Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.0.6
EMPLOYEE BENEFIT PLANS
3 Months Ended
Mar. 31, 2012
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 6 - 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") covering its executive officers.

The components of the net periodic benefit costs for the Company's qualified benefit pension plan were as follows:

   
Three Months Ended March 31,
 
(Dollars in Thousands)
 
2012
   
2011
 
             
Service Cost
 
$
1,750
   
$
1,550
 
Interest Cost
   
1,375
     
1,325
 
Expected Return on Plan Assets
   
(1,700
)
   
(1,650
)
Prior Service Cost Amortization
   
100
     
125
 
Net Loss Amortization
   
850
     
550
 
Net Periodic Benefit Cost
 
$
2,375
   
$
1,900
 
                 
Discount Rate
   
5.00
%
   
5.55
%
Long-Term Rate of Return on Assets
   
8.00
%
   
8.00
%

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

   
Three Months Ended March 31,
 
(Dollars in Thousands)
 
2012
   
2011
 
             
Service Cost
 
$
-
   
$
-
 
Interest Cost
   
46
     
40
 
Prior Service Cost Amortization
   
48
     
45
 
Net Gain Amortization
   
(98
   
(98
Net Periodic Benefit Cost
 
$
(4
)
 
$
(13
                 
Discount Rate
   
5.00
%
   
5.55
%