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Benefit Plan | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Benefit Plan | Benefit Plans Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation. There were no Pension Plan contributions for any of the three-month or the six-month periods ended June 30, 2024 or 2023. Additionally, no contributions are expected to be made during the remainder of 2024. The following table shows the components of net periodic pension benefit income:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  | Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Service cost |  | $ | 1,750 |  |  | $ | 1,559 |  |  |  | $ | 3,500 |  |  | $ | 3,118 |  |  | Employee benefits
Interest cost |  | 1,719 |  |  | 1,631 |  |  |  | 3,438 |  |  | 3,262 |  |  | Other components of net periodic pension benefit income
Expected return on plan assets |  | (3,935) |  |  | (3,536) |  |  |  | (7,870) |  |  | (7,072) |  |  | Other components of net periodic pension benefit income
Recognized prior service cost |  | 12 |  |  | 12 |  |  |  | 24 |  |  | 24 |  |  | Other components of net periodic pension benefit income
Net periodic pension benefit income |  | $ | (454) |  |  | $ | (334) |  |  |  | $ | (908) |  |  | $ | (668) |  |  |
Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of Park and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three months and the six months ended June 30, 2024 and 2023 was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Service cost |  | $ | 769 |  |  | $ | 234 |  |  | $ | 985 |  |  | $ | 468 |  |  | Employee benefits
Interest cost |  | 155 |  |  | 175 |  |  | 310 |  |  | 351 |  |  | Miscellaneous expense
Total SERP expense |  | $ | 924 |  |  | $ | 409 |  |  | $ | 1,295 |  |  | $ | 819 |  |  |

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