Employee Benefit Plans

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 13—EMPLOYEE BENEFIT PLANS

The Company has a qualified 401(k) deferred compensation Retirement Savings Plan. All employees of the Company who have completed at least 90 days of service and meet certain other eligibility requirements are eligible to participate in the Plan. Under the terms of the Plan, employees may voluntarily defer a portion of their annual compensation pursuant to section 401(k) of the Internal Revenue Code. The Company matches a percentage of the participants' voluntary contributions up to 6% of gross wages. In addition, at the discretion of the Board of Directors, the Company may make an additional profit sharing contribution to the Plan. Total expense was $300 thousand, $268 thousand and $236 thousand for the years ended December 31, 2011, 2010 and 2009, respectively.

The Company maintains a deferred compensation plan for certain retirees. Due to the early retirement of a participant in the Plan, future monthly benefits were reduced which resulted in a benefit of $26 thousand being recorded in 2011. Expense under the Plan was $43 thousand and $21 thousand for the years ended December 31, 2010 and 2009, respectively. The liability under the Plan at December 31, 2011 and 2010 was $189 thousand and $257 thousand.

The Company also has a postretirement benefit Plan covering individuals retired from the Company that have met certain service and age requirements and certain other active employees that have met similar service requirements. The postretirement health care Plan includes a limit on the Company’s share of costs for recent and future retirees. Expense under this Plan for 2011, 2010, and 2009 was not material. The accrued postretirement benefit liability under this Plan is also not material. Due to the immateriality of the Plan, the disclosures required under U.S. generally accepted accounting principles have been omitted.