Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note

14.

Employee Benefit Plans

The Company has a profit sharing plan which includes a provision designed to qualify under Section

401(k)

of the Internal Revenue Code of

1986,

as amended, to allow for participant contributions. All employees are eligible to participate in the plan. The Company matches

100%

of the

first

3%

of employee contributions, and

50%

of the next

3%

of employee contributions, up to a maximum amount of

4.5%

of an employee's compensation. Additionally, at its discretion, the Company

may

make additional contributions to the plan which are allocated to the accounts of participants in the plan based on relative compensation. Company contributions for the years ended

December

31,

2016,

2015,

and

2014

were as follows:

	2016		2015		2014
Matching contribution	$	1,365,111	$	1,314,276	$	1,179,979
Discretionary contribution		-		-		198,800
	$	1,365,111	$	1,314,276	$	1,378,779

The Company has entered into nonqualified SERPs with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified plans. During the years ended

December

31,

2016,

2015,

and

2014,

the Company expensed

$322,575,

$297,826,

and

$650,016,

respectively, related to these plans. As of

December

31,

2016

and

2015,

the liability related to the SERPs, included in other liabilities, was

$4,093,355

and

$3,934,605,

respectively. Payments to former executives in the amounts of

$163,825,

$163,824

and

$117,000

were made in

2016,

2015

and

2014,

respectively.

The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers

may

defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution varies by officer and is a maximum of between

$8,000

and

$25,000

annually. Interest on the deferred amounts is earned at

The Wall Street Journal

’s prime rate subject to a minimum of

4%

and a maximum of

12%

with such limits differing by officer. The Company has also entered into deferred compensation agreements with certain other officers. Under the provisions of the agreements the officers

may

defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution differs by officer and is a maximum between

4%

and

10%

of the officer’s compensation. Interest on the deferred amounts is earned at

The Wall Street Journal

’s prime rate plus

one

percentage point, and has a minimum of

4%

and shall not exceed

8%.

Upon retirement, the officer will receive the deferral balance in

180

equal monthly installments. As of

December

31,

2016

and

2015,

the liability related to the agreements totaled

$10,389,326

and

$8,875,025,

respectively.

Changes in the deferred compensation agreements, included in other liabilities, are as follows for the years ended

December

31,

2016,

2015,

and

2014:

	2016			2015			2014
Balance, beginning	$	8,875,025		$	7,503,692		$	6,224,368
Company expense		832,974			726,001			661,611
Employee deferrals		744,168			693,656			628,589
Cash payments made		(62,841	)		(48,324	)		(10,876	)
Balance, ending	$	10,389,326		$	8,875,025		$	7,503,692