PENSION AND OTHER BENEFITS

3 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

PENSION AND OTHER BENEFITS

NOTE 8 - PENSION AND OTHER BENEFITS

The components of net periodic cost for Salisbury’s insured noncontributory defined benefit retirement plan were as follows:

	Three months						Nine months
Periods ended September 30, (in thousands)	2013			2012			2013			2012
Service cost	$	-		$	94		$	-		$	310
Interest cost on benefit obligation		66			88			197			270
Expected return on plan assets		(67	)		(113	)		(202	)		(342	)
Amortization of net loss		1			28			5			95
Settlements and curtailments		-			-			-			341
Net periodic benefit cost	$	-		$	97		$	-		$	674

Salisbury’s 401(k) Plan expense was $183,000 and $70,000, respectively, for the three month periods ended September 30, 2013 and 2012. Other post-retirement benefit obligation expense for endorsement split-dollar life insurance arrangements was $14,000 and $11,000 for the three month periods ended September 30, 2013 and 2012, respectively.