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Employee Benefit Plan

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Employee Benefit Plan

Employee Benefit Plan

The following table sets forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans (“SERP”) including the following components: service cost, interest cost, expected return on plan assets for the period, amortization of the unrecognized transitional obligation or transition asset, and the amounts of recognized gains and losses, prior service cost recognized, and gain or loss recognized due to settlement or curtailment.

Components of Net Periodic Benefit Cost

	Pension Benefits Three Months Ended								Life and Health Three Months Ended								SERP Benefits Three Months Ended
(In thousands)	6/30/2019				6/30/2018				6/30/2019				6/30/2018				6/30/2019				6/30/2018
Service cost	$	0			$	0			$	30			$	53			$	39			$	35
Interest cost	723				663				72				71				228				211
Expected return on plan assets	(1,232		)		(1,406		)		0				0				0				0
Amortization of net retirement plan actuarial loss	330				292				0				16				70				135
Amortization of net retirement plan prior service (credit) cost	(3		)		(3		)		(15		)		(15		)		22				22
Net periodic benefit (income) cost	$	(182	)		$	(454	)		$	87			$	125			$	359			$	403

	Pension Benefits Six Months Ended								Life and Health Six Months Ended								SERP Benefits Six Months Ended
(In thousands)	6/30/2019				6/30/2018				6/30/2019				6/30/2018				6/30/2019				6/30/2018
Service cost	$	0			$	0			$	80			$	106			$	77			$	80
Interest cost	1,468				1,254				145				135				456				417
Expected return on plan assets	(2,466		)		(2,824		)		0				0				0				0
Amortization of net retirement plan actuarial loss	667				559				0				31				154				270
Amortization of net retirement plan prior service cost (credit)	(5		)		(5		)		(31		)		(31		)		44				44
Net periodic benefit (income) cost	$	(336	)		$	(1,016	)		$	194			$	241			$	731			$	811

The service component of net periodic benefit cost for the Company's benefit plans is recorded as a part of salaries and wages in the consolidated statements of income. All other components are recorded as part of other operating expenses in the consolidated statements of income.

The Company realized approximately $625,000 and $655,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the six months ended June 30, 2019 and 2018, respectively.

The Company is not required to contribute to the pension plan in 2019, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first six months of 2019 and 2018.

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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- References

No definition available.

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