | $ | 5,160 | ​ | $ | 4,623
Expense accrued | ​ |  | 1,532 | ​ |  | 1,193 | ​ |  | 701
Cash payments made | ​ |  | (448) | ​ |  | (164) | ​ |  | (164)
Balance, ending | ​ | $ | 7,273 | ​ | $ | 6,189 | ​ | $ | 5,160
​ The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain Note 15. Employee Benefit Plans (continued) maximums. The Company’s matching contribution varies by officer and is a maximum of between $10 thousand and $25 thousand annually as set forth in each officer’s participation agreement. Interest on the deferred amounts is earned at prime rate subject to a minimum of 4% and a maximum of 12%, with such limits differing by officer. The Company has also entered into deferred compensation agreements with certain other officers. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution differs by officer and is a maximum between 4% and 10% of compensation. Interest on the deferred amounts is earned at prime rate plus one percentage point, and has a minimum of 4% and shall not exceed 8%. ​ Upon retirement, the officer will receive the deferral balance in 180 equal monthly installments. As of December 31, 2021 and 2020, the liability related to the agreements totaled $32.3 million and $24.7 million, respectively. Changes in the deferred compensation agreements, included in other liabilities, are as follows for the years ended December 31, 2021, 2020, and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning | ​ | $ | 24,713 | ​ | $ | 19,474 | ​ | $ | 15,029
Employee deferrals | ​ |  | 4,900 | ​ |  | 3,959 | ​ |  | 2,474
Company match and interest | ​ |  | 3,048 | ​ |  | 2,628 | ​ |  | 2,072
Cash payments made | ​ |  | (308) | ​ |  | (1,348) | ​ |  | (101)
Balance, ending | ​ | $ | 32,353 | ​ | $ | 24,713 | ​ | $ | 19,474
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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