Defined Benefit Retirement Plan

3 Months Ended

Mar. 31, 2014

Defined Benefit Retirement Plan

Defined Benefit Retirement Plan

(8) Defined Benefit Retirement Plan

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 25 years of service.  The actuarially determined pension costs are expensed and accrued over the service period, and benefits are paid from Bancorp’s assets.  The net periodic benefits costs, which include interest cost and amortization of net losses, totaled $32,000 and $36,000, for the three months ended March 31, 2014 and 2013, respectively.