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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | Note 19—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, 2021, 2020 and 2019, the plan expense amounted to $581 thousand , $552 thousand, and $528 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 Bancshares that are used to indirectly fund fringe benefits to certain employees and officers. A salary continuation plan was established payable for two key individuals upon attainment of age 63. The plan provides for monthly benefits of $2,500 each for seventeen years for two individuals. 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, 2019, and 2021, the Company established salary continuation plans for three 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, 2019, and 2021, in the amount of $3.5 million, $5.2 million, $1.5 million, $1.6 million, and $850 thousand , respectively. These policies are designed to offset the funding of these benefits. The cash surrender value at December 31, 2021 and 2020 of all bank owned life insurance was $29.2 million and $27.7 million, respectively. Expenses accrued for the anticipated benefits under the salary continuation plans for the year ended December 31, 2021, 2020 and 2019 amounted to $516 thousand, $514 thousand, and $437 thousand, respectively.

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