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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020, the plan expense amounted to $608 thousand , $581 thousand, and $552 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. The company acquires various life insurance policies to fund fringe benefits to certain key employees. The cash surrender value at December 31, 2022 and 2021 of all bank owned life insurance was $30.0 million and $29.2 million, respectively. Expenses accrued for the anticipated benefits under the salary continuation plans for the year ended December 31, 2022, 2021 and 2020 amounted to $492 thousand, $516 thousand, and $514 thousand, respectively.

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