Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.3.0.15
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 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 September 30,
    
Nine Months Ended September 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
  
$
1,507
    
$
1,423
    
$
4,521
    
$
4,268
  
Interest Cost
    
1,311
      
1,183
      
3,932
      
3,550
  
Expected Return on Plan Assets
    
(1,639
)
    
(1,549
)
    
(4,917
)
    
(4,646
)
Prior Service Cost Amortization
    
116
      
127
      
347
      
382
  
Net Loss Amortization
    
555
      
522
      
1,667
      
1,566
  
Net Periodic Benefit Cost
  
$
1,850
    
$
1,706
    
$
5,550
    
$
5,120
  

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

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
(Dollars in Thousands)
  
2011
    
2010
    
2011
    
2010
  
                         
Discount Rate
    
5.55
%
    
5.75
%
    
5.55
%
    
5.75
%
                                 
Interest Cost
  
$
37
    
$
38
    
$
111
    
$
113
  
Prior Service Cost Amortization
    
45
      
45
      
134
      
135
  
Net Loss Amortization
    
(104
) 
    
(106
) 
    
(310
)
    
(319
)
Net Periodic Benefit Cost
  
$
(22
) 
  
$
(23
) 
  
$
(65
) 
  
$
(71
)