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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | Note 20—EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) plan, which covers substantially all employees. Participants may contribute up to the maximum allowed by the regulations. During the years ended December 31, 2019, 2018 and 2017, the plan expense amounted to $528 thousand, $484 thousand and $405 thousand, respectively. The Company matches 100% of the employee’s contribution up to 3% and 50% of the employee’s contribution on the next 2% of the employee’s contribution. The Company acquired various single premium life insurance policies from DutchFork Bankshares that are used to indirectly fund fringe benefits to certain employees and officers. A salary continuation plan was established payable to two key individuals upon attainment of age 63. The plan provides for monthly benefits of $2,500 each for seventeen years. Other plans acquired were supplemental life insurance covering certain key employees. In 2006, the Company established a salary continuation plan which covers six additional key officers. In 2015, the Company established a salary continuation plan to cover additional key employees. In 2017 and 2019 the Company established salary continuation plans for two additional key officers. The plans provide for monthly benefits upon normal retirement age of varying amounts for a period of fifteen years. Single premium life insurance policies were purchased in 2006, 2015, 2017 and 2019 in the amount of $3.5 million, $5.2 million, $1.5 million and $1.6 million, respectively. These policies are designed to offset the funding of these benefits. The cash surrender value at December 31, 2019 and 2018 of all bank owned life insurance was $28.0 million and $25.8 million, respectively. Expenses accrued for the anticipated benefits under the salary continuation plans for the year ended December 31, 2019, 2018 and 2017 amounted to $437 thousand, $460 thousand, and $401 thousand, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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