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Benefit Plan | 9 Months Ended
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Sep. 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 nine-month periods ended September 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 September 30, |  |  | Nine Months Ended September 30, |  | Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Service cost |  | $ | 1,750 |  |  | $ | 1,559 |  |  |  | $ | 5,250 |  |  | $ | 4,677 |  |  | Employee benefits
Interest cost |  | 1,719 |  |  | 1,631 |  |  |  | 5,157 |  |  | 4,893 |  |  | Other components of net periodic pension benefit income
Expected return on plan assets |  | (3,936) |  |  | (3,536) |  |  |  | (11,806) |  |  | (10,608) |  |  | Other components of net periodic pension benefit income
Recognized prior service cost |  | 13 |  |  | 12 |  |  |  | 37 |  |  | 36 |  |  | Other components of net periodic pension benefit income
Pension settlement gain |  | (5,783) |  |  | — |  |  |  | (5,783) |  |  | — |  |  | Pension settlement gain
Net periodic pension benefit income |  | $ | (6,237) |  |  | $ | (334) |  |  |  | $ | (7,145) |  |  | $ | (1,002) |  |  |
During the three months and nine months ended September 30, 2024, Park recognized a $5.8 million pension settlement gain due to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested participants. To calculate the gain, the PBO was remeasured as of September 30, 2024. In calculating the September 30, 2024 PBO, a discount rate of 5.17% was used which was a 3 basis point increase from the discount rate utilized to calculate the December 31, 2023 PBO. There were no changes from December 31, 2023 to the assumptions utilized for the long-term rate of return on plan assets, salaries increases, turnover rates or mortality. There was no pension settlement gain recognized during the three months or the nine months ended September 30, 2023. 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 nine months ended September 30, 2024 and 2023 was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Service cost |  | $ | 216 |  |  | $ | 234 |  |  | $ | 1,201 |  |  | $ | 702 |  |  | Employee benefits
Interest cost |  | 154 |  |  | 176 |  |  | 464 |  |  | 527 |  |  | Miscellaneous expense
Total SERP expense |  | $ | 370 |  |  | $ | 410 |  |  | $ | 1,665 |  |  | $ | 1,229 |  |  |

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