BENEFIT PLANS

3 Months Ended

Mar. 31, 2021

BENEFIT PLANS

BENEFIT PLANS

NOTE H: BENEFIT PLANS

The Company provides a qualified defined benefit pension to eligible employees and retirees, other post-retirement health and life insurance benefits to certain retirees, an unfunded supplemental pension plan for certain key executives, and an unfunded stock balance plan for certain of its nonemployee directors. The Company accrues for the estimated cost of these benefits through charges to expense during the years that employees earn these benefits. The service cost component of net periodic benefit income is included in the salaries and employee benefits line of the consolidated statements of income, while the other components of net periodic benefit income are included in other expenses. The Company did not make a contribution to its defined benefit pension plan in the first quarter of 2020. The Company made a $2.8 million contribution to its defined benefit pension plan and a $0.09 million contribution to the Steuben Trust Company Pension Plan in the first quarter of 2021.

The net periodic benefit cost for the three  months ended March 31, 2021 and 2020 is as follows:

	Pension Benefits				Post-retirement Benefits
	Three Months Ended				Three Months Ended
	March 31,				March 31,
(000’s omitted)	2021		2020		2021			2020
Service cost	$	1,480	$	1,438	$	0	$	0
Interest cost		1,259		1,356		11		14
Expected return on plan assets		(4,696)		(3,932)		0		0
Amortization of unrecognized net loss		900		810		11		10
Amortization of prior service cost		95		60		(45)		(45)
Net periodic benefit	$	(962)	$	(268)	$	(23)	$	(21)