Pension Plans and Postretirement Benefit Plan

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Pension Plans and Postretirement Benefit Plan

Pension Plans and Postretirement Benefit Plan

Components of net periodic benefit cost for the Company’s pension plans and the postretirement benefit plan are presented in the following table for the three and nine months ended September 30, 2019 and 2018.

	Pension Benefits						Postretirement Benefits
(dollars in thousands)	2019			2018			2019			2018
Three Months Ended September 30,
Service Cost	$	—		$	—		$	118		$	114
Interest Cost	1,094			1,041			258			235
Expected Return on Plan Assets	(1,249		)	(1,281		)	—			—
Amortization of:
Prior Service Credit	—			—			(72		)	(142		)
Net Actuarial Losses (Gains)	483			498			(77		)	(61		)
Net Periodic Benefit Cost	$	328		$	258		$	227		$	146
Nine Months Ended September 30,
Service Cost	$	—		$	—		$	353		$	344
Interest Cost	3,281			3,123			773			706
Expected Return on Plan Assets	(3,747		)	(3,845		)	—			—
Amortization of:
Prior Service Credit	—			—			(216		)	(426		)
Net Actuarial Losses (Gains)	1,451			1,494			(233		)	(185		)
Net Periodic Benefit Cost	$	985		$	772		$	677		$	439

The service cost component of net periodic benefit cost are included in salaries and benefits and all other components of net periodic benefit cost are included in other noninterest expense in the consolidated statements of income for the Company’s pension plans and postretirement benefit plan. For the three and nine months ended September 30, 2019, the Company contributed $0.2 million and $0.4 million, respectively, to the pension plans and $0.5 million and $1.1 million, respectively, to the postretirement benefit plan.  The Company expects to contribute a total of $0.5 million to the pension plans and $1.5 million to the postretirement benefit plan for the year ending December 31, 2019.