Pension and postretirement benefits

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements [Abstract]

Pension And Other Postretirement Benefits Disclosure Text Block

Note 29 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries. The accrual of benefits under the plans is frozen to all participants.

The components of net periodic pension cost for the periods presented were as follows:

		Pension Plan				Benefit Restoration Plans
		Quarters ended June 30,				Quarters ended June 30,
(In thousands)		2013		2012		2013		2012
Interest Cost	$	6,966	$	7,495	$	373	$	393
Expected return on plan assets		(10,804)		(9,810)		(542)		(526)
Amortization of net loss		5,363		5,426		333		323
Total net periodic pension cost (benefit)	$	1,525	$	3,111	$	164	$	190

		Pension Plans				Benefit Restoration Plans
		Six months ended June 30,				Six months ended June 30,
(In thousands)		2013		2012		2013		2012
Interest Cost	$	13,932	$	14,990	$	746	$	786
Expected return on plan assets		(21,608)		(19,620)		(1,083)		(1,052)
Amortization of net loss		10,726		10,852		666		646
Total net periodic pension cost (benefit)	$	3,050	$	6,222	$	329	$	380

The Corporation did not make anycontributions to the pension and benefit restoration plansduring the quarter ended June 30,2013. The total contributions expected to be paid during the year 2013 for the pension and benefit restoration plans amount to approximately$51 thousand.

The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries. The table that follows presents the components of net periodic postretirement benefit cost.

		Postretirement Benefit Plan
		Quarters ended June 30,				Six months ended June 30,
(In thousands)		2013		2012		2013		2012
Service cost	$	564	$	548	$	1,128	$	1,096
Interest cost		1,712		1,950		3,424		3,900
Amortization of prior service cost		-		(50)		-		(100)
Amortization of net loss		473		540		946		1,080
Total net periodic postretirement benefit cost	$	2,749	$	2,988	$	5,498	$	5,976

Contributions made to the postretirement benefit plan for the quarter ended June 30, 2013amounted to approximately $1.8 million. The total contributions expected to be paid during the year 2013 for the postretirement benefit plan amount to approximately $6.8million.