Employee Benefit Plan

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Employee Benefit Plan

The Bank has a qualified noncontributory defined benefit pension plan that covers substantially all of its employees.  The benefits are primarily based on years of service and earnings.  The Bank contributed $1 million to the plan in the first quarter of 2011 and does not anticipate additional contributions for the 2011 plan year.  The following is a summary of net periodic pension costs for the nine-month and three-month periods ended September 30, 2011 and 2010.

	Nine Months Ended						Three Months Ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Service cost	$	334,065		$	290,937		$	111,355		$	96,979
Interest cost		241,134			237,750			80,378			79,250
Expected return on plan assets		(378,327	)		(361,281	)		(126,109	)		(120,427	)
Amortization of net obligation at transition		-						-
Amortization of prior service cost		(5,829	)		(3,975	)		(1,943	)		(1,325	)
Amortization of net (gain) or loss		47,883			49,134			15,961			16,378
Net periodic benefit cost	$	238,926		$	212,565		$	79,642		$	70,855