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Defined Pension Plans | 6 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
Defined Pension Plans | Defined Pension Plans The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. As such, subsequent to February 28, 2021, there is no service cost associated with the Plan. The following table represents the components of net periodic pension cost (benefit):
(In thousands) | Estimated 2023 |  | Actual 2022
Interest cost on projected benefit obligations | $ | 4,375 |  |  | $ | 3,293 |
Expected return on plan assets | (3,977) |  |  | (5,857) |
Net periodic pension cost (benefit) | $ | 398 |  |  | $ | (2,564) |
The Company recorded a net periodic pension cost of $138,000 and $273,000 for the three and six month period ended June 30, 2023, respectively, and a net periodic pension benefit of $613,000 and $1.2 million for the three and six month period ended June 30, 2022, respectively. The Company made no contributions to the Plan during the six month period ended June 30, 2023 and is evaluating the amount of contributions, if any, for the remainder of 2023. In addition to the above funded defined-benefit pension plan, the Company has an unfunded supplemental executive retirement plan (the "SERP"). There are no current employees earning benefits and therefore, there is no service cost associated with the SERP. The following table represents the components of the net periodic cost for the SERP:
(In thousands) | Estimated 2023 |  | Actual 2022
Interest cost on projected benefit obligation | $ | 472 |  |  | $ | 318 |
Net amortization | — |  |  | 108 |
Net periodic pension cost | $ | 472 |  |  | $ | 426 |
SERP cost recorded to expense was $118,000 and $236,000 for the three and six month periods ended June 30, 2023, respectively, and $106,000 and $213,000 for the three and six month periods ended June 30, 2022, respectively.

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