XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

EMPLOYEE BENEFIT PLANS | 6 Months Ended
--- | ---
Jun. 30, 2021
Compensation and Retirement Disclosure [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”) and a Supplemental Executive Retirement Plan II (“SERP II”) covering its executive officers. The defined benefit plan was amended in December 2019 to remove plan eligibility for new associates hired after December 31, 2019. The SERP II was adopted by the Company’s Board on May 21, 2020 and covers certain executive officers that were not covered by the SERP. 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) 2021 2020 2021 2020 Service Cost $ 1,743 $ 1,457 $ 3,486 $ 2,914 Interest Cost 1,221 1,400 2,442 2,811 Expected Return on Plan Assets (2,787) (2,748) (5,574) (5,496) Prior Service Cost Amortization 4 4 8 8 Net Loss Amortization 1,691 974 3,382 1,985 Settlement Loss 2,000 - 2,000 - Special Termination Charge - - - 61 Net Periodic Benefit Cost $ 3,872 $ 1,087 $ 5,744 $ 2,283 Discount Rate 2.88% 3.53% 2.88% 3.53% Long-term Rate of Return on Assets 6.75% 7.00% 6.75% 7.00% In the second quarter of 2021, lump sum payments made under the Company’s defined benefit pension plan triggered settlement accounting. In accordance with the applicable accounting guidance for defined benefit plans, the Company recorded a settlement loss of $ 2.0 million. The components of the net periodic benefit cost for the Company's SERP and SERP II were as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in Thousands) 2021 2020 2021 2020 Service Cost $ 9 $ 10 $ 18 $ 10 Interest Cost 61 83 120 155 Prior Service Cost Amortization 69 109 88 109 Net Loss Amortization 243 71 441 318 Net Periodic Benefit Cost $ 382 $ 273 $ 667 $ 592 Discount Rate 2.38% 3.16% 2.38% 3.16% 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 + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration