Employee Benefit Plans

6 Months Ended

Jun. 30, 2021

The following tables set 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)	6/30/2021		6/30/2020		6/30/2021		6/30/2020		6/30/2021		6/30/2020
Service cost	$	0	$	0	$	42	$	45	$	55	$	61
Interest cost	327		545		36		59		147		217
Expected return on plan assets	(1,411)		(1,352)		0		0		0		0
Amortization of net retirement plan actuarial loss	397		355		82		52		233		175
Amortization of net retirement plan prior service (credit) cost	0		(2)		(15)		(15)		70		71
Net periodic benefit (income) cost	$	(687)	$	(454)	$	145	$	141	$	505	$	524


	Pension Benefits Six Months Ended				Life and Health Six Months Ended				SERP Benefits Six Months Ended
(In thousands)	6/30/2021		6/30/2020		6/30/2021		6/30/2020		6/30/2021		6/30/2020
Service cost	$	0	$	0	$	93	$	86	$	115	$	107
Interest cost	814		1,185		90		122		346		457
Expected return on plan assets	(2,826)		(2,708)		0		0		0		0
Amortization of net retirement plan actuarial loss	780		705		156		77		540		400
Amortization of net retirement plan prior service cost (credit)	0		(5)		(30)		(30)		141		143

Net periodic benefit (income) cost	$	(1,232)	$	(823)	$	309	$	255	$	1,142	$	1,107

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 $1.2 million and $974,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the six months ended June 30, 2021 and 2020, respectively.

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