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&lt;p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Note 17 &amp;#x2014;
Post-retirement Life Insurance Benefit&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- xbrl,body --&gt;
&lt;p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;In 1995, the Company
established a post-retirement life insurance benefit equal to three
times the employees&amp;#x2019; salary at retirement for all employees
employed with the Company at July&amp;#xA0;1, 1995. Employees hired by
the Company after July&amp;#xA0;1, 1995, received a post-retirement
life insurance benefit equal to $50,000 at retirement, which
decreases by $5,000 annually to a minimum benefit of $5,000 by the
time the recipient reaches age 75. In June of 2012, the Company
amended the post-retirement life insurance benefit for all active
employees, regardless of hire date, to a benefit of $50,000 at
retirement, then decreasing by $5,000 a year to $5,000 at age 75.
Because the product offered is term life insurance, the Company is
exposed to increasing costs in future years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;The Company is evaluating
various options to reduce or settle its obligation for benefits, to
the current retiree group only. One option under consideration is a
plan offered by an insurance company, as to this current retiree
group, whereby the Company would enter into an agreement with the
insurance company to transfer all risk and obligation for the
benefits payable as to the current retiree group in exchange for a
one-time fixed payment by the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;The agreement would require
a one-time payment to the insurance company, estimated to be
approximately $4.1 million. There would be no further cost to the
Company as to the current retirees, after this payment. The Company
would recognize a settlement charge, net of tax, of approximately
$1.6 million in the period in which it occurs.&lt;/font&gt;&lt;/p&gt;


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