Pensions

9 Months Ended

Sep. 30, 2011

Pensions

Pensions

Note 8 – Pensions

The components of pension expense for the periods presented are as follows:

	Three months ended						Nine months ended
	September 30						September 30
(Dollars in thousands)	2011			2010			2011			2010
Components of net periodic (benefit) cost:
Service cost	$	87		$	91		$	274		$	274
Interest cost		183			185			545			557
Expected return on plan assets		(189	)		(209	)		(565	)		(628	)
Recognized net actuarial loss		95			43			275			128
Net periodic cost	$	176		$	110		$	529		$	331

The Bank expects its pension expense to increase in 2011 compared to 2010.  The Bank expects to contribute $2.1 million to its pension plan in 2011.  This contribution will meet the minimum funding requirements.