Note 15. Employee Benefit Plans

The Company has a profit sharing plan which includes a provision designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended, to allow for participant contributions. Substantially all employees who are at least 18 years of age are eligible to participate in the plan. The Company matches 100% of the first 3% of employee contributions, and 50% of the next 3% of employee contributions, up to a maximum amount of 4.5% of an employee’s compensation. Additionally, at its discretion, the Company may make additional contributions to the plan which are allocated to the accounts of participants in the plan based on relative compensation. There were no discretionary contributions for the years ended December 31, 2019, 2018 and 2017. Company matching contributions for the years ended December 31, 2019, 2018, and 2017 were as follows:


	2019		2018		2017
	(dollars in thousands)

Matching contribution	$	2,443	$	2,000	$	1,663

The Company has entered into nonqualified supplemental executive retirement plans (SERPs) with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified retirement plan. Changes in the liability related to the SERPs, included in other liabilities, are as follows for the years ended December 31, 2019, 2018 and 2017:


	2019		2018		2017
	(dollars in thousands)

Balance, beginning	$	4,623	$	4,330	$	4,093
Expense accrued		701		457		401
Cash payments made		(164)		(164)		(164)
Balance, ending	$	5,160	$	4,623	$	4,330

The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution varies by officer and is a maximum of between $8 thousand and $25 thousand annually as set forth in each officer’s participation agreement. Interest on the deferred amounts is earned at The Wall Street Journal’s prime rate subject to a minimum of 4% and a maximum of 12% with such limits differing by officer. The Company has also entered into deferred compensation agreements with certain other officers. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution differs by officer and is a maximum between 4% and 10% of the officer’s compensation. Interest on the deferred amounts is earned at The Wall Street Journal’s prime rate plus one percentage point, and has a minimum of 4% and shall not exceed 8%.

Upon retirement, the officer will receive the deferral balance in 180 equal monthly installments. As of December 31, 2019 and 2018, the liability related to the agreements totaled $19.5 million and $15.0 million, respectively.

Note 15. Employee Benefit Plans (continued)

Changes in the deferred compensation agreements, included in other liabilities, are as follows for the years ended December 31, 2019, 2018, and 2017:


	2019		2018		2017
	(dollars in thousands)

Balance, beginning	$	15,029	$	12,347	$	10,455
Employee deferrals		2,474		1,407		933
Company match and interest		2,072		1,367		1,025
Cash payments made		(101)		(92)		(66)
Balance, ending	$	19,474	$	15,029	$	12,347