Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2011

Defined Benefit Pension Plans [Abstract]

Note 8. Defined Benefit Pension Plans

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 have been frozen at $896,000, subject to cost-of-living adjustments. As of June 30, 2011 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, 2011 and 2010 is detailed in the following table.


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(Dollars in thousands)	2011		2010			2011		2010

Service costs	$	17	$	13		$	34	$	26
Interest costs		212		229			426		471
Amortization of net gain/loss		232		145			464		332
Effect of settlement		—		(35	)		—		(35	)

Total recognized in net periodic benefit cost	$	461	$	352		$	924	$	794

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Publisher FASB
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-Publisher FASB
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+ Details