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Retirement Plans | 12 Months Ended
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Dec. 31, 2015
Retirement Plans [Abstract] |
Retirement Plans | Note 14 – Retirement plans Defined contribution benefit plan. The Company adopted a 401(k) defined contribution plan on October 1, 2000, which is administered by the Virginia Bankers’ Association. Participants have the right to contribute up to a maximum of 19% of pretax annual compensation or the maximum allowed under Section 401(g) of the Internal Revenue Code, whichever is less. The Company contributed $217 and $148 to the plan on behalf of the employees for the years ended December 31, 2015 and 2014, respectively. Supplemental Executive Retirement Plan. A Supplemental Executive Retirement Plan (SERP) was established to provide participating executives (as determined by the Company’s Board of Directors) with benefits that cannot be provided under the 401(k) as a result of limitations imposed by the Internal Revenue Code. The SERP will also provide benefits to eligib le employees or their survivors, as applicable, if they die, retire, or are terminated under certain circumstances. SERP expense totaled $187 and $207 for the years end ed December 31, 201 5 and 2014, respectively. The Company funds the plan through a modified endowment contract. Income recorded for the plan represents life insurance income as recorded based on the projected increases in cash surrender values of life insurance policies. A s of December 31, 201 5 and 201 4, th e life insurance policies had cash surrender va lues of approximate ly $9,781 and $9,512, respectively.

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