PENSION AND OTHER BENEFITS

3 Months Ended

Sep. 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		Nine months
Periods ended September 30, (in thousands)	2012	2011	2012	2011
Service cost	$          94	$          67	$        310	$        258
Interest cost on benefit obligation	88	101	270	287
Expected return on plan assets	(113)	(102)	(342)	(314)
Amortization of net loss	28	23	95	56
Settlements and curtailments	-	-	341	-
Net periodic benefit cost	$          97	$          89	$        674	$        287

Salisbury’s 401(k) Plan contribution expense was $70,000 and $75,000, respectively, for the three month periods ended September 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 September 30, 2012 and 2011.