Benefit Plan

3 Months Ended

Mar. 31, 2024

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 either of the three-month periods ended March 31, 2024 or 2023. Additionally, no contributions are expected to be made during the remainder of 2024.

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

	Three Months Ended March 31,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2024		2023
Service cost	$	1,750	$	1,559	Employee benefits
Interest cost	1,719		1,631		Other components of net periodic pension benefit income
Expected return on plan assets	(3,935)		(3,536)		Other components of net periodic pension benefit income
Recognized prior service cost	12		12		Other components of net periodic pension benefit income
Net periodic pension benefit income	$	(454)	$	(334)

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 ended March 31, 2024 and 2023 was as follows:

	Three Months Ended March 31,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2024		2023
Service cost	$	216	$	234	Employee benefits
Interest cost	155		176		Miscellaneous expense
Total SERP expense	$	371	$	410