Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v3.8.0.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2018
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 cost for the Company's qualified benefit pension plan were as follows:

Three Months Ended March 31,
(Dollars in Thousands) 2018 2017
Service Cost $ 1,721 $ 1,688
Interest Cost 1,415 1,437
Expected Return on Plan Assets (2,391) (2,006)
Prior Service Cost Amortization 50 56
Net Loss Amortization 918 953
Net Periodic Benefit Cost $ 1,713 $ 2,128
Discount Rate Used for Benefit Cost 3.71% 4.21%
Long-term Rate of Return on Assets 7.25% 7.25%

The components of the net periodic benefit cost for the Company's SERP were as follows:
Three Months Ended March 31,
(Dollars in Thousands) 2018 2017
Interest Cost $ 57 $ 48
Net Loss Amortization 406 149
Net Periodic Benefit Cost $ 463 $ 197
Discount Rate Used for Benefit Cost 3.53% 3.92%

The service cost component of net periodic benefit cost is reflected in compensation expense in the accompanying statements of income. The other components of net periodic cost are included in “other” within the noninterest expense category in the statements of income. See Note 1 – Significant Accounting Policies for additional information.

During the first quarter of 2018, the Company made a $10 million contribution to its defined benefit pension plan for the 2017 plan year.