Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

9 Months Ended

Sep. 30, 2011

Components of Quarterly and Year [Abstract]

Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

10.  Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

	Nine Months Ended September 30,							Three Months Ended September 30,
	2011				2010			2011			2010
Qualified Pension
Service cost, benefits earned during the period	$	777,402		$	677,654		$	259,134		$	144,938
Interest cost on projected benefit obligation		1,178,868			1,137,613			392,956			179,589
Expected return on plan assets		(1,757,019	)		(1,690,066	)		(585,673	)		(301,794	)
Amortization of unrecognized transition obligation		-			-			-			-
Amortization of unrecognized prior service cost		22,410			34,417			7,470			6,021
Amortization of unrecognized net loss		507,339			410,788			169,113			41,652
Net periodic pension expense	$	729,000		$	570,406		$	243,000		$	70,406
Supplemental Pension
Service cost, benefits earned during the period	$	22,968		$	23,314			7,656		$	6,800
Interest cost on projected benefit obligation		40,330			42,949			13,443			12,525
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		-			-			-			-
Amortization of unrecognized net loss		7,098			4,322			2,366			1,260
Net periodic supplemental pension expense	$	70,396		$	70,585		$	23,465		$	20,585
Postretirement, Medical and Life
Service cost, benefits earned during the period	$	24,750		$	22,500			8,250		$	7,500
Interest cost on projected benefit obligation		56,250			56,250			18,750			18,750
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		(72,750	)		(71,250	)		(24,250	)		(23,750	)
Amortization of unrecognized net gain		-			-			-
Net periodic postretirement, medical and life expense	$	8,250		$	7,500		$	2,750		$	2,500

On April 21, 2010 the Corporation's Board of Directors approved an amendment to the Corporation's Defined Benefit Pension Plan.  Under the amendment, which became effective on July 1, 2010, new employees hired on or after the effective date will not be eligible to participate in the plan, however, existing participants at that time will continue to accrue benefits.  The Corporation anticipates that over time the amendment will result in a decrease in the future benefit obligations of the plan and the corresponding net periodic benefit cost associated with the plan.