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OTHER BENEFIT PLANS
 12 Months Ended
Dec. 31, 2022
OTHER BENEFIT PLANS  
OTHER BENEFIT PLANS OTHER BENEFIT PLANS
401(k) Plan
The Company maintains a 401(k) profit sharing plan for all employees meeting certain age and service requirements. The 401(k) plan allows employee contributions up to the maximum amount allowable under the Internal Revenue Code, which are matched based upon the percentage of budgeted net income earned during the year on the first 6% of the compensation contributed. The expense recognized from matching was $2.4 million, $2.3 million and $1.9 million in 2022, 2021 and 2020, respectively.
Deferred Compensation Plan
Effective January 1, 2004, the Company adopted the Lake City Bank Deferred Compensation Plan. The purpose of the deferred compensation plan is to extend full 401(k) type retirement benefits to certain individuals without regard to statutory limitations under tax qualified plans. A liability is accrued by the Company for its obligation under this plan. The expense recognized was ($1.0 million), $1.2 million and $1.0 million during the years ended December 31, 2022, 2021 and 2020, respectively. This resulted in a deferred compensation liability of $6.1 million and $7.0 million as of year end 2022 and 2021, respectively. The deferred compensation plan is funded solely by participant contributions and does not receive a Company match.
Employee Agreements
Under employment agreements with certain executives, certain events leading to separation from the Company could result in cash payments totaling $5.4 million as of December 31, 2022. On December 31, 2022, no amounts were accrued on these contingent obligations.
Directors’ Deferred Compensation and Cash Plans
The Company maintains a directors’ deferred compensation plan and a cash plan. The amount owed to directors for fees under the deferred directors’ compensation and cash plans as of December 31, 2022 and 2021 was $5.6 million and $5.2 million, respectively. The related expense for the deferred directors’ compensation and cash plans for the years ended December 31, 2022, 2021 and 2020 was $458,000, $482,000 and $505,000, respectively.