Defined Benefit Retirement Plan

6 Months Ended

Jun. 30, 2013

Employee Benefit Plans [Abstract]

Defined Benefit Retirement Plan

10. Defined Benefit Retirement Plan

The Company sponsors a defined benefit retirement Plan which covers substantially all of its employees employed prior to December 31, 2007. As of January 1, 2008, the Plan was amended to close the Plan to new entrants. All active participants as of December 31, 2007 became 100% vested in their accrued benefit and, as long as they remained eligible, continued to accrue benefits until December 31, 2012. The benefits are based on years of service and the employee’s compensation. Effective December 31, 2012, the defined benefit retirement Plan was amended to cease future service accruals after that date (frozen). The Company’s funding policy is to contribute annually no more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide for benefits attributed to service through December 31, 2012. The Company has made no contributions in the first six months of 2013 and does not expect to contribute to the defined benefit Plan in the remainder of 2013. Pension expense included the following components for the three and six month periods ended June  30, 2013 and 2012:

(Dollars in thousands)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Components of net periodic pension cost
Service cost	$	-	$	56	$	-	$	111
Interest cost		99		113		198		226
Expected return on plan assets		(140)		(148)		(280)		(296)
Recognized net actuarial loss		51		74		102		148
Net periodic pension cost		10		95		20		189
Amortization of net actuarial loss		(51)		(74)		(102)		(148)
Total recognized in other comprehensive income	$	(51)	$	(74)	$	(102)	$	(148)
Total recognized in net periodic pension cost and other comprehensive (income) loss	$	(41)	$	21	$	(82)	$	41