5. Employee Benefit Plan

3 Months Ended

Mar. 31, 2014

Employee Benefit Plan

5. Employee Benefit Plan

Note 5. 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 $1,500,000 to the plan in the first quarter of 2014 and does not anticipate additional contributions for the 2014 plan year.  The following is a summary of net periodic pension costs for the three-month periods ended March 31, 2014 and 2013.

	Three Months Ended
	March 31, 2014			March 31, 2013
Service cost	$	125,257		$	149,983
Interest cost		94,427			87,578
Expected return on plan assets		(174,563	)		(159,020	)
Amortization of net obligation at transition		-			-
Amortization of prior service cost		(3,809	)		(3,809	)
Amortization of net loss		9,028			50,796
Net periodic pension cost	$	50,340		$	125,528