Employee Benefit Plans

9 Months Ended

Sep. 30, 2011

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Corporation maintains a defined benefit pension plan (Pension Plan) for certain employees. Contributions to the Pension Plan are actuarially determined and funded annually, if required. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds. Effective January 1, 2008, the Pension Plan was curtailed.

The Corporation currently provides medical and life insurance benefits under a postretirement benefits plan (Postretirement Plan) to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998. Certain full-time employees may become eligible for these discretionary benefits if they reach retirement age while working for the Corporation.

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income.

The net periodic benefit cost for the Corporation’s Pension Plan and Postretirement Plan, as determined by consulting actuaries, consisted of the following components for the three and nine months ended September 30:

	Pension Plan
	Three Months Ended September 30						Nine Months Ended September 30
	2011			2010			2011			2010
	(in thousands)
Service cost (1)	$	15		$	26		$	45		$	78
Interest cost	853			842			2,559			2,526
Expected return on plan assets	(837		)	(802		)	(2,511		)	(2,406		)
Net amortization and deferral	72			119			216			357
Net periodic benefit cost	$	103		$	185		$	309		$	555

(1) The Pension Plan service cost recorded for the three and nine months ended September 30, 2011 and 2010, respectively, was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits.

	Postretirement Plan
	Three Months Ended September 30						Nine Months Ended September 30
	2011			2010			2011			2010
	(in thousands)
Service cost	$	50		$	48		$	151		$	146
Interest cost	107			110			321			330
Expected return on plan assets	(1		)	(1		)	(3		)	(3		)
Net accretion and deferral	(91		)	(91		)	(273		)	(273		)
Net periodic benefit cost	$	65		$	66		$	196		$	200