Profit Sharing Plan |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 | |||
| Profit Sharing Plan [Abstract] | |||
| Profit Sharing Plan |
The Bank maintains a profit sharing plan for the benefit of its employees. Employees who have completed hours of service and are actively employed on the last day of the plan year are eligible. Under the terms of this plan, a portion of the Bank’s profits, as determined by
the Board of Directors, will be set aside and maintained in a trust fund for the benefit of qualified employees. Contributions to the plan, included in salaries and employee benefits in the consolidated statements of income, were $3,240 and $2,387 in 2023 and 2022, respectively. The
profit sharing plan also has a 401(k) feature that allows employees to contribute to the profit sharing plan, even if they are not eligible for a contribution from the Bank. An employee is eligible to make contributions through the 401(k) feature on
the 1st of the month following 90 days of employment.
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