Pension Plan

6 Months Ended

Jun. 30, 2013

Pension Plan [Abstract]

Pension Plan

Note 12. Pension Plan

The Company has a noncontributory nonqualified defined benefit pension plan (“Pension Plan”) covering certain eligible employees.  The Company’s Pension Plan provides retirement benefits under pension trust agreements.  The benefits are based on years of service and the employee’s compensation during the highest three consecutive years during the last 10 years of employment.

Net periodic defined benefit pension expense for the three and six month periods ended June 30, 2013 and 2012 included the following components:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2013		2012		2013		2012
Service cost	$	19	$	68	$	37	$	136
Interest cost		133		144		266		296
Amortization of prior service cost		22		22		45		44
Amortization of actuarial loss		123		95		245		191
Net periodic benefit cost	$	297	$	329	$	593	$	667

The Company has unfunded pension plan obligations of $16.7 million as of June 30, 2013 compared to $16.9 million at December 31, 2012.  The Company plans to fund the pension plan obligations through existing Company owned life insurance policies.