Annual report pursuant to Section 13 and 15(d)

Note 13 - Employee Benefits

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Note 13 - Employee Benefits
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE 13 – 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.  The Company matches 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 $790,000 and $755,000 for 2023 and 2022, respectively.  These expenses were reported in Salaries and benefits in the Company's Consolidated Statements of Income.