Retirement Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2014

Compensation And Retirement Disclosure [Abstract]

Retirement Plans and Other Postretirement Benefits

Note 7. 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 salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants.

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

Components of net periodic benefit cost (income) were as follows:

	Three Months Ended June 30,
	2014			2013			2014		2013
(Dollars in thousands)	Retirement Plans						Other Post Retirement Benefits
Service cost	$	137		$	155		$	18	$	25
Interest cost		475			426			31		27
Expected return on plan assets		(745	)		(709	)		—		—
Amortization of net actuarial loss		165			343			2		6
Accretion of prior service cost		(71	)		(59	)		2		(4	)
Net periodic benefit (income) cost	$	(39	)	$	156		$	53	$	54

	Six Months Ended June 30,
	2014			2013			2014			2013
(Dollars in thousands)	Retirement Plans						Other Post Retirement Benefits
Service cost	$	273		$	311		$	37		$	46
Interest cost		950			857			67			56
Expected return on plan assets		(1,490	)		(1,264	)		—			—
Amortization of net actuarial loss		326			629			5			12
Accretion of prior service cost		(141	)		(118	)		(3	)		(9	)
Net periodic benefit (income) cost	$	(82	)	$	415		$	106		$	105

The Corporation previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to make contributions of $162 thousand to its non-qualified retirement plans and $94 thousand to its other postretirement benefit plans in 2014. During the six months ended June 30, 2014, the Corporation contributed $66 thousand to its non-qualified retirement plans and $46 thousand to its other postretirement plans. During the six months ended June 30, 2014, $1.0 million has been paid to participants from the retirement plans and $46 thousand has been paid to participants from the other postretirement plans.