NOTE 8: PENSION AND POSTRETIREMENT OBLIGATIONS

The components of net periodic cost (benefit) for the three months ended June 30, 2014 and 2013 are as follows:


		Pension Benefits						Postretirement Benefits
		For the three months ended						For the three months ended
($ in thousands)		June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Service cost	$	-		$	-		$	3		$	3
Interest cost		201			190			27			57
Expected return on plan assets		(216	)		(262	)		(7	)		(105	)
Amortization of transition asset		-			-			-			7
Amortization of prior service cost		14			14			(49	)		(82	)
Recognized actuarial loss		178			197			6			16

Net periodic benefit cost (benefit)	$	177		$	139		$	(20	)	$	(104	)

The components of net periodic cost (benefit) for the six months ended June 30, 2014 and 2013 are as follows:


		Pension Benefits						Postretirement Benefits
		For the six months ended						For the six months ended
($ in thousands)		June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Service cost	$	-		$	-		$	6		$	7
Interest cost		413			380			59			113
Expected return on plan assets		(441	)		(524	)		(15	)		(209	)
Amortization of transition asset		-			-			-			14
Amortization of prior service cost		28			28			(98	)		(165	)
Recognized actuarial loss		355			396			12			31

Net periodic benefit cost (benefit)	$	355		$	280		$	(36	)	$	(209	)

For the six months ended June 30, 2014 and June 30, 2013, the Company has contributed $0.1 million and $0.3 million, respectively, to its pension and postretirement benefits plans. The amortization of prior service cost and recognized actuarial (gain) loss included in pension and postretirement expense represent reclassifications out of other comprehensive income (loss).