Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.0.6
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2012
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 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)

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost

 

$

1,750

 

$

1,550

 

$

3,500

 

$

3,100

 

Interest Cost

 

 

1,375

 

 

1,325

 

 

2,750

 

 

2,650

 

Expected Return on Plan Assets

 

 

(1,700

)

 

(1,650

)

 

(3,400

)

 

(3,300

)

Prior Service Cost Amortization

 

 

100

 

 

125

 

 

200

 

 

250

 

Net Loss Amortization

 

 

850

 

 

550

 

 

1,700

 

 

1,100

 

Net Periodic Benefit Cost

 

$

2,375

 

$

1,900

 

$

4,750

 

$

3,800

 

Discount Rate

 

 

5.00

%

 

5.55

%

 

5.00

%

 

5.55

%

Long-Term Rate of Return on Assets

 

 

8.00

%

 

8.00

%

 

8.00

%

 

8.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

$

46

 

$

40

 

$

92

 

$

80

 

Prior Service Cost Amortization

 

 

48

 

 

45

 

 

96

 

 

90

 

Net Gain Amortization

 

 

(98

)

 

(98

)

 

(196

)

 

(196

)

Net Periodic Benefit Cost

 

$

(4

)

$

(13

)

$

(8

)

$

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

 

5.00

%

 

5.55

%

 

5.00

%

 

5.55

%