PENSION AND OTHER BENEFITS

3 Months Ended

Jun. 30, 2012

Compensation and Retirement Disclosure [Abstract]

PENSION AND OTHER BENEFITS

NOTE 8 – PENSION AND OTHER BENEFITS

The components of net periodic cost for Salisbury’s insured noncontributory defined benefit retirement plan were as follows:

	Three months		Six months
Periods ended June 30, (in thousands)	2012	2011	2012	2011
Service cost	$          87	$          95	$        202	$        191
Interest cost on benefit obligation	86	93	179	187
Expected return on plan assets	(112)	(106)	(227)	(212)
Amortization of net loss	25	17	61	33
Settlements and curtailments	341	-	341	-
Net periodic benefit cost	$        427	$         99	$        556	$        199

Salisbury’s 401(k) Plan contribution expense was $70,000 and $96,000, respectively, for the three month periods ended June 30, 2012 and 2011. Other post-retirement benefit obligation expense for endorsement split-dollar life insurance arrangements was $11,000 and $12,000, respectively, for the three month periods ended June 30, 2012 and 2011.