Retirement Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows: 

	Three Months Ended September 30,
	2023		2022		2023		2022
(Dollars in thousands)	Retirement Plans				Other Post Retirement Benefits
Service cost	$	133	$	140	$	19	$	30
Interest cost	590		393		32		25
Expected loss on plan assets	(762)		(940)		—		—
Amortization of net actuarial loss (gain)	250		205		(3)		14
Net periodic benefit cost (income)	$	211	$	(202)	$	48	$	69

	Nine Months Ended September 30,
	2023		2022		2023		2022
(Dollars in thousands)	Retirement Plans				Other Post Retirement Benefits
Service cost	$	399	$	419	$	57	$	92
Interest cost	1,774		1,180		96		73
Expected loss on plan assets	(2,293)		(2,818)		—		—
Amortization of net actuarial loss (gain)	750		614		(11)		41
Net periodic benefit cost (income)	$	630	$	(605)	$	142	$	206

The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the condensed consolidated statements of income.

The Corporation expects to make total contributions of $156 thousand to the Retirement Plans and $130 thousand to Other Postretirement Benefit Plans in 2023. During the nine months ended September 30, 2023, the Corporation contributed $117 thousand to its Non-Qualified Retirement Benefit Plans and $69 thousand to its Other Postretirement Benefit Plans. During the nine months ended September 30, 2023, $2.1 million was paid to participants from the Retirement Plans and $69 thousand was paid to participants from the Other Postretirement Benefit Plans.