XML 34 R21.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The net periodic pension cost for the Pension Plan consisted of the following components:
Three months ended June 30Six months ended June 30
 2024202320242023
 (dollars in thousands)
Interest cost$789 $855 $1,579 $1,711 
Expected return on plan assets(975)(877)(1,951)(1,754)
Net amortization and deferral— 80 — 161 
Net periodic pension cost$(186)$58 $(372)$118 

The components of the net benefit for the Postretirement Plan consisted of the following components:
Three months ended June 30Six months ended June 30
 2024202320242023
 (dollars in thousands)
Interest cost$9 $13 $19 $26 
Net accretion and deferral(136)(136)(271)(272)
Net periodic benefit$(127)$(123)$(252)$(246)

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.
The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through OCI.