Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Pension and Other Postretirement Benefit Plans

9.     Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Employee Pension Plan:
Interest cost	$	203	$	138	$	406	$	276
Amortization of unrecognized loss		—		1		—		2
Expected return on plan assets		(277)		(258)		(554)		(515)
Net employee pension benefit (1)	$	(74)	$	(119)	$	(148)	$	(237)
Outside Director Pension Plan:
Service cost	$	2	$	3	$	4	$	6
Interest cost		14		12		29		23
Amortization of unrecognized gain		(40)		(7)		(80)		(14)
Net outside director pension (benefit) expense (2)	$	(24)	$	8	$	(47)	$	15
Other Postretirement Benefit Plans:
Service cost	$	40	$	67	$	80	$	134
Interest cost		96		69		191		139
Amortization of unrecognized gain		(60)		—		(120)		—
Amortization of past service credit		—		(7)		—		(14)
Net other postretirement expense (1)	$	76	$	129	$	151	$	259

(1) Reported in the Consolidated Statements of Income as part of salaries and employee benefits.

(2) Reported in the Consolidated Statements of Income as part of other operating expenses.

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2022 that it expects to contribute $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and $0.3 million to the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2023. The Company does not expect to make a contribution to the Employee Pension Plan. As of June 30, 2023, the Company had contributed $44,000 to the Outside Director Pension Plan and $65,000 to the Other Postretirement Benefit Plans. As of June 30, 2023, the Company has not revised its expected contributions for the year ending December 31, 2023.