Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFITS

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EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2021
EMPLOYEE BENEFITS [Abstract]  
EMPLOYEE BENEFITS
NOTE 14 – EMPLOYEE BENEFITS
 
The Company sponsors a 401(k) plan which covers substantially all employees.  Employees may elect to contribute to the plan up to the maximum percentage of compensation and dollar amount subject to statutory limitations.  Beginning January 1, 2013, the Company’s contribution was set using a matching formula of 100% of the first 3% of employee contributions and 50% of employee contributions in excess of 3%, up to 5%.  The Company suspended its matching contributions in the second quarter of 2020 and resumed contributions in the third quarter of 2020.  For 2021, the Company reduced its matching formula to 100% of the first 2% of employee contributions.  For 2022, the Company has reimplemented its normal matching formula of 100% of the first 3% of employee contributions and 50% of employee contributions in excess of 3%, up to 5%.  The Company’s contributions were approximately $412,000 and $628,000 for 2021 and 2020, respectively.