Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note

14.

Employee Benefit Plans

The Company has a profit sharing plan which includes a provision designed to qualify under Section

401

(k) of the Internal Revenue Code of

1986,

as amended, to allow for participant contributions. All employees are eligible to participate in the plan. The Company matches

100%

of the

first

3%

of employee contributions, and

50%

of the next

3%

of employee contributions, up to a maximum amount of

4.5%

of an employee's compensation. Additionally, at its discretion, the Company

may

make additional contributions to the plan which are allocated to the accounts of participants in the plan based on relative compensation. Company contributions for the years ended

December 31,

2017,

2016,

and

2015

were as follows:

	2017		2016		2015
Matching contribution	$	1,663,198	$	1,365,111	$	1,314,276
	$	1,663,198	$	1,365,111	$	1,314,276

The Company has entered into nonqualified

supplemental executive retirement plans (SERPs) with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified plans. During the years ended

December 31, 2017,

2016,

and

2015,

the Company expensed

$400,784,

$322,575,

and

$297,826,

respectively, related to these plans. As of

December 31, 2017

and

2016,

the liability related to the SERPs, included in other liabilities, was

$4,330,313

and

$4,093,355,

respectively. Payments to former executives in the amounts of

$163,826,

$163,825

and

$163,824

were made in

2017,

2016

and

2015,

respectively.

The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements

, the officers

may

defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution varies by officer and is a maximum of between

$8,000

and

$25,000

annually. Interest on the deferred amounts is earned at

The Wall Street Journal

’s prime rate subject to a minimum of

4%

and a maximum of

12%

with such limits differing by officer. The Company has also entered into deferred compensation agreements with certain other officers. Under the provisions of the agreements the officers

may

defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution differs by officer and is a maximum between

4%

and

10%

of the officer’s compensation. Interest on the deferred amounts is earned at

The Wall Street Journal

’s prime rate plus

one

percentage point, and has a minimum of

4%

and shall

not

exceed

8%.

Upon retirement, the officer will receive the deferral balance in

180

equal monthly installments. As of

December 31, 2017

and

2016,

the liability related to the agreements totaled

$12,346,935

and

$10,455,183,

respectively.

Changes in the deferred compensation agreements

, included in other liabilities, are as follows for the years ended

December 31, 2017,

2016,

and

2015:

	2017			2016			2015
Balance, beginning	$	10,455,183		$	8,875,025		$	7,503,692
Employee deferrals		932,921			794,168			693,656
Company match and interest		1,024,933			848,831			726,001
Cash payments made		(66,102	)		(62,841	)		(48,324	)
Balance, ending	$	12,346,935		$	10,455,183		$	8,875,025