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Employee Benefit Plans
12 Months Ended
Dec. 31, 2018
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
16. Employee Benefit Plans

Profit Sharing Plan
The Company, through the Bank, sponsors a Profit Sharing Plan for substantially all full-time employees of the Company with one or more years of service. Participants receive up to two annual employer contributions, one is discretionary and the other is mandatory. The discretionary contributions to the Profit Sharing Plan are determined annually by the Board of Directors. The discretionary contributions totaled $1.2 million, $1.0 million, and $975,000 for the years ended December 31, 2018, 2017, and 2016, respectively. The mandatory contributions to the Profit Sharing Plan are made according to a predetermined set of criteria. Mandatory contributions totaled $1.4 million, $1.2 million, and $1.2 million for the years ended December 31, 2018, 2017, and 2016, respectively. Company employees are permitted, within limitations imposed by tax law, to make pretax contributions and after tax (Roth) contributions to the 401(k) feature of the Profit Sharing Plan. The Company does not match employee contributions within the 401(k) feature of the Profit Sharing Plan and the Company can terminate the Profit Sharing Plan at any time. Benefits pursuant to the Profit Sharing Plan vest 0% during the first year of participation, 25% per full year thereafter and after five years such benefits are fully vested.

Executive Retirement Plan and Life Insurance Arrangements
The Company, through the Bank, sponsors an Executive Retirement Plan for certain executive level employees. The Executive Retirement Plan is a non-qualified defined contribution plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by the Internal Revenue Service. The Plan is comprised of: (1) a Performance Component which makes contributions based upon long-term cumulative profitability and increase in market value of the Company; (2) a Salary Component which makes contributions based upon participant salary levels; and (3) an Equity Component for which contributions are discretionary and subject to Board of Directors approval. Executive Retirement Plan contributions are invested in a mix of financial instruments; however, the Equity Component contributions are invested primarily in stock of the Company.

The Company expensed $6.2 million to the Executive Retirement Plan during the year ended December 31, 2018, $4.3 million during the year ended December 31, 2017 and $3.8 million during the year ended December 31, 2016. The Company’s total accrued liability under the Executive Retirement Plan was $48.5 million as of December 31, 2018 and $43.3 million as of December 31, 2017. All amounts have been fully funded into a Rabbi Trust as of December 31, 2018.

The Company has purchased single premium life insurance policies on the lives of certain key employees of the Company. These policies provide: (1) financial protection to the Company in the event of the death of a key employee; and (2) significant income to the Company to offset the expense associated with the Executive Retirement Plan and other employee benefit plans, since the interest earned on the cash surrender value of the policies is tax exempt as long as the policies are used to finance employee benefits. As compensation to each employee for agreeing to allow the Company to purchase an insurance policy on his or her life, split dollar agreements have been entered into with those employees. These agreements provide for a division of the life insurance death proceeds between the Company and each employee’s designated beneficiary or beneficiaries.

The Company earned tax-exempt interest on the life insurance policies of $1.9 million for the year ended December 31, 2018, $1.8 million for the year ended December 31, 2017, and $1.9 million for the year ended December 31, 2016. As of December 31, 2018 and 2017, the total cash surrender value of the insurance policies was $65.1 million and $59.6 million, respectively.

Senior Management Retention Plan
The Company, through the Bank, sponsors a Senior Management Retention Plan (“SMRP”) for certain senior level employees. The SMRP is a non-qualified defined contribution plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by the Internal Revenue Service. All contributions are discretionary and subject to the Board of Directors approval. Contributions are invested primarily in stock of the Company. The Company expensed $1.5 million to the SMRP during the year ended December 31, 2018, $765,000 during the year ended December 31, 2017 and $627,000 during the year ended December 31, 2016. The Company’s total accrued liability under the SMRP was $5.7 million as of December 31, 2018 and $4.4 million as of December 31, 2017. All amounts have been fully funded into a Rabbi Trust as of December 31, 2018.