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Pension and Profit Sharing Plans
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Pension and Profit Sharing Plans

Note 10. Pension and Profit Sharing Plans

 

The Bank has a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code that is funded through a profit sharing agreement and voluntary employee contributions. Annual contributions, included in employee benefit expense, totaled $210,604, $225,179, and $229,500 for the years ended December 31, 2016, 2015, and 2014, respectively.

 

The plan provides for discretionary employer matching contributions to be determined annually by the Board of Directors. The plan covers substantially all employees. The Bank’s contributions to the plan, included in employee benefit expense, totaled $21,261, $191,391, and $228,516 for the years ended December 31, 2016, 2015 and 2014, respectively.

 

The Bank had a money purchase pension plan, which provided for annual employer contributions based on employee compensation, and covered substantially all employees. The Bank made additional contributions under this plan for the benefit of certain employees, whose retirement funds were negatively affected by the termination of this pension plan. These additional contributions, also included in employee benefit expense, totaled $1,014, $1,014, and $8,159 for the years ended December 31, 2016, 2015, and 2014, respectively.