Employee Benefit Plan

12 Months Ended

Dec. 31, 2020

Employee Benefit Plan [Abstract]

Employee Benefit Plan

NOTE 20 – Employee Benefit Plan

On January 1, 2000, the Company adopted the Southern First Bancshares, Inc. Profit Sharing and 401(k) Plan for the benefit of all eligible employees. The Company contributes to the Plan annually upon approval by the Board of Directors. Contributions made to the Plan for the years ended December 31, 2020, 2019, and 2018 amounted to $881,000, $693,000, and $587,000, respectively.

The Company also provides a nonqualified deferred compensation plan for 26 executive officers in the form of a Supplemental Executive Retirement Plan (“SERP”). The SERP provides retirement income for these officers. As of December 31, 2020 and 2019, the Company had an accrued benefit obligation of $8.2 million and $6.7 million, respectively. The Company incurred expenses related to this plan of $1.6 million, $657,000, and $940,000 in 2020, 2019, and 2018, respectively.