Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v3.23.4
EMPLOYEE BENEFIT PLANS
3 Months Ended
Mar. 31, 2023
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 March 31,
(Dollars in Thousands)
2023
2022
Service Cost
$
872
$
1,572
Interest Cost
1,458
1,166
Expected Return on Plan Assets
(1,701)
(2,675)
Prior Service Cost Amortization
1
4
Net Loss Amortization
234
428
Pension Settlement
-
209
Net Periodic Benefit Cost
$
864
$
704
Discount Rate Used for Benefit Cost
5.63%
3.11%
Long-term Rate of Return on Assets
6.75%
6.75%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The components of the net periodic benefit cost for the Company's SERP plans were as follows:
Three Months Ended March 31,
(Dollars in Thousands)
2023
2022
Service Cost
$
4
$
8
Interest Cost
130
79
Prior Service Cost Amortization
38
69
Net Loss Amortization
(155)
180
Net Periodic Benefit Cost
$
17
$
336
Discount Rate Used for Benefit Cost
5.45%
2.80%
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.