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Benefit Plans
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Benefit Plans

16.     BENEFIT PLANS

Salary Continuation Agreements, Directors’ Retirement and Officer Supplemental Life Insurance Plans

The Company has entered into salary continuation agreements with its executive officers, and has established retirement plans for qualifying members of the Board of Directors. The plans provide for annual benefits for up to fifteen years after retirement or death. The benefit obligation under these plans totaled $5,276,000 and $5,229,000 and was fully accrued for the years ended December 31, 2019 and 2018, respectively. The expense recognized under these arrangements totaled $329,000,  $375,000 and $325,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Salary continuation benefits paid to former directors or executives of the Company or their beneficiaries totaled $281,000,  $296,000 and $254,000 for the years ended December 31, 2019, 2018 and 2017. Certain officers of the Company have supplemental life insurance policies with death benefits available to the officers’ beneficiaries.

In connection with these plans the Company has purchased, or acquired through the merger, single premium life insurance policies with cash surrender values totaling $42,528,000 and $41,561,000 at December 31, 2019 and 2018, respectively.

Officer and Director Deferred Compensation Plan

The Company has established a deferred compensation plan for certain members of the management group and a deferred fee plan for directors for the purpose of providing the opportunity for participants to defer compensation. The Company bears the costs for the plan’s administration and the interest earned on participant deferrals. The related administrative expense was not material for the years ended December 31, 2019, 2018 and 2017. In connection with this plan, life insurance policies with cash surrender values totaling $7,989,000 and $6,592,000 at December 31, 2019 and 2018, respectively, are included on the consolidated balance sheet in other assets.

401(k) Savings Plan

The 401(k) savings plan (the “Plan”) allows participants to defer, on a pre-tax basis, up to 15% of their salary (subject to Internal Revenue Service limitations) and accumulate tax-deferred earnings as a retirement fund. The Bank may make a discretionary contribution to match a specified percentage of the first 6% of the participants’ contributions annually. The amount of the matching contribution was 95% for the year ended December 31, 2019 and 75%, for the years ended December 31, 2018 and 2017. The matching contribution is discretionary, vests over a period of five years from the participants’ hire date, and is subject to the approval of the Board of Directors. The Company contributed $1,134,000,  $934,000, and $745,000 to the Plan in 2019, 2018 and 2017, respectively.