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
%