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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Corporation maintains a contributory 401(k) defined contribution plan covering substantially all employees. The Corporation matches 100% of amounts contributed by each participating employee, up to 3% of the employee’s compensation. The Corporation may also make discretionary contributions up to an additional 6% of salary. Contributions are expensed in the period incurred and recorded in compensation expense in the Consolidated Statements of Income. The Corporation made a matching contribution of 3% to all eligible employees which totaled $783,000 and $700,000, and for the years ended December 31, 2019 and 2018, respectively. Discretionary contributions of 4.1%, or $808,000, and 1.0%, or $180,000, were made in 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Corporation had a deferred compensation plan under which it provided contributions to supplement the retirement income of one executive. Under the terms of the plan, benefits to be received are generally payable within six months of the date of the termination of employment with the Corporation. The expense associated with the deferred compensation plan for the years ended December 31, 2019 and 2018 was $168,000 and $150,000, respectively. The present value of future payments under the remaining plan of $1.4 million and $1.3 million at December 31, 2019 and 2018, respectively, is included in accrued interest payable and other liabilities on the Consolidated Balance Sheets. The Corporation owned life insurance policies on the life of the executive covered by the deferred compensation plan, which had cash surrender values and death benefits of approximately $2.6 million and $6.0 million, respectively, at December 31, 2019 and cash surrender values and death benefits of approximately $2.5 million and $5.9 million, respectively, at December 31, 2018. The remaining balance of the cash surrender value of bank-owned life insurance of $40.2 million and $39.0 million as of December 31, 2019 and 2018, respectively, is related to policies on a number of then-qualified individuals affiliated with the Bank.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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