b"and 2018 was $369,353 and $326,764, respectively.The assets of the 401(k) Profit Sharing Plan are managed by a third party.NOTE 14.DEFERRED COMPENSATION PLAN The Bank has a plan pursuant to which a director may elect to waive receipt of all or a portion of their fees for Board of Directors' meetings or committee meetings in exchange for a retirement benefit to be received during a ten-year period after attaining a certain age.The Bank has acquired life insurance on the lives of participating directors to fund its obligation under the plan.The Bank is the owner and sole beneficiary of these policies.The cash surrender value of these life insurance policies has been recorded as an asset and amounted to $2,392,883 at December 31, 2019.The present value of payments to be paid to directors or their beneficiaries for services rendered to date has been recorded as a liability and is included in accrued expenses and other liabilities on the consolidated statement of financial condition.The net expense for these benefits was $204,382 and $195,414 for 2019 and 2018, respectively.The liability to the Bank was $2,023,327 and $2,064,502 at December 31, 2019 and 2018, respectively.NOTE 15.BANK OWNED LIFE INSURANCE During the year ended December 31, 2017, the Bank purchased split-dollar life insurance on select employees.During the year ended December 31, 2019, the Bank purchased additional split-dollar life insurance on select employees.The cash surrender value of these life insurance policies was $4,904,972 and $4,113,607 at December 31, 2019 and 2018, respectively, and has been recorded as an asset on the consolidated statements of financial condition.The Bank is the owner of all policies.The employee can name a beneficiary; however, upon realization of the death benefit, the bank recoups its investment (cash surrender value), with a set amount of the death benefit paid to the employees beneficiary.NOTE 16.SUPPLEMENTAL RETIREMENT PLANS On January 2, 2004, the Bank entered into a nonqualified supplemental retirement benefit agreement with the Banks then-President which when fully vested would pay the President or his beneficiary an amount of $36,000 per year for 10 years beginning February 2013.At December 31, 2019 and 2018, a liability has been established for the present value of the remaining expected payments of $111,000 and $144,424, respectively.For 2019 and 2018, the expense to the Bank to fund this retirement benefit was $2,576 and $14,309, respectively.In 2018, the Bank entered into a supplemental employee retirement plan agreement for select executive officers.In 2019, the Bank entered into a supplemental employee retirement plan agreement for additional select executive officers.The plan is a non-qualified defined benefit plan where participants are 100% vested upon attainment of combined age and service equaling 75.The agreements call for fixed payments for 15 years after retirement or certain other events that meet separation of service criteria.At December 31, 2019 and 2018, a liability has been established for the present value of future payments of $167,625 and $102,322, and using a discount rate of 4.2% and 3.6%, respectively.For 2019 and 2018, the expense to the Bank to fund this retirement benefit was $65,303 and $102,322, respectively.NOTE 17.HEALTH INSURANCE PLANThe Bank maintains a high deductible health insurance plan and concurrently establishes health reimbursement accounts for each employee in the plan.The Bank funded $750 for each participant in 2019 and 2018.The expense incurred for the health reimbursement accounts was $38,526 and $57,206 for 2019 and 2018, respectively. NOTE 18.INCOME TAXES CNB and its subsidiary, the Bank, file income tax returns in the U.S. federal jurisdiction, State of Maryland and the State of West Virginia.CNB follows the provisions of ASC Topic 740-10, Accounting for Uncertainty in Income Taxes, which provides guidance on accounting for uncertainty in income taxes recognized in an enterprise's financial statements.The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.The Bank follows generally accepted accounting principles, which provides guidance on accounting for uncertainty 34"