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Pension Plans
 6 Months Ended
Jun. 30, 2011
Pension Plans [Abstract]  
Pension Plans
Note 12 – Pension Plans

The Company sponsors two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which is generally available to all employees hired prior to June 19, 2009, and a Supplemental Executive Retirement Plan (the “SERP”), which is for the benefit of certain senior management executives of the Company.

The Company recorded pension expense totaling $832,000 and $783,000 for the three months ended June 30, 2011 and 2010, respectively, related to the Pension Plan and the SERP. The following table contains the components of the pension expense.

   
For the Three Months Ended June 30,
 
   
2011
  
2010
  
2011
  
2010
  
2011 Total
  
2010 Total
 
($ in thousands)
 
Pension Plan
  
Pension Plan
  
SERP
  
SERP
  
Both Plans
  
Both Plans
 
Service cost – benefits earned during the period
 $478   424   115   118   593   542 
Interest cost
  432   378   102   92   534   470 
Expected return on plan assets
  (444)  (355) 
─
  
─
   (444)  (355)
Amortization of transition obligation
  1   1  
─
  
─
   1   1 
Amortization of net (gain)/loss
  114   99   26   18   140   117 
Amortization of prior service cost
  3   3   5   5   8   8 
Net periodic pension cost
 $584   550   248   233   832   783 

The Company recorded pension expense totaling $1,664,000 and $1,566,000 for the six months ended June 30, 2011 and 2010, respectively, related to the Pension Plan and the SERP. The following table contains the components of the pension expense.

   
For the Six Months Ended June 30,
 
   
2011
  
2010
  
2011
  
2010
  
2011 Total
  
2010 Total
 
($ in thousands)
 
Pension Plan
  
Pension Plan
  
SERP
  
SERP
  
Both Plans
  
Both Plans
 
Service cost – benefits earned during the period
 $956   848   230   236   1,186   1,084 
Interest cost
  864   756   204   184   1,068   940 
Expected return on plan assets
  (888)  (710) 
─
  
─
   (888)  (710)
Amortization of transition obligation
  2   2  
─
  
─
   2   2 
Amortization of net (gain)/loss
  228   198   52   36   280   234 
Amortization of prior service cost
  6   6   10   10   16   16 
Net periodic pension cost
 $1,168   1,100   496   466   1,664   1,566 

The Company's contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to provide the Company with the maximum deduction for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company plans to contribute $1,500,000 to the Pension Plan in 2011.

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