Pension and Other Employee Benefit Plans

9 Months Ended

Sep. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Pension and Other Employee Benefit 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 September 30, 2012 and December 31, 2011:

(Dollars in thousands)	Balance			2012			Balance
	12/31/11			Amortization			09/30/12
Unamortized actuarial loss	$	4,272		$	(1,602	)	$	2,670
Deferred taxes	(1,593		)	597			(996		)
Net unamortized pension costs	$	2,679		$	(1,005	)	$	1,674

The following is a summary of the components of net periodic benefit costs for the three and nine month periods ended September 30, 2012 and 2011:

	Three Months Ended						Nine Months Ended
(Dollars in thousands)	September 30						September 30
	2012			2011			2012			2011
Interest cost	$	103		$	112		$	307		$	336
Expected return on plan assets	(132		)	(140		)	(395		)	(422		)
Amortization of prior service costs	—			(7		)	—			(19		)
Recognized actuarial loss	534			246			1,602			738
Net pension cost	$	505		$	211		$	1,514		$	633

The Company made $226 thousand in contributions to the pension plan during the first nine months of 2012. The Company made $112 thousand in contributions to the pension plan during the first nine months of 2011. The Company expects to make approximately $236 thousand in contributions to the pension plan during the remainder of 2012.

The Company made $75 thousand in contributions to the ESOP and $500 thousand in matching contributions to the 401k plan during the first nine months of 2012. The Company made $75 thousand in contributions to the ESOP and $256 thousand in matching contributions to the 401k plan during the first nine 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 half 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 $60 thousand of compensation and received $12 thousand in distributions during the first nine months of 2012. Participants deferred $42 thousand of compensation and received $10 thousand in distributions during the first nine months of 2011. Employee benefit expenses include charges for earnings increases of $61 thousand for the first nine months of 2012 and $50 thousand for the first nine months of 2011. The plan incurred $3 thousand of expenses during the first nine months of 2012 and $3 thousand during the first nine months of 2011. Liabilities of the plan were $615 thousand at September 30, 2012 and $550 thousand at September 30, 2011, substantially all of which were vested.