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Employee Benefit Plans
12 Months Ended
Dec. 31, 2022
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 $1.1 million, $987,000, and $896,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Discretionary profit sharing contributions for substantially all employees of 5.2%, or $1.6 million, 4.7%, or $1.3 million, and 5.0%, or $1.2 million, were made in 2022, 2021, and 2020, respectively.
As of December 31, 2022, 2021, and 2020, 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, 2022, 2021, and 2020 was $382,000, $237,000, and $193,000, respectively. The present value of future payments under the remaining plan of $2.3 million and $1.9 million at December 31, 2022 and 2021, 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 $2.9 million and $6.1 million, respectively, at December 31, 2022 and cash surrender values and death benefits of approximately $2.8 million and $6.1 million, respectively, at December 31, 2021. The remaining balance of the cash surrender value of bank-owned life insurance of $51.0 million and $50.8 million as of December 31, 2022 and 2021, respectively, is related to policies on a number of then-qualified individuals affiliated with the Bank.