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Employee Benefits
12 Months Ended
Dec. 31, 2023
Employee Benefits  
Employee Benefits

Note 11. Employee Benefits

Defined Contribution Plan

The Company sponsors a defined contribution plan pursuant to section 401(k) of the U.S. Internal Revenue Code that allows participating employees to contribute up to 100% of their salary, to an annual maximum of $22,500 in 2023, $20,500 in 2022 and $19,500 in 2021 ($30,000, $27,000 and $26,000 in 2023, 2022 and 2021, respectively, for employees over the age of 50). Through December 31, 2023, the Company has only made “qualified nonelective contributions” to maintain compliance with IRS regulations.

During the years ended December 31, 2023, December 31, 2022 and December 31, 2021, the Company contributed a $0.50 match for every $1.00 contributed by a participating employee up to 6% of plan-eligible earnings, with such Company contributions becoming fully vested when participating employees reach the 3-year anniversary from their date of hire, giving credit for past service. For the years ended December 31, 2023, December 31, 2022 and December 31, 2021, Company contributions totaled approximately $2.9 million, $2.5 million and $2.1 million, respectively.

Deferred Compensation Plan

Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), eligible senior level employees are permitted to make elective deferrals of compensation to which they will become entitled in the future. The Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in other liabilities on the consolidated balance sheets, was approximately $11.3 million and $8.2 million as of December 31, 2023 and December, 31, 2022 respectively, and the cash surrender value of the COLIs, included in deposits and other assets on the consolidated balance sheets, which reflects the underlying assets at fair value, was

approximately $11.6 million and $8.4 million as of December 31, 2023 and December 31, 2022, respectively.