EMPLOYEE BENEFIT PLANS |
6 Months Ended |
---|---|
Jun. 30, 2025 | |
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 June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2025
2024
2025
2024
Service Cost
$
860
$
929
$
1,720
$
1,857
Interest Cost
1,676
1,524
3,353
3,048
Expected Return on Plan Assets
(2,264)
(2,029)
(4,529)
(4,058)
Net Loss Amortization
(414)
41
(827)
82
Net Periodic Benefit Cost
$
(142)
$
465
$
(283)
$
929
Discount Rate
5.82%
5.29%
5.82%
5.29%
Long-term Rate of Return on Assets
6.75%
6.75%
6.75%
6.75%
The components of the net periodic benefit cost for the Company’s
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands)
2025
2024
2025
2024
Service Cost
$
12
$
9
$
23
$
18
Interest Cost
131
114
264
227
Prior Service Cost Amortization
26
-
51
-
Net Loss Amortization
(29)
(71)
(58)
(140)
Net Periodic Benefit Cost
$
140
$
52
$
280
$
105
Discount Rate
5.57%
5.11%
5.57%
5.11%
The service cost component of net periodic benefit cost is reflected in
income.
Consolidated Statements of Income.
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