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EMPLOYEES BENEFIT PLANS
 9 Months Ended
Sep. 30, 2022
Employees' Benefit Plan [Abstract]  
EMPLOYEES BENEFIT PLANS [Text Block]
NOTE 16 – EMPLOYEE BENEFIT PLANS
The Corporation
 
maintains two
 
frozen qualified
 
noncontributory
 
defined benefit
 
pension plans
 
(the “Pension
 
Plans”), and
 
a related
complementary
 
post-retirement
 
benefit
 
plan
 
(the
 
“Postretirement
 
Benefit
 
Plan”)
 
covering
 
medical
 
benefits
 
and
 
life
 
insurance
 
after
retirement that it
 
obtained in the BSPR
 
acquisition on September
 
1, 2020. One
 
defined benefit pension
 
plan covers substantially
 
all of
BSPR’s
 
former employees
 
who were
 
active before
 
January 1,
 
2007, while
 
the other
 
defined benefit
 
pension plan
 
covers personnel
 
of
an
 
institution
 
previously
 
acquired
 
by
 
BSPR.
 
Benefits
 
are
 
based
 
on
 
salary
 
and
 
years
 
of
 
service.
 
The
 
accrual
 
of
 
benefits
 
under
 
the
Pension Plans is frozen to all participants.
 
The
 
Corporation
 
requires
 
recognition
 
of
 
a
 
plan’s
 
overfunded
 
and
 
underfunded
 
status
 
as
 
an
 
asset
 
or
 
liability
 
with
 
an
 
offsetting
adjustment to accumulated other comprehensive loss pursuant to ASC Topic
 
715, “Compensation-Retirement Benefits.”
The following
 
table presents
 
the components
 
of net
 
periodic benefit
 
income for
 
the Pension
 
Plans and
 
Postretirement Benefit
 
Plan
for the indicated periods:
Quarter Ended September 30,
Nine-Month Period Ended September 30,
Location
2022
2021
2022
2021
(In thousands)
Net periodic benefit income:
Interest cost
Other expenses
$
656
$
619
$
1,967
$
1,858
Estimated return on plan assets
Other expenses
(1,040)
(1,130)
(3,119)
(3,392)
Net periodic benefit income
$
(384)
$
(511)
$
(1,152)
$
(1,534)
The Corporation does not expect to contribute to the Pension Plans during 2022.