Company - Owned Life Insurance

12 Months Ended

Dec. 31, 2014

Investments, All Other Investments [Abstract]

Company-Owned Life Insurance

COMPANY-OWNED LIFE INSURANCE

Company-owned life insurance consists of the following:

December 31,	2014		2013
Key executive, principal shareholder	$	3,798	$	3,660
Key executive split dollar	4,707		4,628
Group life	145,316		113,887
Total	$	153,821	$	122,175

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 $3,798 and $3,660 at December 31, 2014 and 2013, respectively.

The Company also has life insurance policies covering selected other key officers. The net cash surrender value of these policies was $4,707 and $4,628 at December 31, 2014 and 2013, 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 post-retirement 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 group life insurance policies covering selected officers of FIB. The net cash surrender value of these policies was $132,111 and $113,887 at December 31, 2014 and 2013, respectively. Under these policies, the Company receives benefits payable upon death of the insured. The Company has entered into either an endorsement split dollar agreement or a survivor income benefit agreement with each insured officer. Under the endorsement split dollar agreements, a portion of the policy death benefit is payable to the insured's designated beneficiary if the insured is employed by the Company at the time of death. Under the survivor income benefit agreements, the Company makes a lump-sum payment to the insured's designated beneficiary if the insured is employed by the Company at the time of death.

The Company obtained group life insurance policies covering certain key employees of MWB as part of the MWFC acquisition. The net cash surrender value of these policies was $13,205 at December 31, 2014. Under these policies, the Company receives all benefits payable upon death of the insured.