Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Postemployment Benefits [Abstract]

Employee Benefit Plans

15. EMPLOYEE BENEFIT PLANS

Deferred Compensation Plans

As of December 31, 2020 the Company had various deferred compensation plans, which included a deferred compensation plan for its former President and Chief Executive Officer, Christopher D. Myers, and severance arrangements it assumed through the acquisition of other banks in prior years. We also offer a non-qualified deferred compensation plan for our executives and key members of management in order to assist us in attracting and retaining these individuals. Participants in the plan may elect to defer a portion of their annual salary and/or short-term incentive payouts into deferral accounts to provide a means by which they may elect to defer receipt of compensation in order to provide retirement benefits. The plan is intended to be unfunded and allows us to make discretionary contributions on behalf of a participant. No discretionary payments were made by the Company during the years ended December 31, 2020, 2019 and 2018. The Bank, however, does fund the cost of these plans through the purchase of bank owned life insurance policies, which are reflected as assets on the Company’s consolidated balance sheets. At December 31, 2020 and 2019, the total deferred compensation liability was $21.6 million and $22.7 million, respectively. Total expense for these deferred compensation agreements was approximately $1.4 million, $1.4 million, and $953,000 for each of the years ended December 31, 2020, 2019 and 2018, respectively.

401(k) and Profit Sharing Plan

The Bank sponsors a 401(k) and profit-sharing plan for the benefit of its employees. Employees are eligible to participate in the plan immediately upon hire. Employees may make contributions to the plan under the plan’s 401(k) component. The Bank contributes 3%, non-matching, to the plan to comply with ERISA’s safe harbor provisions. The Bank may make additional contributions under the plan’s profit-sharing component, subject to certain limitations, which was 2% for 2020, 2019 and 2018. The Bank’s total contributions are determined by the Board of Directors and amounted to approximately $4.3 million for 2020, $4.1 million for 2019, and $3.5 million for 2018.