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v3.25.1

Retirement Plans | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows:
| Three Months Ended Mar 31, |
($ in thousands) | 2025 | 2024 |  |
RAP |  |  |  |
Service cost | $ | 810 |  | $ | 874 |  |  |
Interest cost | 2,814 |  | 2,719 |  |  |
Expected return on plan assets | (9,809) |  | (8,650) |  |  |
Amortization of prior service cost | (44) |  | (53) |  |  |
Total net periodic pension cost | $ | (6,230) |  | $ | (5,111) |  |  |
Postretirement Plan |  |  |  |
Interest cost | $ | 26 |  | $ | 18 |  |  |
Amortization of prior service cost | (19) |  | (19) |  |  |
Amortization of actuarial loss (gain) | 4 |  | (7) |  |  |
Total net periodic benefit cost | $ | 12 |  | $ | (8) |  |  |
The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost components are included in personnel noninterest expense caption of the consolidated statements of income. The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2024 or the three months ended March 31, 2025.

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