Deferred Compensation Plan

12 Months Ended

Dec. 31, 2019

Deferred Compensation Plan

Deferred Compensation Plan

Note 19: Deferred Compensation Plan

In 2013, the Company implemented a deferred compensation plan for certain employees which allows the Company to make a discretionary contribution to the account of any employee designated as a participant in the plan based upon the participant’s performance for the calendar year. Company contributions to the plan vest on the fourth anniversary of the last day of the calendar year for which the contribution was made to the plan and accrue interest at a rate equal to the Bank’s return on average equity for the immediately preceding calendar year. Distribution of amounts contributed under the plan, including accrued interest, is made in a lump sum cash payment within 75 days following the date such amounts become vested. As of December 31, 2019 and 2018, the Company had a liability of $3,546 and $2,914, respectively, recorded on the consolidated balance sheets. There were no new contributions made to the plan during the year ended December 31, 2019.