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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract] |
Employee Benefit Plans | NOTE 17 – EMPLOYEE BENEFIT PLANS The Company has a qualified 401(k) deferred compensation Retirement Savings Plan (the “Savings Plan”). All employees of the Company who have completed at least 90 days of service and meet certain other eligibility requirements are eligible to participate in the Savings Plan. Under the terms of the Savings Plan, employees may voluntarily defer a portion of their annual compensation pursuant to section 401(k) of the Internal Revenue Code. The Company matches 50% of the participants’ voluntary contributions up to 6% of gross wages. In addition, at the discretion of the Board of Directors, the Company may make an additional profit sharing contribution to the Savings Plan. Total expense was $814 thousand, $665 thousand and $708 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. The Company has a profit sharing plan to provide associates not participating in a current incentive plan a vehicle for sharing in the success of the Company outside of existing wages and non-monetary benefits. The Board of Directors approved a profit sharing amount equal to 2% of annual compensation for associates in 2021 and 2020, and 1% for 2019. The expense was $268 thousand for the year ended December 31, 2021, $195 thousand for the year ended December 31 2020, and $95 thousand for the year ended December 31, 2019. The Company maintains a deferred compensation plan for certain retirees. Expense under this plan was $6 thousand for year ended December 31, 2021 and $7 thousand for the years ended December 31, 2020 and 2019. The liability under the deferred compensation plan at December 31, 2021 was $94 thousand and $105 thousand at December 31, 2020. During 2015, the Company established a nonqualified deferred compensation plan for a select group of management or highly compensated eligible individuals. Under the terms of the plan, eligible individuals may elect to defer receipt of their compensation to a later taxable year. The Company has recorded both an asset and liability of equal amount that represents the amount of contributions and the payable due to the participants in the plan. The recorded asset and liability was $2.5 million and $1.9 million at December 31, 2021 and 2020, respectively. As part of the NBOH acquisition the Company has a director retirement and death benefit plan for the benefit of prior members of the Board of Directors of NBOH. The plan is designed to provide an annual retirement benefit to be paid to each director upon retirement from the Board and attaining age 70. There are no additional benefits or participants being added to the plan and the liability recorded at December 31, 2021 and 2020 was $975 thousand and $1.1 million, respectively. The benefit payment upon satisfying the plan’s requirements is a benefit to the qualifying director until death or a maximum of 15 years. A benefit was recognized under this plan of $11 thousand in 2021 and an expense under the plan of $180 thousand and $136 thousand was recorded in 2020 and 2019, respectively. As part of the Cortland acquisition, the Company has supplemental retirement benefit plans for the benefit of certain officers and non-officer directors. The plan for officers is designed to provide post-retirement benefits to supplement other sources of retirement income such as social security and 401(k) benefits. The benefits will be paid for a period of 15 years after retirement. Director Retirement Agreements provide for a benefit of $10,000 annually on or after the director reaches normal retirement age, which is based on a combination of age and years of service. Director retirement benefits are paid over a period of 10 years following retirement. The Company accrued the cost of these post-retirement benefits during the working careers of the officers and directors. At December 31, 2021, the accumulated liability for these benefits totaled $1.7 million, with $1.6 million accrued for the officers’ plan and $138,000 for the directors’ plan. Expense recognized for these plans in 2021 was $11,000. Benefits expected to be paid in 2022 are $748,000. To fund the above obligations, the Company has insurance contracts on the lives of the participants and directors in the supplemental retirement benefit plans with the Company as the beneficiary. In the case of directors and a small group of employee participants, postretirement split dollar life insurance coverage was accrued for during the service years. The liability at December 31, 2021 is $645,000 and the benefit recorded in 2021 was $31,000.

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