OTHER BENEFIT PLANS	12 Months Ended
Dec. 31, 2020
OTHER BENEFIT PLANS
OTHER BENEFIT PLANS	NOTE 12 – 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 employees to contribute 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 $1.9 million, $1.8 million and $1.8 million in 2020, 2019 and 2018, 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, $461,000 and ($31,000) during the years ended December 31, 2020, 2019 and 2018, respectively. This resulted in a deferred compensation liability of $5.7 million and $4.2 million as of year-end 2020 and 2019, 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 $5.2 million as of December 31, 2020. On December 31, 2020, 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, 2020 and 2019 was $4.8 million and $4.4 million, respectively. The related expense for the deferred directors’ compensation and cash plans for the years ended December 31, 2020, 2019 and 2018 was $505,000, $515,000 and $486,000, respectively.

OTHER BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

NOTE 12 – 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 employees to contribute 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 $1.9 million, $1.8 million and $1.8 million in 2020, 2019 and 2018, 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, $461,000 and ($31,000) during the years ended December 31, 2020, 2019 and 2018, respectively. This resulted in a deferred compensation liability of $5.7 million and $4.2 million as of year-end 2020 and 2019, 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 $5.2 million as of December 31, 2020. On December 31, 2020, 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, 2020 and 2019 was $4.8 million and $4.4 million, respectively. The related expense for the deferred directors’ compensation and cash plans for the years ended December 31, 2020, 2019 and 2018 was $505,000, $515,000 and $486,000, respectively.