Retirement Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2013

Retirement Plans and Other Postretirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

Note 6. Retirement Plans and Other Postretirement Benefits

Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits, a portion of which is in excess of limits imposed on qualified plans by federal tax law. These plans are non-qualified benefit plans. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote.

The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote.

The Corporation sponsors a Supplemental Non-Qualified Pension Plan which was established in 1981 prior to the existence of a 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not actively offered to new participants.

Information with respect to the Retirement Plans and Other Postretirement Benefits follows:

Components of net periodic benefit cost were as follows:

	Three Months Ended March 31,
	2013			2012			2013			2012
(Dollars in thousands)	Retirement Plans						Other Post  Retirement Benefits
Service cost	$	156		$	158		$	21		$	21
Interest cost		431			431			29			30
Expected return on plan assets		(555	)		(491	)		—			—
Amortization of net loss		286			291			6			6
Accretion of prior service cost		(59	)		(59	)		(5	)		(5	)
Net periodic benefit cost	$	259		$	330		$	51		$	52

The Corporation previously disclosed in its financial statements for the year ended December 31, 2012, that it expected to make contributions of $40 thousand to its retirement plans and $82 thousand to its other postretirement benefit plans in 2013. During the three months ended March 31, 2013, the Corporation contributed $10 thousand to its retirement plans and $20 thousand to its other postretirement plans. During the three months ended March 31, 2013, $435 thousand has been paid to participants from the retirement plans and $20 thousand has been paid to participants from the other postretirement plans.