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Benefit Plans
 12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Benefit Plans

(10)

Benefit Plans

The Company has a profit sharing plan to provide retirement benefits for all employees. Contributions have been paid in the past to a trust fund annually by the Company in an amount determined by the Board of Directors. No contributions were made to the plan for the plan years ended December 31, 2020 and 2019 as the Board of Directors adopted an incentive program and paid cash bonuses rather than having contributions made to the profit sharing plan.

In 2014, the Company added a 401(k) feature to the profit sharing plan that covers substantially all employees. Under the terms of the feature, the Company may make matching contributions to the plan and the employees can contribute up to the maximum amounts allowed by IRS guidelines.  The contribution expense related to the 401(k) feature totaled $161,000 and $113,000 for the plan year ended December 31, 2020 and 2019, respectively.

The Company sponsors a deferred compensation plan for directors. Under this plan, participating directors may defer their Board fees and receive the deferred amounts plus interest upon completion of their time as a director or at their election.  The cumulative deferred contributions for the directors in the plan and earnings thereon at December 31, 2020 and 2019 totaled approximately $2,830,000 and $3,188,000, respectively.  These amounts are included in other liabilities in the accompanying consolidated balance sheets. No contributions have been made to the plan since 2015 as the plan was frozen as of June 30, 2015.

The Company has a supplemental executive retirement plan (SERP) in place for one of its executives.  This normal retirement benefit consists of a monthly benefit payment equal to the amount that is paid from the annuity contract designated under the SERP.  The normal retirement benefit will commence on the first day of the second month following the date of the executive’s separation from service, payable monthly and continuing for the executive’s lifetime.  The monthly benefit equals $8,333.  If the executive dies after benefit payments have commenced but before receiving a total of 180 monthly payments, the Company shall pay to the executive’s beneficiary the greater of (i) the account balance or (ii) the present value of the remaining payments to satisfy a total of 180 monthly payments.  Such death benefit shall be payable in a lump sum no later than 60 days from the date of death.  If the executive dies after receiving 180 or more benefit payments, the SERP will terminate and no additional payments will be made.  The accrued liability for the plan at December 31, 2020 and 2019 was approximately $439,000 and $29,000, respectively and is recorded in other liabilities. The related expense for the plan was approximately $410,000 and $29,000 in 2020 and 2019, respectively. The earnings from the increase in the value of the annuity for the years ending December 31, 2020 and 2019 was approximately $5,000 and $0, respectively. The carrying value of the annuity was approximately $952,000 and $947,000 as of December 31, 2020 and 2019, respectively and is recorded in other assets.