The Company sponsors two deferred compensation plans, one for certain key management employees and another for directors. Under the management plan, which was amended in 2016, employees designated by the Board of Directors may defer compensation and receive the deferred amounts plus earnings thereon upon termination of employment or at their election. The liability for the cumulative employee contributions and earnings thereon at December 31, 2016 and 2015 totaled approximately $272,000 and $359,000, respectively, and is included in other liabilities in the consolidated balance sheets. Under the director plan participating directors may defer up to 100% of their Board compensation towards the purchase of Company common stock at market prices on a quarterly basis that is held in a Rabbi Trust. During 2016 and 2015, the plan purchased 3,796 and 4,820 shares of Company common stock valued at approximately $138,000 and $143,000, respectively. There were no distributions in 2016. In 2015, common stock valued at approximately $49,000 (and representing 2,670 shares) was distributed. The common stock outstanding and the related director deferred compensation liability are offsetting components of the Company’s equity in the amount of $641,000 at year end 2016 and $502,000 at year end 2015 representing 28,510 shares and 24,561 shares, respectively.