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 or following the completion of year of employment, attaining age and completion of hours of service. The Employees’ Savings Plan feature allows employees to make pre-tax contributions to the Employees’ Savings Plan of to of Plan Salary, subject to limitations imposed by Internal Revenue Code section (k). Employees are able to begin deferring effective the of the month following days of employment. 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 and were based on 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: years of service, of contributions and earnings; years of service, of contributions and earnings; years of service, of contributions and earnings; and years of service, of contributions and earnings. Participants also become vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age while employed at the Bank. The benefit plan expense amounted to approximately thousand for and thousand for

 

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 (a)() and Code section The unqualified deferred compensation plan liability at and was approximately thousand and thousand, respectively. The UDC Plan expense amounted to approximately thousand for and thousand for

  

Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately thousand and thousand for and respectively. The deferred fee liability at and was approximately million and million, respectively.