5. Employee Benefit Plan

3 Months Ended

Mar. 31, 2016

Employee Benefit Plan

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 will not make any contributions for the 2016 plan year.  The following is a summary of net periodic pension costs for the three-month periods ended March 31, 2016 and 2015.

	Three Months Ended
	March 31, 2016			March 31, 2015
Service cost	$	157,968		$	162,083
Interest cost		113,224			102,736
Expected return on plan assets		(213,604	)		(209,704	)
Amortization of net obligation at transition		-			-
Amortization of prior service cost		(3,809	)		(3,809	)
Amortization of net loss		55,786			45,160
Net periodic pension cost	$	109,565		$	96,466