EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2018

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 cost for the Company's qualified benefit pension plan were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in Thousands)	2018		2017		2018		2017
Service Cost	$	1,721	$	1,688	$	5,163	$	5,064
Interest Cost		1,415		1,437		4,246		4,312
Expected Return on Plan Assets		(2,391)		(2,006)		(7,173)		(6,019)
Prior Service Cost Amortization		50		56		150		167
Net Loss Amortization		918		953		2,754		2,859
Net Periodic Benefit Cost	$	1,713	$	2,128	$	5,140	$	6,383
Discount Rate		3.71%		4.21%		3.71%		4.21%
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 September 30,				Nine Months Ended September 30,
(Dollars in Thousands)	2018		2017		2018		2017
Interest Cost	$	57	$	48	$	170	$	143
Net Loss Amortization		406		149		1,220		448
Net Periodic Benefit Cost	$	463	$	197	$	1,390	$	591
Discount Rate		3.53%		3.92%		3.53%		3.92%

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. See Note 1 – Significant Accounting Policies for additional information.

During the first nine months of 2018, the Company contributed $23 million (first quarter - $10 million, second quarter - $10 million, third quarter - $3 million) to its defined benefit pension plan for the 2017 plan year.