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Pension Plan
 3 Months Ended
Mar. 31, 2012
Pension Plan [Abstract]  
Pension Plan

Note 13 – Pension Plan

 

Park has a noncontributory defined benefit pension plan covering substantially all of its employees. The plan provides benefits based on an employee’s years of service and compensation.

 

Park’s funding policy is to contribute annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. Pension plan contributions were $15.9 million and $14.0 million for the three month periods ended March 31, 2012 and 2011, respectively.

 

The following table shows the components of net periodic benefit expense:

 

 

 

 

 

(in thousands)

Three months ended

March 31,

 

2012

2011

Service cost

$1,068

$1,139

Interest cost

1,012

992

Expected return on plan assets

(2,186)

(1,886)

Amortization of prior service cost

5

5

Recognized net actuarial loss

427

353

Benefit expense

$326

$603

 

As a result of the February 16, 2012 acquisition of certain Vision assets and liabilities by Centennial Bank it was necessary to re-measure the plan assets and liabilities resulting in a reduction to the unrecognized net loss account, within Accumulated Other Comprehensive (loss), of $412,000 (net of tax of $222,000).