Pension and Other Employee Benefit Plans

3 Months Ended

Mar. 31, 2012

Pension and Other Employee Benefits Plans

Pension and Other Employee Benefit Plans

As discussed in Note 18: Employee Benefit Plans, to the December 31, 2011 financial statements, the Bank has a defined benefit pension plan covering substantially all full time employees of the Bank and its subsidiaries. The following table provides a summary of the components of the unamortized pension costs recognized in stockholders’ equity as of March 31, 2012 and December 31, 2011:

(Dollars in thousands)	Balance			2012			Balance
	12/31/11			Amortization			03/31/12
Unamortized actuarial loss	$	4,272		$	(534	)	$	3,738
Deferred taxes	(1,593		)	199			(1,394		)
Net unamortized pension costs	$	2,679		$	(335	)	$	2,344

The following is a summary of the components of net periodic benefit costs for the three-month periods ended March 31, 2012 and 2011:

	Three Months Ended
(Dollars in thousands)	March 31
	2012			2011
Interest cost	$	102		$	112
Expected return on plan assets	(131		)	(141		)
Amortization of prior service costs	—			(6		)
Recognized actuarial loss	534			246
Net pension cost	$	505		$	211

The Company made $56 thousand in contributions to the pension plan during the first three months of 2012. The Company made no contribution to the pension plan during the first three months of 2011. The Company expects to make approximately $406 thousand in contributions to the pension plan during the remainder of 2012.

The Company made $75 thousand in contributions to the ESOP and $164 thousand in matching contributions to the 401k plan during the first three months of 2012. The Company made $75 thousand in contributions to the ESOP and $76 thousand in matching contributions to the 401k plan during the first three months of 2011. During 2012 the Company matched 60% of an employee's first 6% of salary deferral in the 401k plan for all employees with less than three years of credited service and 75% for employees with three years or more of credited service. During the first quarter of 2011, the matching percentages were 30% and 37.5% respectively.

The Company has a nonqualified deferred compensation plan for certain senior officers. Participants deferred $21 thousand of compensation and received $8 thousand in distributions during the first three months of 2012. Participants deferred $12 thousand of compensation and received $6 thousand in distributions during the first three months of 2011. Employee benefit expenses include charges for earnings increases of $34 thousand for the first three months of 2012 and $25 thousand for the first three months of 2011. The plan incurred $1 thousand of expenses during the first three months of 2012 and $1 thousand during the first three months of 2011. Liabilities of the plan were $552 thousand at March 31, 2012 and $506 thousand at March 31, 2011, substantially all of which were vested.