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PENSION AND OTHER POSTRETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2020
PENSION AND OTHER POSTRETIREMENT PLANS. |
PENSION AND OTHER POSTRETIREMENT PLANS | 7. PENSION AND POSTRETIREMENT PLANS The Bank maintains a noncontributory pension plan (the “Pension Plan”) covering all eligible employees. The Bank uses a December 31 measurement date for this plan in accordance with FASB ASC 715-30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension.” During 2012, the Company amended the Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered employees. Additionally, new employees hired on or after October 1, 2012 are not eligible for the Pension Plan. During 2001, the Bank adopted the Bridgehampton National Bank Supplemental Executive Retirement Plan (“SERP”). As recommended by the Compensation Committee of the Board of Directors and approved by the full Board of Directors, the SERP provides benefits to certain employees, whose benefits under the Pension Plan are limited by the applicable provisions of the Internal Revenue Code. The benefit under the SERP is equal to the additional amount the employee would be entitled to under the Pension Plan and the 401(k) Plan in the absence of such Internal Revenue Code limitations. The assets of the SERP are held in a rabbi trust to maintain the tax-deferred status of the plan and are subject to the general, unsecured creditors of the Company. As a result, the assets of the rabbi trust are reflected on the Company’s consolidated balance sheets. There were $1.2 million of contributions to the Pension Plan during the nine months ended September 30, 2020. There were no contributions to the Pension Plan during the nine months ended September 30, 2019. There were no contributions to the SERP during the nine months ended September 30, 2020 and 2019, respectively. In accordance with the SERP, a retired executive received a distribution totaling $84 thousand during each of the nine months ended September 30, 2020 and 2019, respectively. The Company's funding policy with respect to its benefit plans is to contribute at least the minimum amounts required by applicable laws and regulations. The following table presents the components of net periodic benefit (credit) cost: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | Pension Benefits | ​ | SERP Benefits | ​ | Pension Benefits | ​ | SERP Benefits
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Components of net periodic benefit (credit) cost and other amounts recognized in other comprehensive income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 265 | ​ | $ | 273 |  | $ | 92 |  | $ | 65 | ​ | $ | 795 | ​ | $ | 818 |  | $ | 278 |  | $ | 196
Interest cost | ​ |  | 193 |  |  | 225 | ​ |  | 38 |  |  | 37 | ​ |  | 578 |  |  | 675 | ​ |  | 112 |  |  | 110
Expected return on plan assets | ​ |  | (713) |  |  | (608) | ​ |  | — |  |  | — | ​ |  | (2,138) |  |  | (1,823) | ​ |  | — |  |  | —
Amortization of net loss | ​ |  | 100 |  |  | 130 | ​ |  | 56 |  |  | 18 | ​ |  | 300 |  |  | 390 | ​ |  | 170 |  |  | 53
Amortization of prior service credit | ​ |  | (20) |  |  | (20) | ​ |  | — |  |  | — | ​ |  | (58) |  |  | (58) | ​ |  | — |  |  | —
Net periodic benefit (credit) cost | ​ | $ | (175) | ​ | $ | — |  | $ | 186 |  | $ | 120 | ​ | $ | (523) | ​ | $ | 2 |  | $ | 560 |  | $ | 359
​

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