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Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block]

Note 9. Benefit Plans

 

The Company funds certain costs for medical benefits in amounts determined at the discretion of management. The Company has a retirement savings 401(k) plan covering substantially all employees of the Bank, and a second plan covering substantially all employees of Sanders Morris and Tectonic Advisors.

 

Under both the 401(k) plans covering the Company’s employees, an employee may contribute up to the annual maximum contribution allowed for a given year under IRS regulations. The Company matches 100% of the employee’s contribution on the first 1% of the employee’s compensation and 50% of the employee’s contribution on the next 5% of the employee’s compensation, up to the maximum amount under Internal Revenue Service regulations.

 

At its discretion, the Company may also make additional annual contributions to the plan. The Plan is a participant directed plan, and as such, contributions to the plan are invested as directed by the respective plan participant.

 

The amount of employer contributions charged to expense under the two plans was $503,000 and $409,000 for the years ended December 31, 2021 and 2020, respectively, and is included in salaries and employee benefits on the consolidated statements of income. There was no accrual payable to either plan as of December 31, 2021 and 2020.