Pension And Other Retirement Benefit Plans

3 Months Ended

Mar. 31, 2012

Pension And Other Retirement Benefit Plans [Abstract]

Pension And Other Retirement Benefit Plans

4. Pension and Other Retirement Benefit Plans

Prior to April 1, 2008, the Company participated in the Pentegra Defined Benefit Plan for Financial Institutions (the "Pentegra Plan"), a noncontributory multi-employer pension plan covering all qualified employees.  The Company chose to freeze its defined benefit pension plan effective April 1, 2008.  The trustees of the Financial Institutions Retirement Fund administer the Pentegra Plan, employer identification number 13-5645888 and plan number 333.  The Pentegra Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code.  There are no collective bargaining agreements in place that require contributions to the Pentegra Plan.

The Company recorded pension expenses of $275,000 and $212,000 for the three months ended March 31, 2012 and 2011, respectively.  Company cash contributions to the multi-employer pension plan for the three months ended March 31, 2012 were $842,000.  No cash contributions were made to the multi-employer pension plan for the three months ended March 31, 2011.

 The Company has entered into supplemental retirement agreements for certain officers.  The net periodic pension cost, including the detail of its components for the three months ended March 31, 2012 and 2011, is estimated as follows:  (dollars in thousands)

	Three Months Ended
	March 31,
Components of Net Periodic Benefit Cost	2012		2011
Service cost	$	22	$	28
Interest cost		53		54
Amortization of prior service cost		13		13
Amortization of actuarial losses		10		1
Net periodic benefit cost	$	98	$	96

The Company previously disclosed in its financial statements for the year ended December 31, 2011, that it expected to pay benefits of $246,000 in 2012.  As of March 31, 2012, the Bank has paid $61,000 in benefits and presently anticipates paying an additional $185,000 in fiscal 2012, provided however that under the Company's merger agreement with Old National Bancorp, these agreements are to be terminated and cashed out at the merger closing.