Pension

9 Months Ended

Sep. 30, 2012

Pension [Abstract]

Pension

Note 5: Pension

We formerly had a noncontributory defined benefit pension plan (the “Plan”) covering all eligible employees. The Plan was a final average pay plan with benefits based on the average salary rates using the five consecutive Plan years of the last ten years that produce the highest average salary. The Plan was curtailed in 1995; all accrued benefits were fully vested and no additional years of service or age will be accrued.

The following table summarizes the components of net periodic benefit costs for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2012		2011		2012		2011
Interest cost	$	119	$	122	$	358	$	366
Service cost		12		14		36		42
Expected return on Plan assets		(150)		(156)		(450)		(468)
Amortization of net loss		82		70		245		210
Net periodic benefit cost	$	63	$	50	$	189	$	150

Our minimum required contribution to the Plan for 2012 is $288 thousand. We intend to make a contribution to the Plan of at least that amount during the fourth quarter of 2012.

Our Pension Plan Investment Policy Statement sets forth the investment objectives and constraints of the Plan.  The purpose of the policy is to assist our Retirement Plan Committee in effectively supervising, monitoring and evaluating the investments of the Plan.