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EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2019

Compensation and Retirement Disclosure [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 cost for the Company's qualified benefit pension plan were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Thousands)	2019			2018			2019			2018
Service Cost	$	1,529		$	1,721		$	3,057		$	3,442
Interest Cost		1,545			1,415			3,089			2,830
Expected Return on Plan Assets		(2,382)			(2,391)			(4,764)			(4,782)
Prior Service Cost Amortization		4			50			8			100
Net Loss Amortization		965			918			1,931			1,837
Net Periodic Benefit Cost	$	1,661		$	1,713		$	3,321		$	3,427
Discount Rate		4.43%			3.71%			4.43%			3.71%
Long-term Rate of Return on Assets		7.25%			7.25%			7.25%			7.25%

The components of the net periodic benefit cost for the Company's SERP were as follows:
	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Thousands)	2019			2018			2019			2018
Interest Cost	$	87		$	57		$	174		$	113
Net Loss Amortization		190			406			380			813
Net Periodic Benefit Cost	$	277		$	463		$	554		$	926
Discount Rate		4.23%			3.53%			4.23%			3.53%

The service cost component of net periodic benefit cost is reflected in compensation expense in the accompanying statements of income. The other components of net periodic cost are included in “other” within the noninterest expense category in the statements of income.

X

- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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- References

No definition available.

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