Benefit Plan

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Benefit Plan

Benefit Plans

Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation.

There were no Pension Plan contributions for any of the three-month or the six-month periods ended June 30, 2023 and 2022. Additionally, no contributions are expected to be made during the remainder of 2023.

The following table shows the components of net periodic pension benefit (income) expense:

	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2023		2022		2023		2022
Service cost	$	1,559	$	2,437	$	3,118	$	4,874	Employee benefits
Interest cost	1,631		1,426		3,262		2,852		Other components of net periodic pension benefit income
Expected return on plan assets	(3,536)		(4,449)		(7,072)		(8,898)		Other components of net periodic pension benefit income
Recognized prior service cost (credit)	12		(4)		24		(8)		Other components of net periodic pension benefit income
Net periodic pension benefit income	$	(334)	$	(590)	$	(668)	$	(1,180)

Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of Park and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense

for the Corporation related to the SERP Agreements for the three months and the six months ended June 30, 2023 and 2022 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2023		2022		2023		2022
Service cost	$	234	$	212	$	468	$	425	Employee benefits
Interest cost	175		183		351		366		Miscellaneous expense
Total SERP expense	$	409	$	395	$	819	$	791