|
NOTE
5 - 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 Companys qualified benefit pension plan were as follows:
| |
|
Three
Months Ended June 30, |
|
Six
Months Ended June 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Service Cost |
|
$ |
1,675 |
|
|
$ |
1,500 |
|
|
$ |
3,350 |
|
|
$ |
3,000 |
|
| Interest Cost |
|
|
1,425 |
|
|
|
1,400 |
|
|
|
2,850 |
|
|
|
2,800 |
|
| Expected Return on Plan Assets |
|
|
(1,950 |
) |
|
|
(1,875 |
) |
|
|
(3,900 |
) |
|
|
(3,750 |
) |
| Prior Service Cost Amortization |
|
|
75 |
|
|
|
75 |
|
|
|
150 |
|
|
|
150 |
|
| Net Loss Amortization |
|
|
800 |
|
|
|
325 |
|
|
|
1,600 |
|
|
|
650 |
|
| Net Periodic Cost |
|
$ |
2,025 |
|
|
$ |
1,425 |
|
|
$ |
4,050 |
|
|
$ |
2,850 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.15 |
% |
|
|
5.00 |
% |
|
|
4.15 |
% |
|
|
5.00 |
% |
| Long-Term Rate of Return on Assets |
|
|
7.50 |
% |
|
|
7.50 |
% |
|
|
7.50 |
% |
|
|
7.50 |
% |
The components
of the net periodic benefit costs for the Companys SERP were as follows:
| |
|
Three
Months Ended June 30, |
|
Six
Months Ended June 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Interest Cost |
|
$ |
28 |
|
|
$ |
28 |
|
|
$ |
55 |
|
|
$ |
55 |
|
| Prior Service Cost Amortization |
|
|
2 |
|
|
|
40 |
|
|
|
5 |
|
|
|
80 |
|
| Net Gain Amortization |
|
|
(90 |
) |
|
|
(183 |
) |
|
|
(180 |
) |
|
|
(365 |
) |
| Net Periodic Income |
|
$ |
(60 |
) |
|
$ |
(115 |
) |
|
$ |
(120 |
) |
|
$ |
(230 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.15 |
% |
|
|
5.00 |
% |
|
|
4.15 |
% |
|
|
5.00 |
% |
|