Company-Owned Life Insurance

12 Months Ended

Dec. 31, 2011

Note 6 -- Company-Owned Life Insurance [Abstract]

Company-Owned Life Insurance

COMPANY-OWNED LIFE INSURANCE

Company-owned life insurance consists of the following:

December 31,	2011		2010
Key executive, principal shareholder	$	4,800	$	4,680
Key executive split dollar	4,441		4,330
Group life	65,639		64,046
Total	$	74,880	$	73,056

The Company maintains key executive life insurance policies on certain principal shareholders. Under these policies, the Company receives benefits payable upon the death of the insured. The net cash surrender value of key executive, principal shareholder insurance policies was $4,800 and $4,680 at December 31, 2011 and 2010, respectively.

The Company also has life insurance policies covering selected other key officers. The net cash surrender value of these policies was $4,441 and $4,330 at December 31, 2011 and 2010, respectively. Under these policies, the Company receives benefits payable upon death of the insured. An endorsement split dollar agreement has been executed with the selected key officers whereby a portion of the policy death benefit is payable to their designated beneficiaries. The endorsement split dollar agreement will provide postretirement coverage for those selected key officers meeting specified retirement qualifications. The Company expenses the earned portion of the post-employment benefit through the vesting period.

The Company has a group life insurance policy covering selected officers of FIB. The net cash surrender value of the policy was $65,639 and $64,046 at December 31, 2011 and 2010, respectively. Under the policy, the Company receives benefits payable upon death of the insured. An endorsement split dollar agreement has been executed with the insured officers whereby a portion of the policy death benefit is payable to their designated beneficiaries if they are employed by the Company at the time of death.