Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.0.6
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 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
September 30,		   Nine Months Ended
September 30,		  
(Dollars in Thousands)   2012   2011   2012   2011  
Service Cost   $ 1,599   $ 1,507   $ 4,797   $ 4,521  
Interest Cost     1,397     1,311     4,190     3,932  
Expected Return on Plan Assets     (1,698 )   (1,639 )   (5,095 )   (4,917 )
Prior Service Cost Amortization     90     116     270     347  
Net Loss Amortization     847     555     2,543     1,667  
Net Periodic Cost   $ 2,235   $ 1,850   $ 6,705   $ 5,550  
                           
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
September 30,		   Nine Months Ended
September 30,		  
(Dollars in Thousands)     2012     2011     2012     2011  
Interest Cost   $ 35   $ 37   $ 105   $ 111  
Prior Service Cost Amortization     47     45     142     134  
Net Gain Amortization     (92 )   (104 )   (277 )   (310 )
Net Periodic (Benefit)   $ (10 ) $ (22 ) $ (30 ) $ (65 )
                           
Discount Rate     5.00 %   5.55 %   5.00 %   5.55 %