Defined Benefit Retirement Plan

3 Months Ended

Mar. 31, 2015

Defined Benefit Retirement Plan

Defined Benefit Retirement Plan

(8)Defined Benefit Retirement Plan

Bancorp sponsors an unfunded, non-qualified, defined benefit retirement plan for three key officers (two current and one retired), and has no plans to increase the number of or the benefits to participants.  Benefits vest based on 25 years of service.  The former officer and one current officer are fully vested, and one current officer will be fully vested in 2017.  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 $36 thousand and $32 thousand, for the three months ended March 31, 2015 and 2014, respectively.