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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2011
Compensation And Employee Benefit Plans Disclosure [Abstract]  
Compensation And Employee Benefit Plans [Text Block]
NOTE 16 - EMPLOYEE BENEFIT PLANS

Employee Savings Plan
The Company maintains a 401(k) employee savings plan ("plan") which is available to substantially all employees. Individual employees may make contributions to the plan up to 100% of their compensation up to a maximum of $16,500 for 2011, 2010 and 2009. Prior to July, 2009, the Company offered discretionary matching of funds for a percentage of the employee contribution, plus an amount based on Company earnings. In July 1, 2009, the Company discontinued its profit sharing and employer matching contributions to the plan, and had no expense for the plan for 2010. The Company reinstated matching contributions beginning January 1, 2011, but did not make profit sharing contributions in 2011. The expense for the plan  for 2011 and 2009 was $459,000 and $238,000, respectively. The plan offers employees the option of purchasing Company stock with the match portion of their 401(k) contribution, and shares available to employees within the plan are purchased on the open market.

Director Retainer Stock Plan
The Company maintains a deferred compensation plan designated as the Director Retainer Stock Plan ("Director Plan"). The plan provides eligible directors of the Company and the Bank with a means of deferring payment of retainers and certain fees payable to them for Board service. Under the Director Plan, any retainers or fees elected to be deferred under the plan by an eligible director ultimately will be payable in common stock at the time of payment.

Senior Management Bonus Deferral Stock Plan
The Company maintains a deferred compensation plan designated as the Senior Management Bonus Deferral Stock Plan ("Management Plan"). The Management Plan has essentially the same purposes as the Director Plan discussed above and permits eligible employees of the Company and its affiliates to elect cash bonus deferrals and, after employment termination, to receive payouts in whole or in part in the form of common stock on terms substantially similar to those of the Director Plan.

Stock Options and Other Equity Awards
The Company has stock based compensation plans as described below. The Company has recorded approximately $138,000, $92,000 and $150,000 in compensation expense related to stock based compensation plans for the periods ended December 31, 2011, 2010 and 2009, respectively. The Company has a policy of issuing authorized but unissued shares to satisfy exercises of stock options or stock only stock appreciation rights.

Stock Incentive Plan
The Company’s Stock Incentive Plan of 2010 (the "Incentive Plan") permits the grant and award of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards and other stock-based and stock-related awards (collectively referred to as "incentive awards") to directors, consultative board members, officers and other key employees of the Company and its subsidiaries.

The following table shows activity for the twelve months ended December 31, 2011 for the Company’s Incentive Plan:


   
SOSARs (1)
  
RSU (2)
  
Restricted Stock
 
   
Awards
Outstanding
  
Weighted Avg.
Exercise Price
  
Awards
Outstanding
  
Grant Date
Fair Value
  
Awards
Outstanding
  
Grant Date
Fair Value
 
Balance at January 1
  -  $-   -  $-   -  $- 
Awards granted
  87,250   3.35   28,000   3.35   25,500   3.35 
Awards forfeited
  (1,500)  3.35   (11,144)  -   (500)  3.35 
Balance at Dec. 31
  85,750  $3.35   16,856  $3.35   25,000  $3.35 
                          
(1) Stock Only Stock Appreciation Rights
   
(2) Restricted Stock Units
   

As of December 31, 2011, unrecognized compensation expense related to the Incentive Plan totaled $160,225. Costs for SOSARs are recognized over approximately three years. The compensation costs for RSUs are based on an expected level of achievement of performance targets as determined at the time of each grant, and are expected to be recognized over three years. Compensation costs for restricted stock grants will be recognized over two years.

The fair value of restricted stock grants is considered to be the market price of Company stock at the grant date. The fair value of RSU grants is considered to be the market price of Company stock at the grant date, adjusted for an estimated probability of achieving performance targets.

The fair value of each SOSAR grant is estimated on the grant date using the Black-Scholes option pricing model. Fair value of 2011 grants is based on the weighted-average assumptions shown in the table below.


   
2011
 
 Dividend yield
  0.00%
 Expected life
 
5 years
 
 Expected volatility
  35.00%
 Risk-free interest rate
  2.16%
 Fair value
 $1.136 


At December 31, 2011, the SOSARs outstanding had no intrinsic value. Intrinsic value was determined by calculating the difference between the Company's closing stock price on December 31, 2011 and the exercise price of the SOSARs, multiplied by the number of in-the-money units held by each holder, assuming all option holders had exercised their SOSARs on December 31, 2011. The weighted–average period over which nonvested SOSARs are expected to be recognized is 1.18 years.

Stock Option Plan

Through December 31, 2009, the Company granted stock options under its 2005 Stock Option Plan (the "2005 Plan"), which is a non-qualified stock option plan as defined under Internal Revenue Service regulations. The shares of stock that are subject to options are the authorized and unissued shares of common stock of the Company. Under the 2005 Plan, directors and management of the Company and subsidiaries were given the right to purchase stock of the Company at the then-current market price at the time the option was granted. The options have a three-year vesting period, and with certain exceptions, expire at the end of ten years, three years after retirement or ninety days after other separation from the Company. The 2005 Plan expired effective January 1, 2010, and no additional options may be granted under the plan. The following summarizes year to date option activity for the 2005 Plan:


Stock Options
 
Options
Outstanding
  
Weighted Avg.
Exercise Price
 
 Balance, January 1, 2011
  407,730  $21.02 
 Options expired
  (17,925)  18.27 
 Options forfeited
  (8,062)  19.26 
 Balance, December 31, 2011
  381,743  $21.19 
 Options exercisable at year-end
  352,176  $22.36 


The table below provides information regarding stock options outstanding under the 2005 Plan at December 31, 2011.


   
Options Outstanding
  
Options Exercisable
 
Range of Exercise Prices
 
Number
Outstanding
  
Weighted Average
 Remaining Contractual Life
 
Weighted Avg.
Exercise Price
  
Number
Outstanding
  
Weighted Avg.
Exercise Price
 
 $6.00 to $32.14
  381,743   4.48 
Years
 $21.19   352,176  $22.36 


The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option pricing model with the weighted-average assumptions shown below. No figures are shown for 2011 or 2010, as there were no options granted during those years:


   
2009
 
 Dividend yield
  1.00%
 Expected life
 
5 years
 
 Expected volatility
  25.67%
 Risk-free interest rate
  1.98%


As of the end of 2011, unrecognized compensation expense related to the stock options granted under the 2005 Plan totaled $8,782 and is expected to be recognized over six months.

At December 31, 2011, the total outstanding stock options granted under the 2005 Plan had no intrinsic value. Intrinsic value was determined by calculating the difference between the Company's closing stock price on December 31, 2011 and the exercise price of each option, multiplied by the number of in-the-money stock options held by each holder, assuming all holders had exercised their stock options on December 31, 2011.