|12 Months Ended|
Dec. 31, 2011
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.
The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.
Reference 1: http://www.xbrl.org/2003/role/presentationRef