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RETIREMENT AND POSTRETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2021
RETIREMENT AND POSTRETIREMENT PLANS |
RETIREMENT AND POSTRETIREMENT PLANS | 15.RETIREMENT AND POSTRETIREMENT PLANS As of September 30, 2021, the Company maintains one Legacy Dime employee benefit plan, the Retirement Plan of Dime Community Bank (the "Employee Retirement Plan"). The Company also maintains the two Bridge employee benefit plans that existed before the Merger: (i) the BNB Bank 401(k) Plan (the “401(k) Plan”) and (ii) the BNB Bank Pension Plan. The Dime Community Bank KSOP Plan (“Dime KSOP Plan”) was terminated by resolution of the Legacy Dime Board of Directors. The effective date of the Dime KSOP Plan termination was January 31, 2021, the day immediately prior to the closing of the Merger. As such, all participants were required to transfer their assets out of the Dime KSOP Plan. The 401(k) Plan is available to all former Dime employees that continue to be employed following the Merger Date, that meet eligibility requirements, and provides tax deferred salary deductions and alternative investment options. Under the provisions of the 401(k) plan, employee contributions are partially matched by the Bank as follows: 100% of each employee’s contributions up to 1% of each employee’s compensation plus 50% of each employee’s contributions over 1% but not in excess of 6% of each employee’s compensation for a maximum contribution of 3.5% of a participating employee’s compensation. Participants can invest their account balances into several investment alternatives. While the Company does not allow for the investment of plan contributions in the Company’s common stock, former Legacy Dime employees that continue to be employed following the Merger Date may rollover and hold shares in-kind held in the Dime KSOP Plan to the 401(k) plan and hold the shares in the 401(k) plan. The 401(k) plan also includes a discretionary profit-sharing component. ​ The following table represents the components of net periodic benefit (credit) cost included in other non-interest expense, except for service cost which is reported in salaries and employee benefits expense, in the consolidated statements of income. Net expenses associated with these plans were comprised of the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ | ​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | BMP, Postretirement
​ | ​ | BNB Bank | ​ | Employee | ​ | Employee | ​ | and Outside Director
(In thousands) | ​ | Pension Plan | ​ | Retirement Plan | ​ | Retirement Plan | ​ | Retirement Plans
Service cost | ​ | $ | 223 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Interest cost | ​ | ​ | 302 | ​ | ​ | 183 | ​ | ​ | 10 | ​ | ​ | 241
Expected return on assets | ​ | ​ | (1,244) | ​ | ​ | (428) | ​ | ​ | — | ​ | ​ | (428)
Unrecognized past service liability | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | —
Amortization of unrealized loss | ​ | ​ | 207 | ​ | ​ | 229 | ​ | ​ | — | ​ | ​ | 274
Net periodic benefit (credit) cost | ​ | $ | (512) | ​ | $ | (16) | ​ | $ | 8 | ​ | $ | 87
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | BMP, Postretirement
​ | ​ | BNB Bank | ​ | Employee | ​ | Employee | ​ | and Outside Director
(In thousands) | ​ | Pension Plan | ​ | Retirement Plan | ​ | Retirement Plan | ​ | Retirement Plans
Service cost | ​ | $ | 594 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Interest cost | ​ | ​ | 854 | ​ | ​ | 549 | ​ | ​ | 30 | ​ | ​ | 723
Expected return on assets | ​ |  | (3,473) | ​ |  | (1,284) | ​ |  | — | ​ |  | (1,284)
Unrecognized past service liability | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6) | ​ | ​ | —
Amortization of unrealized loss | ​ |  | 619 | ​ |  | 687 | ​ |  | — | ​ |  | 822
Net periodic (credit) cost | ​ | $ | (1,406) | ​ | $ | (48) | ​ | $ | 24 | ​ | $ | 261
​ There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the nine months ended September 30, 2021. ​ In connection with the Merger, the Outside Director Retirement Plan and the BMP were terminated resulting in lump sum payments to the participants in the amounts of $2.8 million for the Outside Director Retirement Plan and $6.2 million for the BMP. The total expense recognized as a curtailment loss during the three months ended March 31, 2021 was $1.5 million. ​ During the year ended December 31, 2020, Legacy Dime approved the termination of the Postretirement Plan in anticipation of the Merger. ​ During the three months ended March 31, 2021, the Company made gross lump-sum distributions totaling $11.6 million from the BMP. These distributions were satisfied by 88,081 shares of common stock with a market value of $2.4 million, held by the previous ESOP component of the BMP, of which 41,101 shares were returned to Treasury Stock to cover income tax liabilities, and cash of $9.2 million. As a result of the distribution, a non-cash tax benefit of $301 thousand was recognized as a discrete item in income tax expense in accordance to ASU 2016-09 for the difference between the market value and the cost basis of the common stock held by the BMP.

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