401(K) Plan and Other Defined Contribution Plans

12 Months Ended

Dec. 31, 2018

Defined Contribution Plan [Abstract]

401(K) Plan and Other Defined Contribution Plans

401(K) Plan and Other Defined Contribution Plans

The Corporation has a qualified defined contribution plan (the “401(K) Plan”) for all eligible employees, under which the Corporation matches employee contributions up to a maximum of 3.0% of the employee’s base salary. The Corporation recognized expense for matching contributions to the 401(K) Plan of $1.4 million, $1.2 million, and $1.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

In addition to the matching contribution above, the Corporation provides a discretionary, non-matching employer contribution to the 401(K) Plan. The Corporation recognized expense for the non-matching discretionary contributions of $1.5 million, $489 thousand, and $126 thousand for the years ended December 31, 2018, 2017 and 2016, respectively.

On June 28, 2013, the Corporation adopted the Bryn Mawr Bank Corporation Executive Deferred Compensation Plan (the “EDCP”), a non-qualified defined-contribution plan which was restricted to certain senior officers of the Corporation. The intended purpose of the EDCP is to provide deferred compensation to a select group of employees. The Corporation recognized expense for contributions to the EDCP of $441 thousand, $238 thousand, and $272 thousand for the years ended December 31, 2018, 2017 and 2016, respectively.