Retirement Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2012

Retirement Plans and Other Postretirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

Note 6. Retirement Plans and Other Postretirement Benefits

Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits, a portion of which is in excess of limits imposed on qualified plans by federal tax law. These plans are non-qualified benefit plans. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote.

The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote.

The Corporation sponsors a Supplemental Non-Qualified Pension Plan which was established in 1981 prior to the existence of a 401(k) Deferred Savings Plan, the Employee Stock Purchase Plan and the Long-Term Incentive Plans and therefore is not actively offered to new participants.

Information with respect to the Retirement and Supplemental Retirement Plans and Other Postretirement Benefits follows:

Components of net periodic benefit cost were as follows:

	For the Three Months Ended March 31,
	2012			2011			2012			2011
(Dollars in thousands)	Retirement Plans						Other Post Retirement Benefits
Service cost	$	158		$	94		$	21		$	16
Interest cost		431			430			30			29
Expected return on plan assets		(491	)		(472	)		—			—
Amortization of net loss		291			188			6			17
Amortization (accretion) of prior service cost		(59	)		(59	)		(5	)		(5	)
Net periodic cost	$	330		$	181		$	52		$	57

The Corporation previously disclosed in its financial statements for the year ended December 31, 2011, that it expected to make contributions of $40 thousand to its qualified and non-qualified retirement plans and $87 thousand to its other postretirement benefit plans in 2012. During the three months ended March 31, 2012, the Corporation contributed $10 thousand and $19 thousand to its qualified and non-qualified retirement plans and other postretirement plans, respectively. As of March 31, 2012, $382 thousand has been paid to participants from the qualified and non-qualified retirement plans and $19 thousand has been paid to participants from the other postretirement plans.