Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.20.2
EMPLOYEE BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2020
Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(Dollars in Thousands)

2020

 

2019

 

2020

 

2019

Service Cost

$

1,457

 

$

1,529

 

$

4,371

 

$

4,587

Interest Cost

 

1,400

 

 

1,545

 

 

4,212

 

 

4,635

Expected Return on Plan Assets

 

(2,748)

 

 

(2,382)

 

 

(8,245)

 

 

(7,146)

Prior Service Cost Amortization

 

4

 

 

4

 

 

11

 

 

12

Net Loss Amortization

 

974

 

 

965

 

 

2,959

 

 

2,895

Special Termination Charge

 

-

 

 

-

 

 

61

 

 

-

Net Periodic Benefit Cost

$

1,087

 

$

1,661

 

$

3,369

 

$

4,983

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

3.53%

 

 

4.43%

 

 

3.53%

 

 

4.43%

Long-term Rate of Return on Assets

 

7.00%

 

 

7.25%

 

 

7.00%

 

 

7.25%
Supplemental Executive Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs

The components of the net periodic benefit cost for the Company's SERP and SERP II were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(Dollars in Thousands)

2020

 

2019

 

2020

 

2019

Service Cost

$

10

 

$

-

 

$

21

 

$

-

Interest Cost

$

83

 

$

87

 

$

238

 

$

261

Prior Service Cost Amortization

 

109

 

 

-

 

 

218

 

 

-

Net Loss Amortization

 

93

 

 

190

 

 

410

 

 

570

Net Periodic Benefit Cost

$

295

 

$

277

 

$

887

 

$

831

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

3.16%

 

 

4.23%

 

 

3.16%

 

 

4.23%