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DEFERRED COMPENSATION | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE BENEFIT PLANS |
DEFERRED COMPENSATION | NOTE 18 – DEFERRED COMPENSATION The Company maintained a supplemental executive retirement plan (the SERP) for certain key executive officers. The SERP benefit payments were scheduled to be paid in equal monthly installments over 30 years. In June 2019, the Company approved termination of the SERP agreements, and a lump sum payment was made in June 2020 to each participant equal to the present value of any remaining installment payments. As of December 31, 2020, there was no remaining deferred compensation liability for the SERP. As of December 31, 2019, the deferred compensation liability for the SERP was $12,789,000. During the years ended December 31, 2020, 2019, and 2018, the Company recognized deferred compensation expense for the SERP of $1,660,000, $4,291,000, and 505,000, respectively.

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