Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

(13.) EMPLOYEE BENEFIT PLANS

The components of the Company’s net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands):

	Three months ended March 31,
	2023			2022
Service cost	$	448		$	872
Interest cost on projected benefit obligation		855			647
Expected return on plan assets		(878	)		(1,141	)
Amortization of unrecognized prior service credit		(122	)		—
Amortization of unrecognized net actuarial loss		316			65
Net periodic benefit expense	$	619		$	443

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2023 fiscal year.