13. RETIREMENT PLANS

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

13. RETIREMENT PLANS

NOTE 13 RETIREMENT PLANS:

The Company has established a qualified defined contribution plan that covers all full time employees. Effective January 1, 2012 the qualified defined contribution plan was modified where the Company matched employee contributions up to a maximum of 3% of their salary. The Company contributed $219 thousand and $240 thousand to the defined contribution plan for 2015 and 2014, respectively.

In addition, in 2002, the Bank established a salary continuation plan for key executives, which is funded by single premium life insurance policies. Expenses related to the plan were $6 thousand and $45 thousand for 2015 and 2014, respectively.