(15) Employee Benefit Plans

Bancorp has a combined employee stock ownership and profit sharing plan (“KSOP”). The plan is a defined contribution plan and is available to all employees meeting certain eligibility requirements. Employer expenses related to contributions to the plan for 2013, 2012, and 2011 were $1,701,000, $1,512,000, and $1,449,000, respectively. Employee and employer contributions are made in accordance with the terms of the plan. As of December 31, 2013 and 2012, the KSOP held 497,958 and 484,075, respectively, shares of Bancorp stock.

In addition Bancorp has non-qualified “excess” plans into which directors and certain senior officers may defer director fees or salary. Bancorp matched certain executives’ contributions into the senior officers’ plan amounting to approximately $205,000, $146,000, and $75,000 in 2013, 2012 and 2011 respectively. At December 31, 2013 and 2012, the amounts included in other liabilities in the consolidated financial statements for this plan were $3,981,000 and $2,954,000, were comprised primarily of participants’ contributions, and represented the fair value of mutual fund investments directed by participants.

Bancorp sponsors an unfunded, non-qualified, defined benefit retirement plan for four key officers (two current, and two retired), and has no plans to increase the number of participants. Benefits vest based on 20 years of service. Bancorp uses a December 31 measurement date for this plan. At December 31, 2013 and 2012, the accumulated benefit obligation for the plan included in other liabilities in the consolidated financial statements was $1,949,000 and $2,247,000, respectively. Discount rates of 4.72% and 3.79% were used in 2013 and 2012, respectively, in determining the actuarial present value of the projected benefit obligation. The actuarially determined pension costs are expensed and accrued over the service period, and benefits are paid from Bancorp’s assets. Bancorp maintains life insurance policies, for which it is the ultimate beneficiary, on certain current and former executives. The income from these policies helps offset the cost of benefits. The liability for Bancorp’s plan met the benefit obligation as of December 31, 2013 and 2012.

Information about the components of the net periodic benefit cost of the defined benefit plan follows:

	Year ended December 31,
(in thousands)	2013		2012		2011

Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	90		83		86
Expected return on plan assets	—		—		—
Amortization of prior service cost	—		—		—
Amortization of net losses	36		60		56

Net periodic benefit cost	$	126	$	143	$	142

The benefits expected to be paid in each year from 2014 to 2018 are listed in the table below.

(In thousands)	Benefits
2014	$	84
2015	84
2016	84
2017	84
2018	84
Beyond 2018	3,446

Total future payments	$	3,866

The expected benefits to be paid are based on the same assumptions used to measure Bancorp’s benefit obligation at December 31, 2013. There are no obligations for other post-retirement and post-employment benefits.