Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v3.20.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2020
Compensation and Retirement Disclosure [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 defined benefit plan was amended in December 2019 to remove plan eligibility for new associates hired after December 31, 2019.

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

Three Months Ended March 31,
(Dollars in Thousands) 2020 2019
Service Cost $ 1,457 $ 1,529
Interest Cost 1,411 1,545
Expected Return on Plan Assets (2,748) (2,382)
Prior Service Cost Amortization 4 4
Net Loss Amortization 1,011 965
Special Termination Charge 61 -
Net Periodic Benefit Cost $ 1,196 $ 1,661
Discount Rate Used for Benefit Cost 3.53% 4.43%
Long-term Rate of Return on Assets 7.00% 7.25%

The components of the net periodic benefit cost for the Company's SERP were as follows:
Three Months Ended March 31,
(Dollars in Thousands) 2020 2019
Interest Cost $ 72 $ 87
Net Loss Amortization 247 190
Net Periodic Benefit Cost $ 319 $ 277
Discount Rate Used for Benefit Cost 3.16% 4.23%

The service cost component of net periodic benefit cost is reflected in compensation expense in the accompanying statements of income. The other components of net periodic cost are included in “other” within the noninterest expense category in the statements of income.