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Employee Benefit Plan
12 Months Ended
Dec. 31, 2011
Compensation and Employee Benefit Plans [Abstract]  
Employee Benefit Plan

NOTE 17 – Employee Benefit Plan

 

On January 1, 2000, the Company adopted the Southern First Bancshares, Inc. Profit Sharing and 401(k) Plan for the benefit of all eligible employees. The Plan was amended in 2006 to provide a Roth 401(k) feature to the Plan. The Company contributes to the Plan annually upon approval by the Board of Directors. Contributions made to the Plan for the years ended December 31, 2011, 2010, and 2009 amounted to $176,000, $192,000, and $149,000, respectively.

 

The Company also provides a nonqualified deferred compensation plan for 14 executive officers in the form of a Supplemental Executive Retirement Plan (SERP). The plan provides retirement income for these officers. As of December 31, 2011, the Company had an accrued benefit obligation of $1.2 million. The Company incurred expenses related to this plan of $381,000, $128,000, and $295,000 in 2011, 2010, and 2009, respectively.