Employee Benefit Plans

6 Months Ended

Jun. 30, 2013

Employee Benefit Plans [Abstract]

Employee Benefit Plans

NOTE 5: EMPLOYEE BENEFIT PLANS

Pension Plan

Prior to January 1995, we maintained a noncontributory defined benefit plan covering all eligible employees. Our pension plan (the “Pension Plan”) was a final average pay plan with benefits based on the average salary rates over the five consecutive plan years out of the last ten consecutive plan years that produce the highest average. It was our policy to fund the cost of benefits expected to accrue during the year plus amortization of any unfunded accrued liability that had accumulated prior to the valuation date based on IRS regulations for funding. During 1995, the Pension Plan was curtailed. Accordingly, all accrued benefits were fully vested and no additional years of service or age will be accrued.

The following tables summarize the components of net periodic benefit cost and other changes in Pension Plan assets and benefit obligations recognized for the three and six months ended June 30, 2013 and 2012, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2013		2012		2013		2012
Interest cost	$	105	$	130	$	209	$	239
Expected return on plan assets		(247)		(156)		(494)		(300)
Service costs		15		11		30		24
Net loss amortization		87		62		179		163
Net periodic pension cost	$	(40)	$	47	$	(76)	$	126

We have no minimum required contribution for 2013.

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