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Benefit Plans
12 Months Ended
Dec. 31, 2019
Benefit Plans [Abstract]  
Benefit Plans

Note K—Benefit Plans



401 (k) Plan



The Company maintains a 401(k) savings plan covering substantially all employees of the Company.  Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary.  Contributions made by the Company were approximately $1.6 million, $1.3 million and $1.0 million for the years ended December 31, 2019, 2018 and 2017, respectively and are reflected in salaries and employee benefits in the consolidated statement of operations.



Supplemental Executive Retirement Plan

In 2005, the Company began contributing to a supplemental executive retirement plan for its former Chief Executive Officer that provides annual retirement benefits of $25,000 per month until death.  There were $300,000 of disbursements under the plan in 2019, 2018 and 2017, respectively.  The actuarial assumptions reflected a discount rate of 2.62% and a monthly benefit of $25,000. Projected payouts for years each of years 2020 through 2024, inclusive are projected at $300,000 per year, and $1.1 million for each of the subsequent five years. The Company adjusts its related liability to actuarially derived estimates of lifetime payouts based upon actuarial tables as follows: SOA Pri-2012 Amount-Weighted White Collar Retiree Mortality Table with Mortality Improvement Scale MP-2019. The Company expensed $357,000 for the year ended December 31, 2019.  The Company reversed $34,000 of expense for the year ended December 31, 2018 and expensed $219,000 for this plan for the year ended December 31, 2017 based upon changes to actuarial tables.  As of December 31, 2019, the Company had accrued $3.3 million for potential future payouts.