Company - Owned Life Insurance

12 Months Ended

Dec. 31, 2015

Investments, All Other Investments [Abstract]

Company-Owned Life Insurance

COMPANY-OWNED LIFE INSURANCE

Company-owned life insurance consists of the following:

December 31,	2015		2014
Key executive, principal shareholder	$	3,926	$	3,798
Key executive split dollar	4,778		4,707
Group life	178,549		145,316
Total	$	187,253	$	153,821

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 $3,926 and $3,798 at December 31, 2015 and 2014, respectively.

The Company also has life insurance policies covering selected other key officers. The net cash surrender value of these policies was $4,778 and $4,707 at December 31, 2015 and 2014, 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 $178,549 and $145,316 at December 31, 2015 and 2014, 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.