Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v3.19.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2019
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 components of the net periodic benefit cost for the Company's qualified benefit pension plan were as follows:

Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2019 2018 2019 2018
Service Cost $ 1,529 $ 1,721 $ 4,587 $ 5,163
Interest Cost 1,545 1,415 4,635 4,246
Expected Return on Plan Assets (2,382) (2,391) (7,146) (7,173)
Prior Service Cost Amortization 4 50 12 150
Net Loss Amortization 965 918 2,895 2,754
Net Periodic Benefit Cost $ 1,661 $ 1,713 $ 4,983 $ 5,140
Discount Rate 4.43% 3.71% 4.43% 3.71%
Long-term Rate of Return on Assets 7.25% 7.25% 7.25% 7.25%

The components of the net periodic benefit cost for the Company's SERP were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2019 2018 2019 2018
Interest Cost $ 87 $ 57 $ 261 $ 170
Net Loss Amortization 190 406 570 1,220
Net Periodic Benefit Cost $ 277 $ 463 $ 831 $ 1,390
Discount Rate 4.23% 3.53% 4.23% 3.53%

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.