NOTE I - PENSION PLAN BENEFITS

9 Months Ended

Sep. 30, 2011

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE I - PENSION PLAN BENEFITS

The Company has a supplemental retirement plan for key executives and a supplemental retirement plan for certain retired key executives and directors. These plans are nonqualified defined benefit plans and are unsecured. Total contributions paid were $63,000 for the three months ended September 30, 2011 and 2010. Effective October 1, 2009, the Company entered into an agreement to “freeze” the vested benefits under the North Valley Bancorp Salary Continuation Plan (amended and restated effective January 1, 2007) with each active officer currently participating in the Plan. Each agreement provided that vested accrued benefits under the Plan would remain fixed at the amount determined as of September 30, 2009 until such time as the Board of Directors might elect to recommence accruals. On July 28, 2011, the Board of Directors determined that Plan accruals should recommence, with retroactive effect to September 30, 2009. As a result, the Company has entered into agreements with the officers whose Plan benefits have been “frozen” since 2009, confirming the reinstatement of his or her accruals which are expected to be approximately $407,000 in aggregate for the remainder of 2011. Components of net periodic benefit cost for the Company’s supplemental nonqualified defined benefit plans for the three and nine months ended September 30, 2011 and 2010 (excluding the service cost for the reinstatement of accruals approved by the Board of Directors on July 28, 2011) are presented in the following table (in thousands):

	Three months ended September 30,					Nine months ended September 30,
Components of net periodic benefits cost:	2011			2010		2011		2010
Service cost	$	323		$	—	$	323	$	—
Interest cost		44			85		196		255
Prior service amortization		42			8		58		23
Recognized net actuarial (gain) loss		(2	)		4		6		12
Total components of net periodic cost	$	407		$	97	$	583	$	290