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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Corporation maintains a contributory 401(k) defined contribution plan covering substantially all employees. The Corporation matches 100% of amounts contributed by each participating employee up to 3.0% of the employee’s compensation. The Corporation may also make discretionary contributions up to an additional 6.0% of salary. Contributions are expensed in the period incurred and recorded in compensation expense in the consolidated statements of income. The Corporation made a matching contribution of 3.0% to all eligible employees which totaled $348,000 and $321,000 for the years ended December 31, 2013 and 2012, respectively. Discretionary contributions of 4.6%, or $533,000, and 5.0%, or $528,000, were made in 2013 and 2012, respectively. As of December 31, 2013 and 2012, the Corporation had a deferred compensation plan under which it provided contributions to supplement the retirement income of one executive. Under the terms of the plan, benefits to be received are generally payable within six months of the date of the termination of employment with the Corporation. The expense associated with the deferred compensation plan in 2013 and 2012 was $81,000 and $58,000, respectively. The present value of future payments under the remaining plan of $647,000 and $566,000 at December 31, 2013 and 2012, respectively, is included in other liabilities. The Corporation owned life insurance policies on the life of the executive covered by the deferred compensation plan, which had cash surrender values and death benefits of approximately $2.0 million and $5.7 million, respectively, at December 31, 2013 and cash surrender values and death benefits of approximately $1.9 million and $5.7 million, respectively, at December 31, 2012. The remaining balance of the cash surrender value of bank-owned life insurance of $21.1 million and $20.4 million as of December 31, 2013 and 2012, respectively, is related to policies on a number of then-qualified individuals affiliated with the Banks.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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- Details
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