Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.23.2
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2023
Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Components of Net Periodic Benefit Cost
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2023
2022
2023
2022
Service Cost
$
872
$
1,572
$
1,744
$
3,145
Interest Cost
1,458
1,166
2,916
2,333
Expected Return on Plan Assets
(1,701)
(2,675)
(3,403)
(5,351)
Prior Service Cost Amortization
1
4
3
8
Net Loss Amortization
234
428
467
857
Pension Settlement Charge
-
169
-
378
Net Periodic Benefit Cost
$
864
$
664
$
1,727
$
1,370
Discount Rate
5.63%
3.11%
5.63%
3.11%
Long-term Rate of Return on Assets
6.75%
6.75%
6.75%
6.75%
Supplemental Executive Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Components of Net Periodic Benefit Cost
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)
2023
2022
2023
2022
Service Cost
$
4
$
8
$
9
$
16
Interest Cost
130
79
261
158
Prior Service Cost Amortization
38
69
76
138
Net Loss Amortization
(155)
180
(309)
360
Pension Settlement Gain
(291)
-
(291)
-
Net Periodic Benefit Cost
$
(274)
$
336
$
(254)
$
672
Discount Rate
5.45%
2.80%
5.45%
2.80%