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v3.25.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. 401(k) Retirement Plan expense for the three months ended March 31, 2025 and 2024 was $2.6 million and $3.2 million, respectively. The net periodic pension cost for the Pension Plan consisted of the following components:
| Three months ended March 31 |  |
| 2025 |  | 2024 |  |  |  |
| (dollars in thousands)
Interest cost | $ | 768 |  |  | $ | 790 |  |  |  |  |
Expected return on plan assets | (978) |  |  | (976) |  |  |  |  |
Net periodic pension cost | $ | (210) |  |  | $ | (186) |  |  |  |  |
The components of the net benefit for the Postretirement Plan consisted of the following components:
| Three months ended March 31 |  |
| 2025 |  | 2024 |  |  |  |
| (dollars in thousands)
Interest cost | $ | 9 |  |  | $ | 10 |  |  |  |  |
Net accretion and deferral | (136) |  |  | (136) |  |  |  |  |
Net periodic benefit | $ | (127) |  |  | $ | (126) |  |  |  |  |
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.

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