Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

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)	6/30/2024		6/30/2023		6/30/2024		6/30/2023		6/30/2024		6/30/2023
Service cost	$	0	$	0	$	6	$	1	$	17	$	7
Interest cost	762		814		81		88		267		275
Expected return on plan assets	(1,342)		(1,195)		0		0		0		0
Amortization of net retirement plan actuarial loss	229		274		(14)		(13)		0		0
Amortization of net retirement plan prior service (credit) cost	0		0		(10)		(15)		57		69
Net periodic benefit (income) cost	$	(351)	$	(107)	$	63	$	61	$	341	$	351


	Pension Benefits				Life and Health				SERP Benefits
	Six Months Ended				Six Months Ended				Six Months Ended
(In thousands)	6/30/2024		6/30/2023		6/30/2024		6/30/2023		6/30/2024		6/30/2023
Service cost	$	0	$	0	$	13	$	16	$	29	$	21
Interest cost	1,594		1,637		171		177		565		574
Expected return on plan assets	(2,573)		(2,394)		0		0		0		0
Amortization of net retirement plan actuarial loss	488		578		(31)		(20)		0		0
Amortization of net retirement plan prior service cost (credit)	0		0		(21)		(30)		113		139

Net periodic benefit (income) cost	$	(491)	$	(179)	$	132	$	143	$	707	$	734

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 $414,000 and $503,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the six months ended June 30, 2024 and 2023, 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 2024 and 2023.