Note 21: Employee Benefits

The Company has a retirement savings 401(k) plan in which substantially all employees may participate. The contributions are discretionary and determined annually. The Company matches employees' contributions at the following rates: 100 percent of participant contributions up to 4% and 50 percent of participant contributions from 5-6%, not to exceed a maximum of 5% of their compensation. The match amounts were increased in 2014 from the prior rates: 100 percent of participant contributions up to 3% and 50 percent of participant contributions from 4-5%, not to exceed a maximum of 4% of their compensation. The Company’s expense for the plan was $739,000, $552,000 and $537,000 for 2014, 2013 and 2012, respectively.

The Company has a supplemental retirement plan and deferred compensation arrangements for the benefit of certain officers. The Company also has deferred compensation arrangements with certain directors whereby, in lieu of currently receiving fees, the directors or their beneficiaries will be paid benefits for an established period following the director’s retirement or death. These arrangements are informally funded by life insurance contracts which have been purchased by the Company. The Company records a liability for these vested benefits based on the present value of future payments. The Company’s expense for the plan was $730,000, $748,000 and $675,000 for 2014, 2013 and 2012, respectively.

The Company has an ESOP covering substantially all of its employees. During 2013 the ESOP reached maturity and the last of the shares were allocated in early 2014. At December 31, 2014 and 2013 the Company had no unearned ESOP shares. At December 31, 2012, the Company had 31,785 unearned ESOP shares with a fair value of $363,000. Shares were released to participants proportionately as ESOP debt was repaid. Dividends on allocated shares were recorded as dividends and charged to retained earnings. Dividends on unallocated shares were used to repay the loan. Compensation expense was recorded equal to the fair market value of the stock committed-to-be-released when contributions, which are determined annually by the Board of Directors of the Company and Bank, were made to the ESOP. Expense under the ESOP for 2014, 2013 and 2012 was $0, $474,000 and $328,000, respectively. The following table provides information on ESOP shares at December 31:


	2014		2013		2012
Allocated shares		426,877		414,896		397,176
Suspense shares		-		-		31,785
Committed-to-be released shares		-		31,785		31,783