The Company has a defined benefit SERP for certain executives, in which the contribution is solely funded by the Company. For the years ended December 31, 2019, 2018 and 2017, SERP expenses were $270,000, $256,000 and $256,000, respectively.

The following table summarizes the projected benefit obligations, plan assets, funded status and rate assumptions associated with the SERP based upon actuarial valuations, for the years ended December 31, 2019, 2018 and 2017.

(In thousands)
Changes in Benefit Obligations	2019			2018			2017
Benefit obligation, beginning	$	2,574		$	2,485		$	2,531
Service cost		169			171			164
Interest cost		100			84			92
Actuarial gain		(20	)		(18	)		(141	)
Benefits paid		(148	)		(148	)		(161	)
Benefit obligation, ending	$	2,675		$	2,574		$	2,485
Funded status at December 31,	$	(2,675	)	$	(2,574	)	$	(2,485	)

Changes in Plan Assets
Fair value of plan assets, beginning	$	-		$	-		$	-
Employer contributions		148			148			161
Benefits paid		(148	)		(148	)		(161	)
Fair value of plan assets, ending	$	-		$	-		$	-

Amounts recognized in the Balance Sheets	2019			2018			2017
Other assets, deferred income tax benefit	$	479		$	513		$	542
Other liabilities		2,675			2,574			2,485
Accumulated other comprehensive income	157			140				125

Amounts recognized in accumulated other comprehensive income (loss)
Net gain	$	176		$	155		$	137
Prior service cost	22			22			21
Deferred tax expense		(41	)		(37	)		(33	)
Amount recognized	$	157		$	140		$	125

Components of net periodic benefit cost	2019		2018		2017
Service cost	$	169	$	171	$	164
Interest cost	100		84		92
Amortization of prior service cost		1		1		1
Net periodic benefit cost	$	270	$	256	$	257

Other changes in plan assets and benefit obligations recognized in other comprehensive income	2019		2018		2017
Net gain	$	20	$	18	$	140
Amortization of prior service cost		1		1		1
Total recognized		21		19		141
Less: Income tax effect		4		4		27
Net amount recognized in other comprehensive income	$	17	$	15	$	114

The total recognized net periodic benefit costs and other comprehensive income before income tax follows:

Weighted-average assumptions:	2019			2018			2017
Discount rate used for net periodic benefit cost		4.00	%		3.50	%		3.75	%
Discount rate used for benefit obligation		3.00	%		4.00	%		3.50	%
Rate of compensation increase for net periodic benefit cost and benefit obligation		3.25	%		3.25	%		3.25	%

(In thousands)
For the years ending December 31,	Amount
2020	$	212
2021		203
2022		203
2023		203
2024		203
Thereafter		1,016

The Company has also established supplemental retirement plans for certain additional executives. The expense for these plans was $27,100, $35,600 and $33,000 during 2019, 2018 and 2017, respectively.

The Company has a defined contribution retirement plan under Internal Revenue Code of 1986 (“Code”) Section 401(k) covering all employees who are at least 18 years of age and worked more than 20 hours per week. Under the plan, a participant may contribute an amount up to 100% of their covered compensation for the year, not to exceed the dollar limit set by law (Code Section 402(g)). The Company will make an annual matching contribution, equal to 100% on the first 6% of compensation deferred for a maximum match of 6% of compensation. The Company makes an additional safe harbor contribution equal to 3% of compensation to all eligible participants. The Company’s 401(k) expenses for the years ended December 31, 2019, 2018 and 2017 were $747,000, $688,000 and $685,000, respectively.

The Company maintains a Director Deferred Compensation Plan. This plan provides that any nonemployee director of the Company may elect to defer receipt of all or any portion of his or her compensation as a director. A participating director may elect to have amounts held in a deferred cash account, which is credited on a quarterly basis with interest equal to the highest rate offered by the Bank at the end of the preceding quarter. Alternatively, a participant may elect to have a deferred stock account in which deferred amounts are treated as if invested in the Company’s common stock at the fair market value on the date of deferral. The value of a stock account will change based upon the fair market value of an equivalent number of shares of common stock. In addition, the deferred amounts deemed invested in common stock will be credited with dividends on an equivalent number of shares. Amounts considered invested in the Company’s common stock are paid, at the election of the director, either in cash or in whole shares of the common stock and cash in lieu of fractional shares. Directors may elect to receive amounts contributed to their respective accounts in one or up to five installments. There were no directors participating in the Director Deferred Compensation Plan in 2019, 2018 and 2017.

The Company has a nonqualified deferred compensation program for a former key employee’s retirement, in which the contribution expense is solely funded by the Company. The retirement benefit to be provided is variable based upon the performance of underlying life insurance policy assets. Deferred compensation expense amounted to $77,000, $44,000 and $22,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Concurrent with the establishment of the deferred compensation program, the Company purchased life insurance policies on this employee with the Company named as owner and beneficiary. These life insurance policies are intended to be utilized as a source of funding the deferred compensation program. At December 31, 2019 and 2018, the Company recorded on the consolidated balance sheets, $1.4 million in cash surrender value for these policies and $153,000 and $103,000 in accrued liabilities as of December 31, 2019 and 2018, respectively. The Company has recorded on the consolidated statements of operations, noninterest income of $28,000, for each of the years ended December 31, 2019, 2018 and 2017.