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Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2024
Pension and Other Postretirement Benefit Plans |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Employee Pension Plan: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest cost | ​ | $ | 193 | ​ | $ | 203 | ​ | $ | 581 | ​ | $ | 609
Expected return on plan assets | ​ |  | (284) | ​ |  | (278) | ​ |  | (852) | ​ |  | (832)
Net employee pension benefit (1) | ​ | $ | (91) | ​ | $ | (75) | ​ | $ | (271) | ​ | $ | (223)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outside Director Pension Plan: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 2 | ​ | $ | 2 | ​ | $ | 6 | ​ | $ | 6
Interest cost | ​ |  | 11 | ​ |  | 15 | ​ |  | 33 | ​ |  | 44
Amortization of unrecognized gain | ​ |  | (38) | ​ |  | (40) | ​ |  | (114) | ​ |  | (120)
Net outside director pension (benefit) expense (2) | ​ | $ | (25) | ​ | $ | (23) | ​ | $ | (75) | ​ | $ | (70)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Postretirement Benefit Plans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Service cost | ​ | $ | 41 | ​ | $ | 40 | ​ | $ | 125 | ​ | $ | 120
Interest cost | ​ |  | 96 | ​ |  | 95 | ​ |  | 288 | ​ |  | 286
Amortization of unrecognized gain | ​ | ​ | (54) | ​ | ​ | (60) | ​ | ​ | (162) | ​ | ​ | (180)
Net other postretirement expense (1) | ​ | $ | 83 | ​ | $ | 75 | ​ | $ | 251 | ​ | $ | 226
(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, 2023 that it expects to contribute $0.1 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, 2024. The Company does not expect to contribute to the employee pension plan during the year ending December 31, 2024. As of September 30, 2024, the Company had contributed $24,000 to the Outside Director Pension Plan and $114,000 to the Other Postretirement Benefit Plans. As of September 30, 2024, the Company has not revised its expected contributions for the year ending December 31, 2024. ​ ​ ​

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