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Profit Sharing Plan
 12 Months Ended
Dec. 31, 2023
Profit Sharing Plan  
Profit Sharing Plan

Note 18: Profit Sharing Plan

The Company has a combined profit sharing 401(k) plan which provides that an annual contribution up to 100% of each participating employee’s total pay, may be contributed to the plan. Employees are eligible to participate after meeting certain eligibility requirements as defined in the plan and are allowed to make pre-tax contributions up to the maximum amount allowed by the Internal Revenue Service. The terms of the 401(k) plan require employer match contributions equal to 100% of the employee contributions up to 4% of pay. In addition, the terms of the plan allow for discretionary profit sharing contributions as determined by the Company and approved by the Board of Directors.

The employer match contributions for the 401(k) plan were $1.0 million, $1.0 million, and $804,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The total employer discretionary profit sharing contributions to the plan were $824,000, $793,000, and $636,000 for the years ended December 31, 2023, 2022 and 2021, respectively.