Note 11 - Retirement Plans

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

   11. Retirement Plans:

On November 25, 2013 the Company’s Board voted to terminate the noncontributory defined benefit pension plan (the “Plan”), subject to regulatory approval, and has begun the process of termination. On February 28, 2014, the Company submitted the necessary application and related documents to the IRS and is expecting to submit documentation to the Pension Benefit Guarantee Corporation (“PBGC”) in August 2014. Both the PBGC and the IRS must approve the termination. The Company expects to receive the approval from the PBGC and the IRS in the second half of 2014.

As a result of the Boards vote to terminate the pension plan, on February 28, 2014 the non-vested benefits became fully vested, and the effects of future contribution levels will cease to be an obligation. The Pension plan has an accumulated net unrecognized gain. Any gain (loss) from termination will be added to (netted against) the unrecognized pension gain and recognized in the financial statements.

The Plan contains two options for employees and beneficiaries to choose from upon termination of the Plan; Annuity or Lump Sum. The below pension asset reflects an annuity obligation where assets will exceed the obligations.

The following table provides the components of net periodic pension benefit cost for the Plan for the three and six months ended June 30, 2014 and 2013 including the required and expected contributions:

	Six Months Ended						Three Months Ended
	June 30,						June30,
	2014			2013			2014			2013
Pension Benefits
Service Cost	$	92,854		$	130,517		$	46,427		$	37,754
Interest Cost		91,416			125,817			45,708			62,908
Expected Return on Plan Assets		(180,620	)		(163,093	)		(90,310	)		(81,546	)
Amortization of prior service costs		11,288			11,288			5,644			5,644
Amortization of Actuarial Loss		-			71,765			-			35,882
Net Periodic Pension Benefit Cost After Curtailments and Settlements	$	14,938		$	176,294		$	7,469		$	60,642
Minimum required contribution	$	-		$	-		$	-		$	-
Expected contribution	$	-		$	-		$	-		$	-

During the three and six-months ended June 30, 2014 and 2013, the Company did not make any contribution to the Plan. The Company does not have a minimum required contribution for the December 31, 2014 plan year. As a result of the termination of the pension plan, the Company may have to make a contribution of approximately $400,000 to satisfy the lump sum payment options and to purchase annuities.