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
Supplemental Executive Retirement Plan (“SERP”) and a Supplemental
executive officers.
December 31, 2019.
were not covered by the SERP.
The components of the net periodic benefit cost for the Company’s
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
income.
of income.
|