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Other Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2014
Compensation And Retirement Disclosure [Abstract]  
Other Postretirement Benefit Plans
  9. OTHER POSTRETIREMENT BENEFIT PLANS

Home Savings sponsors a defined benefit health care plan that was curtailed in 2000, but continues to provide post-retirement medical benefits for employees who had worked 20 years and attained a minimum age of 60 by September 1, 2000, while in service with Home Savings. The plan is contributory and contains minor cost-sharing features such as deductibles and coinsurance. In addition, post-retirement life insurance coverage is provided for employees who were participants prior to December 10, 1976. The life insurance plan is non-contributory. Home Savings’ policy is to pay premiums monthly, with no pre-funding.

Components of net periodic benefit cost are as follows:

 

     Three Months Ended March 31,  
     2014     2013  
     (Dollars in thousands)  

Service cost

    $ —        $ —     

Interest cost

      14        13   

Expected return on plan assets

      —          —     

Net amortization of prior service cost

      (19 )      (19 ) 

Recognized net actuarial gain

      (36 )      (28 ) 
  

 

 

    

 

 

  

Net periodic benefit cost/(gain)

    $ (41 )    $ (34 ) 
  

 

 

    

 

 

  

Assumptions used in the valuations were as follows:

     

Weighted average discount rate

      3.95 %      3.00 %