|
Employees' Benefit Plans
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2014
|
||
| 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, 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 year ended December 31, 2014 were based on 8% compared to 9% for 2013 of the participants’ total compensation, excluding incentives. 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 $599 thousand for 2014 and $636 thousand for 2013.
The Bancorp maintains an Unqualified Deferred Compensation Plan (the “Plan”). The purpose of the 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 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, 2014 and 2013 was approximately $171 thousand and $156 thousand, respectively. The Plan expense amounted to $15 thousand for 2014 and 2013.
Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $106 thousand and $96 thousand for 2014 and 2013, respectively. The deferred fee liability at December 31, 2014 and 2013 was approximately $1.30 million and $1.26 million, respectively.
|