NOTE 7 - 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”) and a Supplemental
Executive Retirement Plan II (“SERP II”) covering its
The defined benefit plan was amended in December 2019 to remove plan eligibility
for new associates hired after
December 31, 2019.
The SERP II was adopted by the Company’s
Board on May 21, 2020 and covers certain executive officers that
were not covered by the SERP.
The components of the net periodic benefit cost for the Company's qualified
benefit pension plan were as follows:
In the second quarter of 2021, lump sum payments made under the Company’s
defined benefit pension plan triggered settlement
In accordance with the applicable accounting guidance for defined benefit plans, the Company
recorded a settlement
losses of $
million in the second quarter of 2021 and $
million in the third quarter of 2021.
The service cost component of net periodic benefit cost is reflected in
compensation expense in the accompanying statements of
The other components of net periodic cost are included in “other” within the noninterest
expense category in the statements