Employees' Benefit Plans |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Compensation and Employee Benefit Plans [Text Block] |
Note 10 Employees’ Benefit Plans
The Bancorp maintains an Employees’ Savings and Profit Sharing Plan and Trust for all employees who meet the plan qualifications. Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 or July 1 following the completion of one year of employment, attaining age 18, and completion of 1,000 hours of service. The Employees’ Savings Plan feature allows employees to make pre-tax contributions to the Employees’ Savings Plan of 1% to 50% of Plan Salary, subject to limitations imposed by Internal Revenue Code section 401(k). The Profit Sharing Plan and Trust feature is non-contributory on the part of the employee. Contributions to the Employees’ Profit Sharing Plan and Trust are made at the discretion of the Bancorp’s Board of Directors. Contributions for the years ended December 31, 2016 were based on 9% of the participants’ total compensation, excluding incentives, as compared to 8% for 2015. Profit sharing contributions made by the Bank and earnings credited to the employee’s account vest on the following schedule: two years of service, 40% of contributions and earnings; three years of service, 60% of contributions and earnings; four years of service, 80% of contributions and earnings; and five years of service, 100% of contributions and earnings. Participants also become 100% vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age 65 while employed at the Bank. The benefit plan expense amounted to approximately $843 thousand for 2016 and $705 thousand for 2015.
The Bancorp maintains an Unqualified Deferred Compensation Plan (the “UDC Plan”). The purpose of the UDC Plan is to provide deferred compensation to key senior management employees of the Bancorp in order to recognize their substantial contributions to the Bank and provide them with additional financial security as inducement to remain with the Bank. The Compensation Committee selects which persons shall be participants in the UDC Plan. Participants’ accounts are credited each year with an amount based on a formula involving the participant’s employer funded contributions under all qualified plans and the limitations imposed by Internal Revenue Code subsection 401(a)(17) and Code section 415. The unqualified deferred compensation plan liability at December 31, 2016 and 2015 was approximately $200 thousand and $188 thousand, respectively. The UDC Plan expense amounted to approximately $13 thousand for 2016 and $17 thousand for 2015. Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $72 thousand and $97 thousand for 2016 and 2015, respectively. The deferred fee liability at December 31, 2016 and 2015 was approximately $1.4 million and $1.3 million, respectively. As part of the acquisition of Liberty Savings Bank, the Bancorp assumed a liability of $1.5 million in the Pentegra Defined Benefit Plan for Financial institutions (“The Pentegra DB Plan”), a multi-employer plan. During 2016 the Bancorp exited the Pentegra DB Plan and settled all related liabilities. Details relating to what affect this had on goodwill can be found in Note 6 - Goodwill and Other Intangible Assets. At December 31, 2016, the Bank has no remaining liabilities related to the Pentegra DB Plan.
|