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v3.23.3

Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 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 |  | Nine months ended
​ |  | September 30, |  | September 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Employee Pension Plan: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest cost | ​ | $ | 203 | ​ | $ | 138 | ​ | $ | 609 | ​ | $ | 414
Amortization of unrecognized loss | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 3
Expected return on plan assets | ​ |  | (278) | ​ |  | (257) | ​ |  | (832) | ​ |  | (772)
Net employee pension benefit (1) | ​ | $ | (75) | ​ | $ | (118) | ​ | $ | (223) | ​ | $ | (355)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outside Director Pension Plan: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 6 | ​ | $ | 9
Interest cost | ​ |  | 15 | ​ |  | 11 | ​ |  | 44 | ​ |  | 34
Amortization of unrecognized gain | ​ |  | (40) | ​ |  | (7) | ​ |  | (120) | ​ |  | (21)
Net outside director pension (benefit) expense (2) | ​ | $ | (23) | ​ | $ | 7 | ​ | $ | (70) | ​ | $ | 22
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Postretirement Benefit Plans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 40 | ​ | $ | 67 | ​ | $ | 120 | ​ | $ | 201
Interest cost | ​ |  | 95 | ​ |  | 70 | ​ |  | 286 | ​ |  | 209
Amortization of unrecognized gain | ​ | ​ | (60) | ​ | ​ | — | ​ | ​ | (180) | ​ | ​ | —
Amortization of past service credit | ​ |  | — | ​ |  | (7) | ​ |  | — | ​ |  | (21)
Net other postretirement expense (1) | ​ | $ | 75 | ​ | $ | 130 | ​ | $ | 226 | ​ | $ | 389
​ (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 September 30, 2023, the Company had contributed $56,000 to the Outside Director Pension Plan and $81,000 to the Other Postretirement Benefit Plans. As of September 30, 2023, the Company has not revised its expected contributions for the year ending December 31, 2023.

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