Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [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)   2013   2012   2013   2012
Service Cost   $ 1,750     $ 1,599     $ 5,250     $ 4,797  
Interest Cost     1,392       1,397       4,175       4,190  
Expected Return on Plan Assets     (1,843 )     (1,698 )     (5,529 )     (5,095 )
Prior Service Cost Amortization     79       90       237       270  
Net Loss Amortization     1,079       847       3,237       2,543  
Net Periodic Cost   $ 2,457     $ 2,235     $ 7,370     $ 6,705  
                                 
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 September 30,   Nine Months Ended September 30,
(Dollars in Thousands)   2013   2012   2013   2012
Interest Cost   $ 34     $ 35     $ 103     $ 105  
Prior Service Cost Amortization     47       47       140       142  
Net Gain Amortization     (59 )     (92 )     (178 )     (277 )
Net Periodic Cost (Benefit)   $ 22     $ (10 )   $ 65     $ (30 )
                                 
Discount Rate     4.25 %     5.00 %     4.25 %     5.00 %