Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

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)	6/30/2023		6/30/2022		6/30/2023		6/30/2022		6/30/2023		6/30/2022
Service cost	$	0	$	0	$	1	$	43	$	7	$	(13)
Interest cost	814		529		88		59		275		206
Expected return on plan assets	(1,195)		(1,474)		0		0		0		0
Amortization of net retirement plan actuarial loss	274		285		(13)		46		0		183
Amortization of net retirement plan prior service (credit) cost	0		0		(15)		(15)		69		68
Net periodic benefit (income) cost	$	(107)	$	(660)	$	61	$	133	$	351	$	444


	Pension Benefits				Life and Health				SERP Benefits
	Six Months Ended				Six Months Ended				Six Months Ended
(In thousands)	6/30/2023		6/30/2022		6/30/2023		6/30/2022		6/30/2023		6/30/2022
Service cost	$	0	$	0	$	16	$	87	$	21	$	39
Interest cost	1,637		992		177		111		574		407
Expected return on plan assets	(2,394)		(2,942)		0		0		0		0
Amortization of net retirement plan actuarial loss	578		608		(20)		98		0		423
Amortization of net retirement plan prior service cost (credit)	0		0		(30)		(30)		139		139

Net periodic benefit (income) cost	$	(179)	$	(1,342)	$	143	$	266	$	734	$	1,008

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 $0.5 million and $0.9 million, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the six months ended June 30, 2023 and 2022, 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 2023 and 2022.