Retirement Benefit Plans

3 Months Ended

Mar. 31, 2016

Note 10: Retirement Benefit Plans

The Company has non-qualified supplemental executive retirement agreements with certain retired officers. The agreements provide supplemental retirement benefits payable in installments over a period of years upon retirement or death. The Company recognized the net present value of payments associated with the agreements over the service periods of the participating officers. Interest costs continue to be recognized on the benefit obligations.

The Company also has a supplemental executive retirement agreement with a certain current executive officer. This agreement provides a stream of future payments in accordance with a defined vesting schedule upon retirement, termination, or upon a change of control.

The following tables summarize the net periodic benefit costs for the three months ended March 31, 2016, and 2015:


		Supplemental
		Executive
		Retirement Plans

Three Months Ended March 31,		2016		2015

Service cost	$	18	$	17
Interest cost		32		31
Actuarial loss on supplemental executive retirement plan, net of tax		7		11
Net periodic benefit cost	$	57	$	59

The Company is expected to recognize $228 of expense for the foregoing plans for the year ended December 31, 2016. The Company is expected to contribute $291 to the foregoing plans in 2016. As of March 31, 2016, the Company had contributed $79.