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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | NOTE 16 – Commitments and Contingencies The Company has entered into a three year employment agreement with its chief executive officer and a two year employment agreement with 13 executive vice presidents. These agreements also include a) an incentive program, b) a stock option plan, c) a one-year non-compete agreement upon termination and a severance payment equal to one year of compensation. The total estimated aggregate salary commitment is approximately $3.5 million. The Company has an agreement with a data processor which expires in 2023 to provide certain item processing, electronic banking, and general ledger processing services. Components of this contract vary based on transaction and account volume, monthly charges and certain termination fees. At December 31, 2021, the Company has a contract with a construction company for $30.3 million to construct a new bank headquarters in Greenville, South Carolina of which $21.8 million had been paid. 100 Table of Contents The Company has commitments with various investment partners under the Small Business Investment Company (“SBIC”) and the Rural Business Investment Company (“RBIC”) Programs for which we have committed to make capital contributions from time to time. These commitments totaled $2.25 million at December 31, 2021. The Company may be subject to litigation and claims in the normal course of business. As of December 31, 2021, management believes there is no material litigation pending.

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