|
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) |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| Service Cost |
|
$ |
1,875 |
|
|
$ |
1,750 |
|
|
$ |
3,750 |
|
|
$ |
3,500 |
|
| Interest Cost |
|
|
1,400 |
|
|
|
1,375 |
|
|
|
2,800 |
|
|
|
2,750 |
|
| Expected Return on Plan Assets |
|
|
(1,825 |
) |
|
|
(1,700 |
) |
|
|
(3,650 |
) |
|
|
(3,400 |
) |
| Prior Service Cost Amortization |
|
|
75 |
|
|
|
100 |
|
|
|
150 |
|
|
|
200 |
|
| Net Loss Amortization |
|
|
1,075 |
|
|
|
850 |
|
|
|
2,150 |
|
|
|
1,700 |
|
| Net Periodic Cost |
|
$ |
2,600 |
|
|
$ |
2,375 |
|
|
$ |
5,200 |
|
|
$ |
4,750 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.25 |
% |
|
|
5.00 |
% |
|
|
4.25 |
% |
|
|
5.00 |
% |
| 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) |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| Interest Cost |
|
|
35 |
|
|
|
46 |
|
|
|
70 |
|
|
|
92 |
|
| Prior Service Cost Amortization |
|
|
48 |
|
|
|
48 |
|
|
|
96 |
|
|
|
96 |
|
| Net Gain Amortization |
|
|
(63 |
) |
|
|
(98 |
) |
|
|
(126 |
) |
|
|
(196 |
) |
| Net Periodic (Benefit) |
|
$ |
20 |
|
|
$ |
(4 |
) |
|
$ |
40 |
|
|
$ |
(8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.25 |
% |
|
|
5.00 |
% |
|
|
4.25 |
% |
|
|
5.00 |
% |
|