Note 9:

Employee Benefit Plans

The Company has a non-contributory, defined benefit pension plan for all full-time employees over 21 years of age. Under this cash balance plan, until December 31, 2012, the account balance for each participant will grow each year with annual pay credits based on age and years of service and monthly interest credits based on an amount established each year by the Company’s Board of Directors. Effective December 31, 2012, this plan was frozen to new participants. Annual pay credits have been discontinued, but each participant’s account balance will continue to grow based on monthly interest credits. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act.

The Company sponsors a postretirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree’s eligible medical and life insurance benefits expenses. The plan is unfunded and funded as benefits are due.

Components of Net Periodic Benefit Cost

(Unaudited)


	Pension Benefits						Post Retirement Benefits
Six months ended June 30,	2013			2012			2013		2012
Service cost	$	—		$	127,142		$	11,475	$	13,001
Interest cost		71,630			89,149			14,953		14,978
Expected return on plan assets		(107,331	)		(160,932	)		—		—
Amortization of unrecognized prior service cost		—			(26,981	)		—		—
Amortization of unrecognized net loss		44,873			35,720			2,248		1,457
Amortization of transition obligation		—			112,313			1,457		1,471


Net periodic benefit cost	$	9,172		$	176,411		$	30,133	$	30,907

The Company expects to make no contribution to its pension plan and $23,945 to its post-retirement benefit plan in 2013. The Company has contributed $7,984 toward the post-retirement plan during the first six months of 2013.