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Defined Pension Plans
 3 Months Ended
Mar. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 9 – Defined Pension Plans

The Company has a noncontributory defined benefit pension plan, which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs:

Estimated

     

Actual

(In thousands)

2013

2012

Service cost – benefits earned during the year

$    

3,519

$    

2,799

Interest cost on projected benefit obligation

2,821

2,570

Expected return on plan assets

(4,472

)

(3,967

)

Net amortization and deferral

1,849

1,473

       Net periodic pension cost

$

3,717

$

2,875

 Pension costs recorded to expense were $935,000 and $665,000 for the three-month periods ended March 31, 2013 and 2012, respectively. The Company made a contribution of $500,000 to the plan during the three-month period ended March 31, 2013 and expects to contribute at least an additional $1,500,000 in 2013.

In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2012 and an estimate for 2013:

 

Estimated

Actual

(In thousands)

2013

     

2012

Service cost – benefits earned during the year

$    

144

$    

115

Interest cost on projected benefit obligation

335

307

Net amortization

551

360

       Net periodic pension cost

$

1,030

$

782

 Pension costs recorded to expense were $260,000 and $224,000 for the three-month periods ended March 31, 2013 and 2012, respectively.