|12 Months Ended|
Dec. 31, 2020
|Postemployment Benefits [Abstract]|
Note 17 — Employee Benefits
We have a 401(k) plan for the benefit of substantially all of our employees. We match 75 percent of participant contributions to the 401(k) plan up to 8 percent of each 401(k) plan participant’s annual compensation. Contributions to the 401(k) plan were $2.4 million for all years ended December 31, 2020, 2019 and 2018, respectively.
Personal Paid Time Off
Full time employees of the Bank are provided a benefit for personal paid time off for vacation and sick time based on their length of employment. As of December 31, 2020 and 2019, the accrued expense liability for personal paid time off was $3.1 million and $2.5 million, respectively.
Bank-Owned Life Insurance
As of December 31, 2020 and 2019, the cash surrender value of bank-owned life insurance was $53.9 million and $52.8 million, respectively. The Bank is the main beneficiary under the policy, although certain employees named on the policy are eligible for their heirs to be paid upon their death. In the event of the death of a covered officer, we will receive the specified insurance benefit from the insurance carrier.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef