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Other Benefit Plans
9 Months Ended
Sep. 30, 2021
Postemployment Benefits [Abstract]  
Other Benefit Plans OTHER BENEFIT PLANS
The Company has established a stock dividend reinvestment and other stock purchase plan. Under the DRIP, eligible shareholders can voluntarily purchase stock with their dividend or can make additional stock purchases. During the nine months ended September 30, 2021 and 2020, 17,971 and 28,141 shares were purchased at an average price of $21.68 and $14.38, respectively. During the year ended December 31, 2020, 34,737 shares were purchased at an average price of $14.67 per share.
The Company adopted an ESPP for all employees in 2015. During 2020, the ESPP was amended and restated in its entirety and was renamed the NSPP. All employees and Directors are eligible to participate in the NSPP. Expense recognized in relation to the NSPP for the nine months ended September 30, 2021 and 2020 was $56 and $30, respectively.
The Company has a Salary Continuation Agreement, (the “Agreement”), with an executive officer. In accordance with the Agreement, the executive will receive an annual benefit of $25 for twenty years following separation of service. If early termination occurs before December 31, 2022, the executive will not receive any benefit under the Agreement. The liability recorded for the Agreement was $295 and $241 at September 30, 2021 and December 31, 2020, respectively, and the related expense for the nine months ended September 30, 2021 and 2020 was $53 and $45, respectively.
The Company has a 401(k) plan that covers substantially all employees subject to certain age and service requirements. The Company contributes 3% of each employee’s salary each pay period as a safe harbor contribution. The Company may also match employee contributions each year at the discretion of the Board of Directors. Expense recognized in relation to the 401(k) plan was $1,932 and $1,412 for the nine months ended September 30, 2021 and 2020, respectively, and was $1,978 for the year ended December 31, 2020, respectively.
In December 2018, the Company approved an ESOP for eligible employees as of January 1, 2018. Each year, the Company’s Board of Directors may approve a discretionary percentage of employees’ salaries to be contributed to the ESOP for eligible employees. For 2021 and 2020, 2% of salaries for eligible employees was approved for contribution. Expense related to the ESOP was $938 and $275 for the nine months ended September 30, 2021 and 2020, respectively, and was $395 for the year ended December 31, 2020. During the year ended December 31, 2020, $260 was contributed to the ESOP. The Company has contributed 57,620 common shares to the ESOP since its approval in December 2018.