Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 11. Employee Benefit Plans

The Company has a 401(k) Profit Sharing Plan that covers eligible employees. Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank matches 100 percent of an employee’s contribution up to 5% of his or her deferral following one year of continuous service. Employees are 100% vested in the safe harbor match. The Company’s board of directors may make additional contributions at its discretion, which are on a six-year vesting schedule. For the years ended December 31, 2020 and 2019, total expenses attributable to this plan were $1.2 million and $700 thousand, respectively.  

The Company has an Employee Stock Ownership Plan (“ESOP”) that covers eligible employees. Benefits in the plan vest over a five-year period. Contributions to the plan are made at the discretion of the board of directors and may include both the matching component to employees’ elective deferrals into the 401(k) plan and discretionary profit contributions. The ESOP held 104,058 and 79,800 total shares of Company common stock at December 31, 2020 and December 31, 2019, respectively. All shares issued to and held by the ESOP are considered outstanding in the computation of EPS. The ESOP or the Company is required to purchase shares from separated employees at the market price of the Company’s stock.