Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

 v2.3.0.11
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2011
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 8 - 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 June 30,
    
Six Months Ended June 30,
  
(Dollars in Thousands)
  
2011
    
2010
    
2011
    
2010
  
                         
Discount Rate
    
5.55
%
    
5.75
%
    
5.55
%
    
5.75
%
Long-Term Rate of Return on Assets
    
8.00
%
    
8.00
%
    
8.00
%
    
8.00
%
                                 
Service Cost
  
$
1,550
    
$
1,525
    
$
3,100
    
$
3,050
  
Interest Cost
    
1,325
      
1,175
      
2,650
      
2,350
  
Expected Return on Plan Assets
    
(1,650
)
    
(1,525
)
    
(3,300
)
    
(3,050
)
Prior Service Cost Amortization
    
125
      
125
      
250
      
250
  
Net Loss Amortization
    
550
      
525
      
1,100
      
1,050
  
Net Periodic Benefit Cost
  
$
1,900
    
$
1,825
    
$
3,800
    
$
3,650
  

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

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
(Dollars in Thousands)
  
2011
    
2010
    
2011
    
2010
  
                         
Discount Rate
    
5.55
%
    
5.75
%
    
5.55
%
    
5.75
%
                                 
Service Cost
  
$
-
    
$
-
    
$
-
    
$
-
  
Interest Cost
    
40
      
42
      
80
      
84
  
Prior Service Cost Amortization
    
45
      
45
      
90
      
90
  
Net Loss Amortization
    
(98
) 
    
(85
) 
    
(196
)
    
(170
)
Net Periodic Benefit Cost
  
$
(13
) 
  
$
2
    
$
(26
) 
  
$
4