Defined Benefit Pension Plan

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

The Company’s Executive Retirement Plan provides benefits upon retirement for three of the Company’s founding officers. The plan is unfunded and benefits will be paid from cash flows of the Company. The maximum annual benefits payable to each individual under the Executive Retirement Plan is $896,000, subject to cost-of-living adjustments. As of June 30, 2013, only the Company’s Chief Executive Officer was eligible to retire under the Executive Retirement Plan.

Net periodic benefit cost recorded related to the Company’s pension plans for the three and six months ended June 30, 2013 and 2012 is detailed in the following table.



	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2013			2012			2013			2012
Service costs	$	22		$	19		$	43		$	38
Interest costs	149			181			298			363
Amortization of net gain/loss	344			248			690			496
Amortization of prior service cost	(297		)	(181		)	(594		)	(362		)
Total recognized in net periodic benefit cost	$	218		$	267		$	437		$	535

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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+ Details