PENSION AND OTHER BENEFITS

3 Months Ended

Jun. 30, 2013

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)	2013			2012			2013			2012
Service cost	$	—		$	87		$	—		$	202
Interest cost on benefit obligation		66			86			132			179
Expected return on plan assets		(67	)		(112	)		(135	)		(227	)
Amortization of net loss		1			25			3			61
Settlements and curtailments		—			341			—			341
Net periodic benefit cost	$	—		$	427		$	—		$	556

Salisbury’s 401(k) Plan expense was $173,000 and $70,000, respectively, for the three month periods ended June 30, 2013 and 2012. Other post-retirement benefit obligation expense for endorsement split-dollar life insurance arrangements was $12,000 and $11,000 for the three month periods ended June 30, 2013 and 2012 respectively.