Pension Plans

3 Months Ended

Mar. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Pension plans

Note 12 – Pension Plans

The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012.

The Company recorded pension income totaling $149,000 for the three months ended March 31, 2013, which primarily related to investment income from the Pension Plan’s assets. For the three months ended March 31, 2012, the Company recorded pension expense totaling $1,039,000 related to the Pension Plan and the SERP. The following table contains the components of the pension (income) expense.

	For the Three Months Ended March 31,
	2013			2012			2013		2012		2013 Total			2012 Total
($ in thousands)	Pension Plan			Pension Plan			SERP		SERP		Both Plans			Both Plans
Service cost – benefits earned during the period	$	—			604			—		94		—			698
Interest cost		372			436			67		87		439			523
Expected return on plan assets		(591	)		(492	)		—		—		(591	)		(492	)
Amortization of transition obligation		—			1			—		—		—			1
Amortization of net (gain)/loss		3			267			—		34		3			301
Amortization of prior service cost		—			3			—		5		—			8
Net periodic pension cost	$	(216	)		819			67		220		(149	)		1,039

The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company expects that it will contribute $1,500,000 to the Pension Plan in 2013.

The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.