Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2013
Employee Benefit Plans [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 March 31,
(Dollars in Thousands)   2013   2012
Service Cost   $ 1,875     $ 1,750  
Interest Cost     1,400       1,375  
Expected Return on Plan Assets     (1,825 )     (1,700 )
Prior Service Cost Amortization     75       100  
Net Loss Amortization     1,075       850  
Net Periodic Benefit Cost   $ 2,600     $ 2,375  
                 
Discount Rate     4.25 %     5.00 %
Long-Term Rate of Return on Assets     8.00 %     8.00 %

 

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

 

    Three Months Ended March 31,
(Dollars in Thousands)   2013   2012
Service Cost   $ —     $ —  
Interest Cost     35       46  
Prior Service Cost Amortization     48       48  
Net Gain Amortization     (63 )     (98 )
Net Periodic Benefit Cost   $ 20     $ (4 )
                 
Discount Rate     4.25 %     5.00 %