Retirement Plan

9 Months Ended

Sep. 30, 2012

Retirement Plan [Abstract]

Retirement Plan

(7) Retirement Plan

The Company accounts for its retirement plan in accordance with FASB ASC 715, “Compensation – Retirement Benefits” and FASB ASC 960, “Plan Accounting – Defined Benefit Pension Plans,” which requires an employer that is a business entity and sponsors one or more single-employer defined benefit plans to recognize the funded status of a benefit plan in its statement of financial position; recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost; measure defined benefit plan assets and obligations as of the date of fiscal year-end statements of financial position (with limited exceptions); and disclose in the notes to financial statements additional information about certain effects of net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset and obligation. Plan assets and benefit obligations are measured as of the date of the statement of financial position and in determining the amount of net periodic benefit cost. The Company has adopted the provisions of the codification, which have been recorded in the accompanying consolidated statement of condition and disclosures.

The following table presents information concerning net periodic defined benefit pension expense for the three and nine months ended September 30, 2012 and 2011: (in thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Service cost	$	666		$	545		$	1,999		$	1,635
Interest cost		555			563			1,664			1,688
Expected return on plan assets		(590	)		(560	)		(1,771	)		(1,680	)
Amortization of prior service cost		406			244			1,220			732
Net periodic benefit expense	$	1,037		$	792		$	3,112		$	2,375

In December 2011, the Company made an annual minimum contribution of $3,700,000 for the plan year ending September 30, 2012. There is no additional minimum required contribution for the plan year ending September 30, 2012.