Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v3.20.2
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2020
Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in Thousands)

2020

 

2019

 

2020

 

2019

Service Cost

$

1,457

 

$

1,529

 

$

2,914

 

$

3,057

Interest Cost

 

1,400

 

 

1,545

 

 

2,811

 

 

3,089

Expected Return on Plan Assets

 

(2,748)

 

 

(2,382)

 

 

(5,496)

 

 

(4,764)

Prior Service Cost Amortization

 

4

 

 

4

 

 

8

 

 

8

Net Loss Amortization

 

974

 

 

965

 

 

1,985

 

 

1,931

Special Termination Charge

 

-

 

 

-

 

 

61

 

 

-

Net Periodic Benefit Cost

$

1,087

 

$

1,661

 

$

2,283

 

$

3,321

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

3.53%

 

 

4.43%

 

 

3.53%

 

 

4.43%

Long-term Rate of Return on Assets

 

7.00%

 

 

7.25%

 

 

7.00%

 

 

7.25%
Supplemental Executive Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs

The components of the net periodic benefit cost for the Company's SERP and SERP II were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in Thousands)

2020

 

2019

 

2020

 

2019

Service Cost

$

10

 

$

-

 

$

10

 

$

-

Interest Cost

$

83

 

$

87

 

$

155

 

$

174

Prior Service Cost Amortization

 

109

 

 

-

 

 

109

 

 

-

Net Loss Amortization

 

71

 

 

190

 

 

318

 

 

380

Net Periodic Benefit Cost

$

273

 

$

277

 

$

592

 

$

554

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

3.16%

 

 

4.23%

 

 

3.16%

 

 

4.23%