Deferred Compensation Plans

12 Months Ended

Dec. 31, 2016

15. Deferred Compensation Plans

Deferred compensation plans cover all directors and certain officers. Under the plans, the Corporation pays each participant, or their beneficiary, the value of the participant’s account over a maximum period of 10 years, beginning with the individual’s termination of service. A liability is accrued for the obligation under these plans.

A summary of changes in the deferred compensation plan liability follows:


	2016			2015			2014
Balance, beginning of year	$	1,226		$	1,087		$	1,100
Deferrals, dividends, and changes in fair value recorded as an expense		936			209			36
Deferred compensation payments		(82	)		(70	)		(49	)


Balance, end of year	$	2,080		$	1,226		$	1,087