Employee Benefit Plan

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

11. Employee Benefit Plan

The following table sets forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans (“SERP”) including the following components:  service cost, interest cost, expected return on plan assets for the period, amortization of the unrecognized transitional obligation or transition asset, and the amounts of recognized gains and losses, prior service cost recognized, and gain or loss recognized due to settlement or curtailment.

Components of Net Periodic Benefit Cost
	Pension Benefits						Life and Health				SERP Benefits
	Three Months Ended						Three Months Ended				Three Months Ended
(in thousands)	06/30/2013			06/30/2012			06/30/2013		06/30/2012		06/30/2013		06/30/2012
Service cost	$	685		$	736		$	81	$	51	$	130	$	100
Interest cost		676			648			87		87		184		177
Expected return on plan assets		(1,010	)		(1,066	)		0		0		0		0
Amortization of net retirement plan actuarial loss		506			526			20		28		108		127
Amortization of net retirement plan prior service cost (credit)		(31	)		(31	)		4		4		41		45
Amortization of net retirement plan transition liability		0			0			13		17		0		0
Net periodic benefit cost	$	826		$	813		$	205	$	187	$	463	$	449

Components of Net Period Benefit Cost
	Pension Benefits						Life and Health				SERP Benefits
	Six Months Ended						Six Months Ended				Six Months Ended
(in thousands)	06/30/2013			06/30/2012			06/30/2013		06/30/2012		06/30/2013		06/30/2012
Service cost	$	1,458		$	1,360		$	133	$	85	$	239	$	181
Interest cost		1,344			1,361			172		181		369		358
Expected return on plan assets		(2,005	)		(1,889	)		0		0		0		0
Amortization of net retirement plan actuarial loss		1,011			941			48		37		230		184
Amortization of net retirement plan prior service cost (credit)		(62	)		(62	)		8		9		83		83
Amortization of net retirement plan transition liability		0			0			25		33		0		0
Net periodic benefit cost	$	1,746		$	1,711		$	386	$	345	$	921	$	806

The net periodic benefit cost for the Company’s benefit plans are recorded as a component of salaries and benefits in the consolidated statements of income.

The Company realized approximately $806,000 and $735,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive income, for the six months ended June 30, 2013 and June 30, 2012.

The Company is not required to contribute to the pension plan in 2013, but it may make voluntary contributions.  The Company did not contribute to the pension plan in the six months ended June 30, 2013.  For the six months ended June 30, 2012, the Company contributed $5.0 million to the pension plan.