Pension Plans and Postretirement Benefit Plan

6 Months Ended

Jun. 30, 2011

Pension Plans and Postretirement Benefit Plan

Pension Plans and Postretirement Benefit Plan

Note 9.  Pension Plans and Postretirement Benefit Plan

The components of net periodic benefit cost for the Company’s pension plans and the postretirement benefit plan for the three and six months ended June 30, 2011 and 2010 were as follows:

	Pension Benefits						Postretirement Benefits
(dollars in thousands)	2011			2010			2011			2010
Three Months Ended June 30,
Service Cost	$	-		$	-		$	123		$	117
Interest Cost	1,305			1,294			359			440
Expected Return on Plan Assets	(1,612		)	(1,642		)	-			-
Amortization of:
Prior Service Credit	-			-			(53		)	(53		)
Net Actuarial Losses (Gains)	830			724			-			(76		)
Net Periodic Benefit Cost	$	523		$	376		$	429		$	428
Six Months Ended June 30,
Service Cost	$	-		$	-		$	246		$	234
Interest Cost	2,610			2,588			719			879
Expected Return on Plan Assets	(3,225		)	(3,284		)	-			-
Amortization of:
Prior Service Credit	-			-			(106		)	(106		)
Net Actuarial Losses (Gains)	1,661			1,447			(1		)	(152		)
Net Periodic Benefit Cost	$	1,046		$	751		$	858		$	855

The net periodic benefit cost for the Company’s pension plans and postretirement benefit plan are recorded as a component of salaries and benefits in the consolidated statements of income.  For the three and six months ended June 30, 2011, the Company contributed $0.1 million and $0.2 million, respectively, to the pension plans.  For the three and six months ended June 30, 2011, the Company contributed $0.2 million and $0.4 million, respectively, to the postretirement benefit plan.  The Company expects to contribute $0.5 million to the pension plans and $1.5 million to the postretirement benefit plan for the year ending December 31, 2011.