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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
401(k) and Profit Sharing Plan

The Company has a 401(k) and profit sharing plan and the majority of its employees participate in the plans. The Company's employees may contribute pre-tax contributions to the 401(k) plan up to the maximum amount allowed by federal tax laws. The Company makes matching contributions of up to 4% of an employee’s eligible compensation. The Company, at its discretion, may make profit sharing contributions to employees' 401(k) accounts in addition to its regular 401(k) plan matching contribution. For the year ended December 31, 2020, 2019 and 2018, these additional contributions totaled 3% of employee eligible compensation. For the year ended December 31, 2020, 2019 and 2018, expenses under the 401(k) plan matching contribution and profit sharing contributions totaled $2.9 million, $2.4 million, and $2.3 million, respectively.

SERP and Other Postretirement Benefit Plan

The Company sponsors unfunded, non-qualified SERPs for certain officers. These agreements are designed to make up the shortfall (when compared to a non-highly compensated employee) in replacing income at retirement due to IRS compensation and benefit limits under the 401(k) plan and Social Security. The SERP provides for a minimum 15-year guaranteed benefit for all vested participants. There are no new entrants to the Company's SERP.

The Company also provides medical and life insurance to certain eligible retired employees under the other postretirement benefit plan. This postretirement plan is a benefit only to certain qualifying participants. There are no new entrants to the Company's medical and health postretirement benefit plan..
The following table summarizes changes in the benefit obligation and plan assets for each postretirement benefit plan as of the dates indicated:
SERPOther Postretirement
Benefits
December 31,December 31,
(In thousands)2020201920202019
Benefit obligations:        
Beginning of year$14,682 $12,717 $4,049 $3,616 
Service cost464 395 28 48 
Interest cost460 523 123 148 
Actuarial loss911 1,524 371 394 
Benefits paid(486)(477)(151)(157)
End of year16,031 14,682 4,420 4,049 
Fair value of plan assets:
Beginning of year— — — — 
Employer contributions486 477 151 157 
Benefits paid(486)(477)(151)(157)
End of year— — — — 
Unfunded status at end of year(1)
$16,031 $14,682 $4,420 $4,049 
Amounts recognized in AOCI, net of tax:
Net actuarial loss$3,090 $2,864 $967 $738 
Prior service credit— — (113)(132)
Total$3,090 $2,864 $854 $606 
(1)    Presented within other liabilities on the consolidated statements of condition.

The accumulated benefit obligation for the SERP at December 31, 2020 and 2019 was $15.7 million and $14.2 million, respectively.

For the year ending December 31, 2021, the estimated actuarial loss on the SERP that will be amortized from AOCI into net periodic benefit cost is $778,000. All prior service costs have been fully amortized.

For the year ending December 31, 2021, the estimated actuarial loss and prior service credit on other postretirement benefits that will be amortized from AOCI into net periodic benefit cost is $116,000 and $24,000, respectively.
The components of net periodic benefit cost and other amounts recognized in OCI, before taxes, were as follows for the periods indicated:
SERPOther Postretirement
Benefits
For the Year Ended
December 31,		For the Year Ended
December 31,
(In thousands)202020192018202020192018
Net periodic benefit cost:            
Service cost(1)
$464 $395 $446 $28 $48 $46 
Interest cost(2)
460 523 488 123 148 132 
Recognized net actuarial loss(2)
623 240 561 78 31 52 
Amortization of prior service credit(2)
— — — (24)(24)(24)
Net periodic benefit cost1,547 1,158 1,495 205 203 206 
Changes in funded status recognized in OCI, before taxes:
      
Net actuarial loss (gain) arising during period
911 1,524 (1,534)371 394 (209)
Reclassifications to net periodic benefit cost:
Amortization of net unrecognized actuarial loss
(623)(240)(561)(78)(31)(52)
Amortization of prior service credit
— — — 24 24 24 
Total recognized in OCI, before taxes
288 1,284 (2,095)317 387 (237)
Total recognized in net periodic benefit cost and OCI, before taxes
$1,835 $2,442 $(600)$522 $590 $(31)
(1)    Presented in salaries and employee benefits on the consolidated statements of income.
(2)    Presented in other expenses on the consolidated statements of income.

The following assumptions were used in determining benefit obligations and net period benefit costs:
SERPOther Postretirement
Benefits
  202020192018202020192018
Weighted-average assumptions as of end of year:
            
Discount rate for benefit obligation
2.5 %3.2 %4.2 %2.4 %3.2 %4.2 %
Discount rate for net periodic benefit cost
3.2 %4.2 %3.6 %3.2 %4.2 %3.6 %
Rate of compensation increase for benefit obligation
3.0 %3.0 %3.0 %N/AN/AN/A
Rate of compensation increase for net periodic benefit cost
3.0 %3.0 %3.0 %N/AN/AN/A
Health care cost trend rate assumed for future years
N/AN/AN/A
4.5% - 6.5%
4.5% - 7.0%
5.0% - 6.0%

A 1.0% increase or decrease in the assumed health care cost trend rate would not materially increase or decrease the Company's accumulated postretirement benefit obligation and the related service and interest cost as of December 31, 2020.
For the year ending December 31, 2021, the expected contribution for the SERP is $536,000 and for the other postretirement benefits plan is $276,000. The expected benefit payments for the next ten years are presented in the following table:
(In thousands)SERPOther Postretirement
Benefits
2021$536 $276 
2022566 247 
2023526 235 
2024436 246 
2025436 228 
Next 5 years2,131 1,090