Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 7 - 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)   2014   2013   2014   2013
Service Cost   $ 1,500     $ 1,875     $ 3,000     $ 3,750  
Interest Cost     1,400       1,400       2,800       2,800  
Expected Return on Plan Assets     (1,875 )     (1,825 )     (3,750 )     (3,650 )
Prior Service Cost Amortization     75       75       150       150  
Net Loss Amortization     325       1,075       650       2,150  
Net Periodic Cost   $ 1,425     $ 2,600     $ 2,850     $ 5,200  
                                 
Discount Rate     5.00 %     4.25 %     5.00 %     4.25 %
Long-Term Rate of Return on Assets     7.50 %     8.00 %     7.50 %     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)   2014   2013   2014   2013
Interest Cost   $ 28     $ 35     $ 55     $ 70  
Prior Service Cost Amortization     40       48       80       96  
Net Gain Amortization     (183 )     (63 )     (365 )     (126 )
Net Periodic (Income) Cost   $ (115 )   $ 20     $ (230 )   $ 40  
                                 
Discount Rate     5.00 %     4.25 %     5.00 %     4.25 %