Deferred Compensation Plan

12 Months Ended

Dec. 31, 2014

Deferred Compensation Plan [Abstract]

Deferred Compensation Plan

(17) 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 $845,192 and $892,294 as of December 31, 2014 and 2013, respectively.  Benefit payments under the contracts were $112,605 in 2014 and $188,240 in 2013.  Provisions charged to operations totaled $69,653 in 2014, $75,777 in 2013 and $82,250 in 2012.

The Company has purchased life insurance policies on the plans’ participants and uses the cash flow from these policies to partially fund the plan.  Fee income recognized with these plans totaled $167,911 in 2014, $164,073 in 2013 and $175,302 in 2012.