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BENEFIT PLANS
 9 Months Ended
Sep. 30, 2020
BENEFIT PLANS  
BENEFIT PLANS

NOTE H: BENEFIT PLANS

The Company provides a qualified defined benefit pension to eligible employees and retirees, other post-retirement health and life insurance benefits to certain retirees, an unfunded supplemental pension plan for certain key executives, and an unfunded stock balance plan for certain of its nonemployee directors. The Company accrues for the estimated cost of these benefits through charges to expense during the years that employees earn these benefits. The service cost component of net periodic benefit income is included in the salaries and employee benefits line of the consolidated statements of income, while the other components of net periodic benefit income are included in other expenses. The Company made a $3.9 million contribution to its defined benefit pension plan in the second quarter of 2020, and made a $3.5 million contribution to the Steuben Trust Company Pension Plan in the third quarter of 2020. The Company made a $7.3 million contribution to its defined benefit pension plan in the first quarter of 2019.

The net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019 is as follows:

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Pension Benefits

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Post-retirement Benefits

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Three Months Ended

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Nine Months Ended

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Three Months Ended

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Nine Months Ended

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September 30,

​

September 30,

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September 30,

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September 30,

(000's omitted)

    

2020

    

2019

    

2020

    

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2019

    

2020

    

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2019

    

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2020

    

2019

Service cost

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$

1,438

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$

1,270

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$

4,313

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$

3,811

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$

0

​

$

0

​

$

0

​

$

0

Interest cost

    

 

1,356

    

 

1,566

    

​

4,068

 

​

4,698

    

 

15

    

​

18

 

​

43

    

​

53

Expected return on plan assets

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(3,932)

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(3,578)

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​

(11,796)

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​

(10,733)

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0

 

​

0

​

​

0

 

​

0

Amortization of unrecognized net loss

​

 

810

​

 

642

​

​

2,430

​

​

1,926

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10

 

​

9

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​

30

 

​

28

Amortization of prior service cost

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60

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17

​

​

180

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​

48

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(45)

 

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(45)

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​

(134)

 

​

(134)

Net periodic benefit

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$

(268)

​

$

(83)

​

$

(805)

​

$

(250)

​

$

(20)

​

$

(18)

​

$

(61)

​

$

(53)

​