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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - 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)  2015  2014  2015  2014
Service Cost  $1,715   $1,500   $5,145   $4,500 
Interest Cost   1,438    1,400    4,313    4,200 
Expected Return on Plan Assets   (1,955)   (1,875)   (5,865)   (5,625)
Prior Service Cost Amortization   77    75    232    225 
Net Loss Amortization   891    325    2,673    975 
Net Periodic Cost  $2,166   $1,425   $6,498   $4,275 
                     
Discount Rate   4.15%   5.00%   4.15%   5.00%
Long-Term Rate of Return on Assets   7.50%   7.50%   7.50%   7.50%

 

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)  2015  2014  2015  2014
Interest Cost  $34   $28   $101   $84 
Prior Service Cost Amortization   2    40    5    120 
Net Gain Amortization   44    (183)   134    (549)
Net Periodic (Benefit) Cost  $80   $(115)  $240   $(345)
                     
Discount Rate   4.15%   5.00%   4.15%   5.00%