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Defined Benefit Pension Plans
 3 Months Ended
Mar. 31, 2012
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Defined Benefit Pension Plans
Defined Benefit Pension Plans
The Corporation offers a tax-qualified defined benefit pension plan for the benefit of certain eligible employees. The pension plan was amended effective October 1, 2007 to freeze plan entry to new hires and rehires.  Existing employees hired prior to October 1, 2007 continue to accrue benefits under the plan.  Benefits are based on an employee’s years of service and compensation earned during the years of service.  The plan is funded on a current basis, in compliance with the requirements of ERISA. 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 Pension Plan
 
Non-Qualified Retirement Plans
Three months ended March 31,
2012
 
2011
 
2012
 
2011
Service cost

$644

 

$579

 

$38

 

$18

Interest cost
706

 
645

 
126

 
124

Expected return on plan assets
(746
)
 
(699
)
 
—

 
—

Amortization of prior service cost
(8
)
 
(8
)
 
—

 
—

Recognized net actuarial loss
244

 
97

 
29

 
3

Net periodic benefit cost

$840

 

$614

 

$193

 

$145


Employer Contributions:
The Corporation previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 that in 2012 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 January 2012, the Corporation contributed $3.0 million to the qualified pension plan. In support of its long-term funding strategy for the qualified pension plan, the Corporation currently expects to make an additional contribution of approximately $3 million to this plan later in 2012.  During the three months ended March 31, 2012, benefit payments of $180 thousand were made under the non-qualified retirement plans and the Corporation presently anticipates making an additional $543 thousand in benefit payments throughout the remainder of 2012.