Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 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 September 30,     Nine Months Ended September 30,  
(Dollars in Thousands)   2014     2013     2014     2013  
Service Cost   $ 1,500     $ 1,750     $ 4,500     $ 5,250  
Interest Cost     1,400       1,392       4,200       4,175  
Expected Return on Plan Assets     (1,875 )     (1,843 )     (5,625 )     (5,529 )
Prior Service Cost Amortization     75       79       225       237  
Net Loss Amortization     325       1,079       975       3,237  
Net Periodic Cost   $ 1,425     $ 2,457     $ 4,275     $ 7,370  
                                 
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 September 30,     Nine Months Ended September 30,  
(Dollars in Thousands)   2014     2013     2014     2013  
Interest Cost   $ 28     $ 35     $ 84     $ 105  
Prior Service Cost Amortization     40       47       120       141  
Net Gain Amortization     (183 )     (59 )     (549 )     (177 )
Net Periodic (Benefit) Cost   $ (115 )   $ 23     $ (349 )   $ 69  
                                 
Discount Rate     5.00 %     4.25 %     5.00 %     4.25 %