Employee Benefits

12 Months Ended

Dec. 31, 2014

Postemployment Benefits [Abstract]

Employee Benefits

NOTE 9 – EMPLOYEE BENEFITS

The Company sponsors a contributory 401(k) profit-sharing plan (the “Plan”) covering substantially all employees who meet certain age and service requirements. The Plan permits investment in the Company’s common stock subject to various limitations and provides for discretionary profit sharing and matching contributions. The discretionary profit sharing contribution is determined annually by the Board of Directors and amounted to 2.75% of each eligible participant’s compensation in 2014 and 2013, and 2.5% of each eligible participant’s compensation for 2012, respectively. The Plan also provides for a 50% Company match of participant contributions up to a maximum of 2% of each participant’s annual compensation. Expense under the Plan amounted to approximately $269 thousand, $284 thousand and $270 thousand for 2014, 2013 and 2012, respectively.

The Company maintains a stock option plan. No stock options were granted during the three years presented.

The following summarizes stock options activity for the years ended December 31:

	2014						2013						2012
				Weighted						Weighted						Weighted
				Average						Average						Average
				Exercise						Exercise						Exercise
	Shares			Price			Shares			Price			Shares			Price
Outstanding at beginning of year		30,760		$	17.90			31,760		$	17.85			39,620		$	17.49
Granted		–			–			–			–			–			–
Exercised		(18,856	)		(17.84	)		(1,000	)		(16.10	)		(4,650	)		(16.05	)
Forfeited		–						–						(3,210	)		(16.06	)
Outstanding at end of year		11,904			18.00			30,760			17.90			31,760			17.85
Options exercisable at year-end		11,904		$	18.00			30,760		$	17.90			31,760		$	17.85
Weighted-average fair value of options granted during year					N/A						N/A						N/A

Options outstanding at December 31, 2014 were as follows:

			Outstanding
			Weighted
			Average				Weighted
			Remaining				Average
Exercise			Contractual				Exercise
Price	Number		Life (Years)		Number		Price
$ 18.00		11,904		1.23		11,904	$	18.00

The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $48 thousand and $34 thousand at December 31, 2014 and 2013, respectively. There were no share awards vested in 2014, 2013 or 2012.