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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2011
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

Operating leases

The Company has non-cancelable operating leases for its main office, fifteen other branch banking offices and additional space for administrative and operational activities, which expire on various dates through 2022. Most of the leases contain rent escalation provisions, as well as renewal options for one or more periods. Under these lease agreements, the Company is required to pay certain executory costs such as insurance and property taxes. The Company also leases parking space under a non-cancelable operating lease agreement and certain equipment under cancelable and non-cancelable arrangements.

Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows:

 

         

Years Ending

December 31,

   Amount  

2012

   $ 2,430,687  

2013

     2,073,960  

2014

     1,888,056  

2015

     1,307,968  

2016

     717,585  

Thereafter

     182,973  
   

 

 

  
    $ 8,601,229  
   

 

 

  

 

Total rental expense, which is charged to operations on a straight line basis, for cancelable and non-cancelable operating leases was $2,838,066, $3,239,518 and $3,347,551 for the years ended December 31, 2011, 2010 and 2009, respectively. The Company subleases excess space at one location. Income from subleases included in non-interest expense was $33,326, $26,715 and $37,735 for the years ended December 31, 2011, 2010 and 2009, respectively.

Employment Agreements

Three executive officers of the Company have change of control agreements that entitle such officers to receive up to two and one-half times the greater of the officer’s base salary at the time or total compensation for the most recently completed fiscal year if a change of control occurs while such officers are full time officers of the Company or within six months following termination of employment other than for cause or by reason of death or disability. The three officers waived their right to payment for the recapitalization of the company transaction on October 15, 2010.

Legal Matters

Neither the Company nor the Bank has any pending legal proceedings, other than ordinary routine litigation, incidental to its business, to which the Company or the Bank is a party or any of its property is subject. Management and its legal counsel are of the opinion that the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.