Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v3.22.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2022
Employee Benefit Plans [Abstract]  
Employee benefit plans
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
executive officers.
 
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:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2022
2021
2022
2021
Service Cost
$
1,572
$
1,743
$
3,145
$
3,486
Interest Cost
1,166
1,221
2,333
2,442
Expected Return on Plan Assets
(2,675)
(2,787)
(5,351)
(5,574)
Prior Service Cost Amortization
4
4
8
8
Net Loss Amortization
428
1,691
857
3,382
Pension Settlement
169
2,000
378
2,000
Net Periodic Benefit Cost
$
664
$
3,872
$
1,370
$
5,744
Discount Rate
3.11%
2.88%
3.11%
2.88%
Long-term Rate of Return on Assets
6.75%
6.75%
6.75%
6.75%
The components of the net periodic benefit cost for the Company's SERP and SERP II
 
were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2022
2021
2022
2021
Service Cost
$
8
$
9
$
16
$
18
Interest Cost
79
61
158
120
Prior Service Cost Amortization
69
69
138
88
Net Loss Amortization
180
243
360
441
Net Periodic Benefit Cost
$
336
$
382
$
672
$
667
Discount Rate
2.80%
2.38%
2.80%
2.38%
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.