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EMPLOYEE BENEFITS
12 Months Ended
Dec. 31, 2011
EMPLOYEE BENEFITS

NOTE 12 - EMPLOYEE BENEFITS

 

The Bank maintains an employee profit sharing plan covering substantially all employees. Contributions are at the discretion of the Board of Directors. Profit sharing expense totaled $227, $210 and $171 for the years ended December 31, 2011, 2010 and 2009, respectively.

 

In 2003, the Company adopted a benefit program for certain officers to encourage long-term retention. The program consists principally of a defined benefit component, providing each officer with payments equal to 30% of final average pay for 15 years after retirement, and a deferral component, permitting each officer the ability to defer a portion of their current compensation and earn pre-tax returns on such deferred amounts. The accrued liability under the defined benefit component was $2,947 and $2,463 at December 31, 2011 and 2010, respectively. Expense related to the program was $515, $487 and $205 for the years ended December 31, 2011, 2010 and 2009, respectively.