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Employee Benefit Plans
12 Months Ended
Dec. 31, 2020
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 profit sharing 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 $896,000 and $783,000, and for the years ended December 31, 2020 and 2019, respectively. Discretionary profit sharing contributions for substantially all employees of 5.0%, or $1.2 million, and 4.1%, or $808,000, were made in 2020 and 2019, respectively.
As of December 31, 2020 and 2019, 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, 2020 and 2019 was $193,000 and $168,000, respectively. The present value of future payments under the remaining plan of $1.6 million and $1.4 million at December 31, 2020 and 2019, 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 $2.7 million and $6.0 million, respectively, at December 31, 2020 and cash surrender values and death benefits of approximately $2.6 million and $6.0 million, respectively, at December 31, 2019. The remaining balance of the cash surrender value of bank-owned life insurance of $49.5 million and $40.2 million as of December 31, 2020 and 2019, respectively, is related to policies on a number of then-qualified individuals affiliated with the Bank.