Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2011

Defined Benefit Pension Plans [Abstract]

Defined Benefit Pension Plans

(11) Defined Benefit Pension Plans

The Corporation offers a tax-qualified defined benefit pension plan for the benefit of certain eligible employees. Effective October 1, 2007, the pension plan was amended to freeze plan entry to new hires and rehires.  Existing employees hired prior to October 1, 2007 continue to accrue benefits under the plan.  The Corporation also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans.  The supplemental retirement plans provide eligible participants with an additional retirement benefit.

For the periods indicated, the composition of net periodic benefit cost was as follows:

(Dollars in thousands)	Qualified												Non-Qualified
	Pension Plan												Retirement Plans
	Three Months						Six Months						Three Months				Six Months
Periods ended June 30,	2011			2010			2011			2010			2011		2010		2011		2010
Service cost	$	578		$	585		$	1,157		$	1,169		$	18	$	23	$	36	$	46
Interest cost		644			626			1,289			1,253			124		129		248		258
Expected return on plan assets		(698	)		(630	)		(1,397	)		(1,260	)		–		-		-		-
Amortization of prior service cost		(9	)		(9	)		(17	)		(17	)		–		2		-		4
Recognized net actuarial loss		99			80			196			160			3		5		6		10
Net periodic benefit cost	$	614		$	652		$	1,228		$	1,305		$	145	$	159	$	290	$	318

Employer Contributions:

The Corporation previously disclosed in its financial statements for the year ended December 31, 2010 that it expected to contribute $3.0 million to its qualified pension plan and make $723 thousand in benefit payments under its non-qualified retirement plans in 2011.  The Corporation contributed $3.0 million to the qualified pension plan on April 1, 2011.  During the six months ended June 30, 2011, $341 thousand in benefit payments have been made under the non-qualified retirement plans and it presently anticipates making an additional $382 thousand in benefit payments throughout the remainder of 2011.