NOTE 8 - PENSION PLAN BENEFITS

3 Months Ended

Mar. 31, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 8 - 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 March 31, 2012 and 2011. 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. Components of net periodic benefit cost for the Company’s supplemental nonqualified defined benefit plans for the three months ended March 31, 2012 and 2011 are presented in the following table (in thousands):

	Three months ended March 31,
Components of net periodic benefits cost:	2012		2011
Service cost	$	150	$	—
Interest cost		84		76
Prior service amortization		25		8
Recognized net actuarial loss		10		4
Total components of net periodic cost	$	269	$	88

		March 31, 2012		December 31, 2011
Total Liability of Pension Plan Benefits	$	7,603	$	7,397