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Note 10 - Retirement Plans
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Retirement Benefits [Text Block]
10.
Retirement Plans
 
The Company has a profit sharing plan qualifying under Section
401
(k) of the Internal Revenue Code. All employees age
21
or more with
six
months of service are eligible for participation in the plan. The Company matches employee contributions up to
4%
of total compensation and
may
make additional discretionary contributions. Employee and employer contributions are
100%
vested when made. The Company's contributions to this plan were
$237,612
and
$193,109
for
2020
and
2019,
respectively.
 
The Company has entered into agreements with
12
employees to provide certain life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Each of the agreements provides for the amount of death insurance benefits to be paid to beneficiaries of the insured. Some of the policies provide benefits subsequent to the employee's employment with the Company. For this plan, the Company expensed
$6,356
and
$5,873
in
2020
and
2019,
respectively.
 
The Company adopted supplemental executive retirement plans for
three
of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses, including interest, of
$207,858
and
$145,964
in
2020
and
2019,
respectively, for these plans.
 
Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income.