Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.1.9
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

The Company has a defined benefit pension plan covering substantially all full-time and eligible part-time associates and a Supplemental Executive Retirement Plan (“SERP”) covering its executive officers.

 

The components of the net periodic benefit costs for the Company’s qualified benefit pension plan were as follows:

 

    Three Months Ended March 31,  
(Dollars in Thousands)   2015     2014  
Service Cost   $ 1,675     $ 1,500  
Interest Cost     1,425       1,400  
Expected Return on Plan Assets     (1,950 )     (1,875 )
Prior Service Cost Amortization     75       75  
Net Loss Amortization     800       325  
Net Periodic Benefit Cost   $ 2,025     $ 1,425  
                 
Discount Rate     4.15 %     5.00 %
Long-Term Rate of Return on Assets     7.50 %     7.50 %

 

 

The components of the net periodic benefit costs for the Company’s SERP were as follows:

 

    Three Months Ended March 31,  
(Dollars in Thousands)   2015     2014  
Interest Cost   $ 28     $ 28  
Prior Service Cost Amortization     2       40  
Net Gain Amortization     (90 )     (183 )
Net Periodic Benefit Income   $ (60 )   $ (115 )
                 
Discount Rate     4.15 %     5.00 %