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DEFERRED COMPENSATION
12 Months Ended
Dec. 31, 2021
EMPLOYEE BENEFIT PLANS  
DEFERRED COMPENSATION

NOTE 19 – DEFERRED COMPENSATION

The Company maintained a supplemental executive retirement plan (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 the termination of the SERP, 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, 2021 and 2020, there was no remaining deferred compensation liability for the SERP. During the years ended December 31, 2020 and 2019, the Company recognized deferred compensation expense for the SERP of $1,660,000 and $4,291,000, respectively.