Benefit Plans

9 Months Ended

Sep. 30, 2019

Benefit Plans

Benefit Plans

17. Benefit Plans

The Company sponsors an unfunded supplemental executive retirement plan (“SERP”) for certain key executives. In March 2019, the Company’s board of directors approved an amendment to the SERP to freeze the SERP, which became effective on July 1, 2019. As a result of the amendment, since the effective date, there have not been any, and there will be no, new accruals of benefits, including service accruals. Existing benefits under the SERP, as of the effective date of the amendment described above, will otherwise continue in accordance with the terms of the SERP.

The following table sets forth the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans for the three and nine months ended September 30, 2019 and 2018:

	Income line item where recognized in	Pension Benefits				Other Benefits
(dollars in thousands)	the consolidated statements of income	2019		2018		2019		2018
Three Months Ended September 30,
Service cost	Salaries and employee benefits	$	18	$	174	$	160	$	80
Interest cost	Other noninterest expense		2,044		1,840		203		293
Expected return on plan assets	Other noninterest expense		(1,195)		(1,318)		—		—
Prior service credit	Other noninterest expense		—		—		(107)		(108)
Recognized net actuarial loss (gain)	Other noninterest expense		1,564		1,829		(76)		—
Total net periodic benefit cost		$	2,431	$	2,525	$	180	$	265
Nine Months Ended September 30,
Service cost	Salaries and employee benefits	$	52	$	522	$	478	$	505
Interest cost	Other noninterest expense		6,132		5,429		615		662
Expected return on plan assets	Other noninterest expense		(3,585)		(3,797)		—		—
Prior service credit	Other noninterest expense		—		—		(321)		(322)
Recognized net actuarial loss (gain)	Other noninterest expense		4,692		5,049		(228)		—
Total net periodic benefit cost		$	7,291	$	7,203	$	544	$	845