Employee Benefit Plan

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefits Plan

10. 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)	03/31/2014			03/31/2013			03/31/2014		03/31/2013		03/31/2014		03/31/2013
Service cost	$	625		$	772		$	55	$	51	$	93	$	109
Interest cost		768			669			98		86		214		185
Expected return on plan assets		(1,258	)		(995	)		0		0		0		0
Amortization of net retirement plan actuarial loss		225			505			11		27		84		122
Amortization of net retirement plan prior service cost (credit)		(31	)		(31	)		4		4		41		41
Amortization of net retirement plan transition liability		0			0			0		13		0		0
Net periodic benefit cost	$	329		$	920		$	168	$	181	$	432	$	457

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 $200,000 and $409,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive income, for the three months ended March 31, 2014 and 2013, respectively.

The Company is not required to contribute to the pension plan in 2014, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first thee months of 2014 and 2013.