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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2012
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

(7.) EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plan

The Company participates in The New York State Bankers Retirement System (the "System"), a defined benefit pension plan covering substantially all employees, subject to the limitations related to the plan closure effective December 31, 2006. The benefits are based on years of service and the employee's highest average compensation during five consecutive years of employment. The defined benefit plan was closed to new participants effective December 31, 2006. Only employees hired on or before December 31, 2006 and who met participation requirements on or before January 1, 2008 are eligible to receive benefits.

The components of the Company's net periodic benefit expense for its pension plan were as follows (in thousands):

             
  Three months ended  
  March 31,  
  2012   2011  
Service cost $ 509   $ 439  
Interest cost on projected benefit obligation   504     507  
Expected return on plan assets (803 )   (663 )
Amortization of unrecognized prior service cost   5     4  
Amortization of unrecognized loss   343     152  
Net periodic pension cost $ 558   $ 439  

 

The Company's funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company satisfied the minimum required contribution to its pension plan of $1.7 million for the 2012 fiscal year by contributing $10.0 million prior to December 31, 2011.