Note 16: 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 also has a supplemental executive retirement agreement with a current executive officer. This agreement provides a stream of future payments in accordance with individually defined vesting schedules upon retirement, termination, or in the event that the participating executive leaves the Company following a change of control event.

The after tax components of accumulated other comprehensive loss, which have not yet been recognized in net periodic benefit cost, related to post-retirement benefits are net actuarial losses related to supplemental retirement plans of $417 and $482, as of December 31, 2015 and 2014, respectively.

A December 31 measurement date is used for the supplemental executive retirement plans. The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plans as of and for the years ended December 31:


		Supplemental Executive
		Retirement Plans
		Fiscal Year Ending
		2015				2014
Obligations and Funded Status

Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,969		$	3,882
Service cost		71				64
Interest cost		125				149
Actuarial (gain) loss on supplemental retirement plans		---				205
Benefits and expenses paid		(291	)			(331	)
Benefit obligation at end of year	$	3,874		$	3,969

Change in plan assets
Fair value of plan assets at beginning of year	$	---			$	---
Benefits and expenses paid		(291	)			(331	)
Contributions		291				331
Fair value of plan assets at end of year	$	---			$	---
Funded status at end of year	$	(3,874	)	$	(3,969		)

As of December 31, 2015 and 2014, the Company had recognized liabilities of $3,874 and $3,969, respectively, for the supplemental executive retirement plans. These amounts are reported within other liabilities on the consolidated balance sheets.

The following table summarizes the assumptions, based on long-term bond yields, used to determine the benefit obligations and net periodic benefit costs for the years ended December 31, 2015, 2014, and 2013:


	Supplemental Executive
	Retirement Plans
Assumptions	Fiscal Year Ending

	2015		2014		2013
Weighted-average discount rate beginning of the year	3.27	%	4.02	%	3.14	%
Weighted-average discount rate end of the year	3.48	%	3.27	%	4.02	%

The discount rate was chosen based on high-quality long-term bond yields with maturity dates that match the timing and amount of the expected future benefit payments as of the measurement date.

The net periodic benefit cost for the years ended December 31 included the following components:


		Supplemental Executive
		Retirement Plans
		Fiscal Year Ending
		2015		2014		2013
Components of Net Periodic Benefit Cost and Other
Amounts Recognized in the Consolidated Income Statements

Service cost	$	71	$	64	$	209
Interest cost		125		149		120
Recognition of net actuarial (gain) loss		38		28		(105	)
Total recognized in the consolidated income statements	$	234	$	241	$	224

Other Changes and Benefit Obligations Recognized in Other
Comprehensive Income (pre-tax)
Recognition of net actuarial loss (gain)		79		174		42
Total recognized in other comprehensive income (pre-tax)		79		174		42
Total recognized in the consolidated income statements
and other comprehensive income (pre-tax)	$	313	$	415	$	266

The estimated net actuarial loss for the supplemental executive retirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $29.

The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:

2016	$	291
2017		291
2018		345
2019		383
2020		299
2021 and thereafter		3,522
Total	$	5,131

401(k) Plan: The Company maintains a Section 401(k) savings plan for substantially all of its employees. Employees are eligible to participate in the 401(k) Plan on the first day of any quarter following their date of hire and attainment of age 21 ½ . Under the plan, the Company makes a matching contribution of a portion of the amount contributed by each participating employee, up to a percentage of the employee's annual salary. The plan allows for supplementary profit sharing contributions by the Company, at its discretion, for the benefit of participating employees. The total expense for this plan in 2015, 2014, and 2013 was $411, $375, and $356, respectively.