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v3.23.2

Pension and Other Postretirement Benefit Plans | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Pension and Other Postretirement Benefit Plans | 9. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Six months ended
​ |  | June 30, |  | June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Employee Pension Plan: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest cost | ​ | $ | 203 | ​ | $ | 138 | ​ | $ | 406 | ​ | $ | 276
Amortization of unrecognized loss | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 2
Expected return on plan assets | ​ |  | (277) | ​ |  | (258) | ​ |  | (554) | ​ |  | (515)
Net employee pension benefit (1) | ​ | $ | (74) | ​ | $ | (119) | ​ | $ | (148) | ​ | $ | (237)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outside Director Pension Plan: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 4 | ​ | $ | 6
Interest cost | ​ |  | 14 | ​ |  | 12 | ​ |  | 29 | ​ |  | 23
Amortization of unrecognized gain | ​ |  | (40) | ​ |  | (7) | ​ |  | (80) | ​ |  | (14)
Net outside director pension (benefit) expense (2) | ​ | $ | (24) | ​ | $ | 8 | ​ | $ | (47) | ​ | $ | 15
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Postretirement Benefit Plans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 40 | ​ | $ | 67 | ​ | $ | 80 | ​ | $ | 134
Interest cost | ​ |  | 96 | ​ |  | 69 | ​ |  | 191 | ​ |  | 139
Amortization of unrecognized gain | ​ | ​ | (60) | ​ | ​ | — | ​ | ​ | (120) | ​ | ​ | —
Amortization of past service credit | ​ |  | — | ​ |  | (7) | ​ |  | — | ​ |  | (14)
Net other postretirement expense (1) | ​ | $ | 76 | ​ | $ | 129 | ​ | $ | 151 | ​ | $ | 259
(1) Reported in the Consolidated Statements of Income as part of salaries and employee benefits. (2) Reported in the Consolidated Statements of Income as part of other operating expenses. ​ ​ The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2022 that it expects to contribute $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and $0.3 million to the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2023. The Company does not expect to make a contribution to the Employee Pension Plan. As of June 30, 2023, the Company had contributed $44,000 to the Outside Director Pension Plan and $65,000 to the Other Postretirement Benefit Plans. As of June 30, 2023, the Company has not revised its expected contributions for the year ending December 31, 2023.

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