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RETIREMENT AND POSTRETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2023
RETIREMENT AND POSTRETIREMENT PLANS |
RETIREMENT AND POSTRETIREMENT PLANS | 14.RETIREMENT AND POSTRETIREMENT PLANS The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees. ​ Employee Retirement Plan The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. BNB Bank Pension Plan During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. 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,
​ | ​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BNB Bank | ​ | Employee | ​ | BNB Bank | ​ | Employee
(In thousands) | ​ | Pension Plan | ​ | Retirement Plan | ​ | Pension Plan | ​ | Retirement Plan
Service cost | ​ | $ | 175 | ​ | $ | — | ​ | $ | 267 | ​ | $ | —
Interest cost | ​ | ​ | 330 | ​ | ​ | 222 | ​ | ​ | 195 | ​ | ​ | 155
Expected return on assets | ​ | ​ | (687) | ​ | ​ | (382) | ​ | ​ | (857) | ​ | ​ | (490)
Amortization of unrealized loss | ​ | ​ | — | ​ | ​ | 147 | ​ | ​ | — | ​ | ​ | 63
Net periodic credit | ​ | $ | (182) | ​ | $ | (13) | ​ | $ | (395) | ​ | $ | (272)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BNB Bank | ​ | Employee | ​ | BNB Bank | ​ | Employee
(In thousands) | ​ | Pension Plan | ​ | Retirement Plan | ​ | Pension Plan | ​ | Retirement Plan
Service cost | ​ | $ | 525 | ​ | $ | — | ​ | $ | 802 | ​ | $ | —
Interest cost | ​ | ​ | 990 | ​ | ​ | 667 | ​ | ​ | 585 | ​ | ​ | 465
Expected return on assets | ​ |  | (2,062) | ​ |  | (1,147) | ​ |  | (2,572) | ​ | ​ | (1,470)
Amortization of unrealized loss | ​ |  | — | ​ |  | 442 | ​ |  | — | ​ | ​ | 188
Net periodic credit | ​ | $ | (547) | ​ | $ | (38) | ​ | $ | (1,185) | ​ | $ | (817)
​ There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the nine months ended September 30, 2023. ​ 401(k) Plan The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $22,500 for the calendar year ended December 31, 2023. 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. The 401(k) Plan does not allow for investment in the Company’s common stock. The 401(k) Plan held Company common stock within the accounts of participants totaling $4.8 million at September 30, 2023. During the three and nine months ended September 30, 2023, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $513 thousand and $2.0 million, respectively. During the three and nine months ended September 30, 2022, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $509 thousand and $1.8 million, respectively. ​

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