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BENEFIT PLANS
 6 Months Ended
Jun. 30, 2022
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 $0.1 million contribution to its defined benefit pension plan in the first quarter of 2022. The Company made a $2.9 million contribution to its defined benefit pension plan and a $0.09 million contribution to the Steuben Trust Company Pension Plan in the first quarter of 2021.

The net periodic benefit cost for the three and six months ended June 30, 2022 and 2021 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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Six Months Ended

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Three Months Ended

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Six Months Ended

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June 30, 

​

June 30, 

​

June 30, 

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June 30, 

(000’s omitted)

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

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​

2022

    

2021

Service cost

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$

1,240

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$

1,480

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$

2,480

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$

2,960

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$

0

​

$

0

​

$

0

​

$

0

Interest cost

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​

1,334

​

​

1,259

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​

2,668

​

​

2,518

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​

11

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​

11

​

​

22

​

​

22

Expected return on plan assets

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(4,756)

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(4,695)

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(9,512)

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(9,391)

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0

 

​

0

​

​

0

 

​

0

Amortization of unrecognized net loss

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211

​

 

900

​

​

422

​

​

1,800

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9

 

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11

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​

18

 

​

22

Amortization of prior service cost

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154

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94

​

​

308

​

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189

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(45)

 

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(44)

​

​

(90)

 

​

(89)

Net periodic benefit

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$

(1,817)

​

$

(962)

​

$

(3,634)

​

$

(1,924)

​

$

(25)

​

$

(22)

​

$

(50)

​

$

(45)

​