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Employee and Director Benefits
12 Months Ended
Dec. 31, 2015
Employee and Director Benefits [Abstract]  
Employee and Director Benefits

NOTE 13 - EMPLOYEE AND DIRECTOR BENEFITS

 

The Corporation sponsors a salary deferral, defined contribution plan which provides for both profit sharing and employer matching contributions.  The plan permits investing in the Corporation’s stock subject to certain limitations.  Participants who meet certain eligibility conditions are eligible to participate and defer a specified percentage of their eligible compensation subject to certain income tax law limitations.  The Corporation makes discretionary matching and profit sharing contributions, as approved annually by the Board of Directors, subject to certain income tax law limitations.  Contribution expense for the plan amounted to $617,405, $542,160, and $530,989, in 2015, 2014, and 2013, respectively.  At December 31, 2015, the Plan owned 323,323  shares of the Corporation’s common stock.

 

The Corporation also sponsors nonqualified deferred compensation plans, covering certain directors and employees, which have been indirectly funded through the purchase of split-dollar life insurance policies.  In connection with the policies, the Corporation has provided an estimated liability for accumulated supplemental retirement benefits amounting to $1,571,377 and $1,648,770 at December 31, 2015 and 2014, respectively, which is included in other liabilities in the accompanying consolidated balance sheets.  The Corporation has also purchased split-dollar life insurance policies for investment purposes to fund other employee benefit plans.  The combined cash values of these policies aggregated $16,138,484 and $15,738,797 at December 31, 2015 and 2014, respectively. 

 

Under an employee stock purchase plan, eligible employees may defer a portion of their compensation and use the proceeds to purchase stock of the Corporation at a discount determined semi-annually by the Board of Directors as stipulated in the plan.  The Corporation sold from treasury 715 shares in 2015, 684 shares in 2014, and 746 shares in 2013 under the plan.

 

The Chief Executive Officer of the Corporation has an employment agreement which provides for certain compensation and benefits should any triggering events occur, as specified in the agreement, including change of control or termination without cause.