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Employee Benefit Plan

3 Months Ended

Mar. 31, 2021

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 net retirement plan actuarial loss, and prior service cost recognized.

Components of Net Periodic Benefit Cost

			Pension Benefits Three Months Ended						Life and Health Three Months Ended						SERP Benefits Three Months Ended
(In thousands)			3/31/2021			3/31/2020			3/31/2021			3/31/2020			3/31/2021			3/31/2020
Service cost			$	0		$	0		$	52		$	41		$	60		$	46
Interest cost			487			641			54			64			199			240
Expected return on plan assets			(1,415)			(1,355)			0			0			0			0
Amortization of net retirement plan actuarial loss			383			350			74			26			307			225
Amortization of net retirement plan prior service (credit) cost			0			(3)			(15)			(15)			71			71
Net periodic benefit (income) cost			$	(545)		$	(367)		$	165		$	116		$	637		$	582

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 $619,000 and $494,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the three months ended March 31, 2021 and 2020, respectively.

The Company is not required to contribute to the pension plan in 2021, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first three months of 2021 and 2020.

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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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