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Pension and Profit Sharing Plans
 12 Months Ended
Dec. 31, 2011
Pension and Profit Sharing Plans

Note 11. Pension and Profit Sharing Plans

 

The Bank has a money purchase pension plan, which provides for annual employer contributions based on employee compensation, and covers substantially all employees. Annual contributions, included in employee benefit expense, totaled $242,296, $328,268 and $231,538 for the years ended December 31, 2011, 2010 and 2009, respectively. The Bank is also making additional contributions under this plan for the benefit of certain employees, whose retirement funds were negatively affected by the termination of a prior defined benefit pension plan. These additional contributions, also included in employee benefit expense, totaled $16,116, $16,116, and $26,992 for the years ended December 31, 2011, 2010, and 2009, respectively.

 

The Bank also has a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code that is funded through a profit sharing agreement and voluntary employee contributions.

 

The plan provides for discretionary employer matching contributions to be determined annually by the Board of Directors. The plan covers substantially all employees. The Bank’s contributions to the plan, included in employee benefit expense, totaled $327,715, $301,116, and $200,858 for the years ended December 31, 2011, 2010, and 2009, respectively.