Note 11 – Pension Plans

The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012.

The Company recorded pension income totaling $288,000 and $242,000 for the three months ended June 30, 2015 and 2014, respectively, which primarily related to investment income from the Pension Plan's assets. The following table contains the components of the pension income.

	For the Three Months Ended June 30,
	2015			2014			2015			2014			2015 Total			2014 Total
($ in thousands)	Pension Plan			Pension Plan			SERP			SERP			Both Plans			Both Plans
Service cost - benefits earned during the period	$	—			—			46			80			46			80
Interest cost		341			382			51			53			392			435
Expected return on plan assets		(710	)		(701	)		—			—			(710	)		(701	)
Amortization of transition obligation		—			—			—			—			—			—
Amortization of net (gain)/loss		—			—			(16	)		(56	)		(16	)		(56	)
Amortization of prior service cost		—			—			—			—			—			—
Net periodic pension cost (income)	$	(369	)		(319	)		81			77			(288	)		(242	)

The Company recorded pension income totaling $555,000 and $528,000 for the six months ended June 30, 2015 and 2014, respectively, which primarily related to investment income from the Pension Plan's assets. The following table contains the components of the pension income.

	For the Six Months Ended June 30,
	2015			2014			2015			2014			2015 Total			2014 Total
($ in thousands)	Pension Plan			Pension Plan			SERP			SERP			Both Plans			Both Plans
Service cost - benefits earned during the period	$	—			—			125			136			125			136
Interest cost		682			731			103			105			785			836
Expected return on plan assets		(1,418	)		(1,390	)		—			—			(1,418	)		(1,390	)
Amortization of transition obligation		—			—			—			—			—			—
Amortization of net (gain)/loss		—			—			(47	)		(110	)		(47	)		(110	)
Amortization of prior service cost		—			—			—			—			—			—
Net periodic pension cost (income)	$	(736	)		(659	)		181			131			(555	)		(528	)

The Company's contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company does not expect to contribute to the Pension Plan in 2015.

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