EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2013

Employee Benefit [Abstract]

EMPLOYEE BENEFITS

NOTE 10 - EMPLOYEE BENEFITS

The Bank maintains an employee profit sharing plan covering substantially all employees. Contributions are at the discretion of the Board of Directors. Profit sharing expense totaled $336, $249, and $227 for the years ended December 31, 2013, 2012 and 2011, respectively.

In 2003, the Company adopted a benefit program for certain officers to encourage long-term retention. The program consists principally of a defined benefit component, providing each officer with payments equal to 30% of final average pay for 15 years after retirement, and a deferral component, permitting each officer the ability to defer a portion of their current compensation and earn pre-tax returns on such deferred amounts. The accrued liability under the defined benefit component was $4,884 and $3,773 and the deferred compensation component was $1,608 and $1,107 at December 31, 2013 and 2012, respectively. Expense related to the program was $1,136, $850, and $515 for the years ended December 31, 2013, 2012 and 2011.