BENEFIT PLANS

9 Months Ended

Sep. 30, 2022

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 made a $0.1 million contribution to its defined benefit pension plan in the first quarter of 2022. 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 and nine months ended September 30, 2022 and 2021 is as follows:

	Pension Benefits								Post-retirement Benefits
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
(000’s omitted)	2022		2021		2022		2021		2022		2021			2022	2021
Service cost	$	1,240	$	1,480	$	3,720	$	4,440	$	0	$	0	$	0	$	0
Interest cost		1,334		1,259		4,002		3,777		11		11		33		33
Expected return on plan assets		(4,756)		(4,696)		(14,268)		(14,087)		0		0		0		0
Amortization of unrecognized net loss		211		900		633		2,700		9		11		27		33
Amortization of prior service cost		154		95		462		284		(45)		(45)		(135)		(134)
Net periodic benefit	$	(1,817)	$	(962)	$	(5,451)	$	(2,886)	$	(25)	$	(23)	$	(75)	$	(68)