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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2023
Employee Benefit Plans [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) 2023 2022 2023 2022 Service Cost $ 872 $ 1,572 $ 1,744 $ 3,145 Interest Cost 1,458 1,166 2,916 2,333 Expected Return on Plan Assets (1,701) (2,675) (3,403) (5,351) Prior Service Cost Amortization 1 4 3 8 Net Loss Amortization 234 428 467 857 Pension Settlement Charge - 169 - 378 Net Periodic Benefit Cost $ 864 $ 664 $ 1,727 $ 1,370 Discount Rate 5.63% 3.11% 5.63% 3.11% Long-term Rate of Return on Assets 6.75% 6.75% 6.75% 6.75% 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) 2023 2022 2023 2022 Service Cost $ 4 $ 8 $ 9 $ 16 Interest Cost 130 79 261 158 Prior Service Cost Amortization 38 69 76 138 Net Loss Amortization (155) 180 (309) 360 Pension Settlement Gain (291) - (291) - Net Periodic Benefit Cost $ (274) $ 336 $ (254) $ 672 Discount Rate 5.45% 2.80% 5.45% 2.80% During the month of June 2023, lump sum payments made under the SERP triggered settlement accounting and remeasurement of the plan at June 30, 2023. In accordance with applicable accounting guidance for retirement benefit plans, the Company recorded a settlement gain of $ 0.3 million in June 2023. 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.

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- 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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2235017 + Details
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