Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [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”) 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)   2014   2013
Service Cost   $ 1,500     $ 1,875  
Interest Cost     1,400       1,400  
Expected Return on Plan Assets     (1,875 )     (1,825 )
Prior Service Cost Amortization     75       75  
Net Loss Amortization     325       1,075  
Net Periodic Benefit Cost   $ 1,425     $ 2,600  
                 
Discount Rate     5.00 %     4.25 %
Long-Term Rate of Return on Assets     7.50 %     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)   2014   2013
Interest Cost     28       35  
Prior Service Cost Amortization     40       48  
Net Gain Amortization     (183 )     (63 )
Net Periodic Benefit (Income) Cost   $ (115 )   $ 20  
                 
Discount Rate     5.00 %     4.25 %