Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

Pensions and Postretirement Benefits

(3) Pension and Postretirement Benefits

The Company has a noncontributory defined benefit pension plan covering substantially all employees. The plan provides defined benefits based on years of service and final average salary. In addition, the Company provides certain health and life insurance benefits for eligible retired employees.  The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory.  Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits.

The composition of net periodic pension plan costs for the three and six months ended June 30, is as follows:

	For the three months						For the six months
	ended June 30,						ended June 30,
(In thousands)	2011			2010			2011			2010
Service cost	$	82		$	65		$	164		$	130
Interest cost		104			94			207			188
Expected return on plan assets		(157	)		(143	)		(313	)		(268	)
Amortization of net losses		62			50			124			100
Net periodic benefit cost	$	91		$	66		$	182		$	150

The Company has not made any contributions to the defined benefit pension plan during the first six months of 2011.

The composition of net periodic postretirement plan costs for the three and six months ended June 30, is as follows:

	For the three months				For the six months
	ended June 30,				ended June 30,
(In thousands)	2011		2010		2011		2010
Service cost		-		-		-		-
Interest cost	$	5	$	5	$	10	$	10
Amortization of transition obligation		4		4		9		9
Net periodic benefit cost	$	9	$	9	$	19	$	19