Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

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				Life and Health				SERP Benefits
	Three Months Ended				Three Months Ended				Three Months Ended
(In thousands)	9/30/2022		9/30/2021		9/30/2022		9/30/2021		9/30/2022		9/30/2021
Service cost	$	0	$	0	$	43	$	47	$	19	$	58
Interest cost	496		407		56		45		203		173
Expected return on plan assets	(1,471)		(1,413)		0		0		0		0
Amortization of net retirement plan actuarial loss	304		390		49		78		212		270
Amortization of net retirement plan prior service (credit) cost	0		0		(15)		(15)		69		71
Net periodic benefit (income) cost	$	(671)	$	(616)	$	133	$	155	$	503	$	572


	Pension Benefits				Life and Health				SERP Benefits
	Nine Months Ended				Nine Months Ended				Nine Months Ended
(In thousands)	9/30/2022		9/30/2021		9/30/2022		9/30/2021		9/30/2022		9/30/2021
Service cost	$	0	$	0	$	130	$	140	$	58	$	173
Interest cost	1,489		1,221		167		135		610		519
Expected return on plan assets	(4,414)		(4,239)		0		0		0		0
Amortization of net retirement plan actuarial loss	913		1,170		147		234		635		810
Amortization of net retirement plan prior service cost (credit)	0		0		(46)		(45)		208		212

Net periodic benefit (income) cost	$	(2,012)	$	(1,848)	$	398	$	464	$	1,511	$	1,714

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 $1.4 million and $1.8 million, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the nine months ended September 30, 2022 and 2021, 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 nine months of 2022 and 2021.