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Benefit Plans
12 Months Ended
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
Benefit Plans
BENEFIT PLANS

401(K) PLAN

The Company maintains profit‑sharing and 401(k) plans for substantially all employees. Contributions to the profit‑sharing plan are at the discretion of the Board of Directors but are limited to amounts deductible in accordance with the Internal Revenue Code. Under the Company's 401(k) plan, employees are permitted to contribute up to 60% of pre‑tax compensation. The Company will match 50% of an employee's contribution, up to a maximum of 3% of pre-tax employee compensation. The Company's policy is to fund the profit‑sharing/401(k) costs as incurred. Employer contributions in 2012, 2011 and 2010 to the 401(k) plan were $367,939, $521,963, and $578,602 respectively. There were no discretionary contributions to the profit-sharing plan for the years ended December 31, 2012, 2011 and 2010.

BANK-OWNED LIFE INSURANCE
During 2001 and 2000, the Company created an Officer Supplemental Insurance Plan (“OSIP”) and entered into Life Insurance Endorsement Method Split Dollar Agreements with certain officers. Under the plan, upon death of the officer, the Company first recovers the cash surrender value of the contract and then shares the remaining death benefits from insurance contracts, which are written with different carriers, with the designated beneficiaries of the officers. The death benefit to the officer's beneficiaries is a multiple of base salary at the time of the agreements. During 2010, the OSIP was amended and the death benefit to the officer’s beneficiaries is now subject to the limit of total death proceeds less cash surrender value. The Company, as owner of the policies, retains an interest in the life insurance proceeds and a 100% interest in the cash surrender value of the policies. The OSIP contains a five‑year vesting requirement and certain provisions relating to change of control and termination of service. The Company funded the OSIP through the purchase of bank‑owned life insurance (“BOLI”) during the first quarter of 2000 and the second quarter of 2001 with initial investments of $4.8 million and $5.0 million, respectively. Additional investments in BOLI were made in August of 2006 in the amount of $5.5 million. The corresponding cash surrender values of BOLI policies as of December 31, 2012 and 2011 was $26,432,999 and $25,934,220 respectively.

During 2007 the Company created the 2007 Group Term Carve Out Plan and entered into Life Insurance Endorsement Method Split Dollar Agreements with certain officers who did not participate in the 2001 Plan discussed in the previous paragraph. Under the plan, upon death of the officer, the Company first recovers the cash surrender value of the contract and then shares the remaining death benefits from the insurance contracts which are written with New York Life Insurance and Annuity Corporation, with the designated beneficiaries of the officers. The death benefit to the officer’s beneficiaries is a multiple of base salary at the time of the agreements, subject to the limit of total death proceeds less cash surrender value. The Company, as owner of the policies, retains an interest in the life insurance proceeds and a 100% interest in the cash surrender value of the policies. The 2007 plan contains a five-year vesting requirement and certain provisions related to change of control and termination of service.

The Company uses the cost of insurance method for determining liabilities related to the plan and used a discount rate of 4.00% at December 31, 2012 and December 31, 2011 based on the Citigroup Pension Liability Yield Curve. As of December 31, 2012 and 2011, the liability accrued for the plan was $1.9 million and $1.5 million, respectively. In 2011, the Company decided to terminate split dollar benefits for all active employees. The only remaining participants in the OSIP are retired and terminated employees who are still eligible for benefits based on the original agreements. The result of this change to the plan was a $500,000 decrease in liabilities related to the plan. The net periodic benefit costs of the plan are recorded to non-interest expense and were approximately $376,000 and $334,000 for the years ended December 31, 2012 and 2011, respectively.

NON-EQUITY INCENTIVE PLAN
Incentive compensation is provided for certain officers of the Bank based on defined levels of earnings performance. Incentive compensation is also provided for certain officers of Sidus based on pre-tax income. Based on Company performance, there were no expenses related to incentive compensation during 2012, 2011 and 2010.