Defined Benefit Pension Plan

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Defined Benefit Pension Plan

Defined Benefit Pension Plan

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 $0.9 million, subject to cost-of-living adjustments. As of March 31, 2014, 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 plan for the three months ended March 31, 2014 and 2013 is detailed in the following table.

	Three Months Ended March 31,
(Dollars in thousands)	2014			2013
Service cost	$	22		$	21
Interest cost	172			149
Amortization of net gain/loss	117			345
Amortization of prior service cost	(297		)	(297		)
Total recognized in net periodic benefit cost	$	14		$	218