Deferred Compensation Plan

6 Months Ended

Jun. 30, 2011

Deferred Compensation Arrangements [Abstract]

Deferred Compensation Plan

(18) Deferred Compensation Plan

Colony Bank, the wholly-owned subsidiary, has deferred compensation plans covering certain former directors and certain officers choosing to participate through individual deferred compensation contracts.  In accordance with terms of the contracts, the Bank is committed to pay the participant's deferred compensation over a specified number of years, beginning at age 65.  In the event of a participant's death before age 65, payments are made to the participant's named beneficiary over a specified number of years, beginning on the first day of the month following the death of the participant.

Liabilities accrued under the plans totaled $1,176 and $1,245 as of June 30, 2011 and December 31, 2010, respectively.  Benefit payments under the contracts were $117 and $119 for the six month period ended June 30, 2011 and June 30, 2010, respectively.   Provisions charged to operations totaled $51 and $33 for the six month period ended June 30, 2011 and June 30, 2010, respectively.

Fee income recognized with deferred compensation plans totaled $98 and $113 for six month period ended June 30, 2011 and June 30, 2010, respectively.