Note 16 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

(

16

) Employee Benefit Plans

Bancorp has a combined employee stock ownership and profit sharing plan (“KSOP”). The plan is a defined contribution plan and is available to all employees meeting certain eligibility requirements. In general, for employees who work more than

1,000

hours per year, Bancorp matches employee contributions up to

6%

of the employee’s salary, and contributes an amount of Bancorp stock equal to

2%

of the employee’s salary. Employer matching expenses related to contributions to the plan for

2018,

2017,

and

2016

were

$2.2

million,

$2.0

million and

$1.9

million, respectively, and are recorded on the consolidated statements of income within employee benefits. Employee and employer contributions are made in accordance with the terms of the plan. As of

December 

31,

2018

and

2017,

the KSOP held

568

thousand and

577

thousand shares of Bancorp stock, respectively.

In addition Bancorp has non-qualified plans into which directors and certain senior officers

may

defer director fees or salary/incentives. Bancorp matched certain executives’ deferrals into the senior officers’ plan amounting to approximately

$250

thousand,

$232

thousand and

$293

thousand in

2018,

2017

and

2016

respectively. At

December 31, 2018

and

2017,

the amounts included in other liabilities in the consolidated financial statements for this plan were

$8.6

million and

$8.2

million, respectively, were comprised primarily of participants’ contributions, and represented the fair value of mutual fund investments directed by participants.

Bancorp sponsors an unfunded non-qualified defined benefit retirement plan for

three

key officers (

one

current and

two

retired), and has

no

plans to increase the number of or the benefits to participants. Benefits vest based on

25

years of service. Participants are fully vested. Bancorp uses a

December 31

measurement date for this plan. The accumulated benefit obligation for the plan included in other liabilities in the consolidated financial statements was

$

2.1

million as of

December 31, 2018

and

December 31, 2017.

Actuarially determined pension costs are expensed and accrued over the service period, and benefits are paid from Bancorp’s assets. Bancorp maintains life insurance policies, for which it is the beneficiary, on participants and certain former executives. Income from these policies helps offset costs of benefits. The liability for Bancorp’s plan met the benefit obligation as of

December 31, 2018

and

2017.

Net periodic benefit cost was immaterial for all periods.

Benefits expected to be paid in each year from

2019

to

2023

and beyond are listed in the table below.

(In thousands)
2019	$	84
2020		84
2021		–
2022		–
2023		–
Beyond 2023		3,278
Total future payments	$	3,446

Expected benefits to be paid are based on the same assumptions used to measure Bancorp’s benefit obligation at

December 

31,

2018.

There are

no

obligations for other post-retirement and post-employment benefits.