Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2024

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
	March 31,
(In thousands)	2024		2023
Employee Pension Plan:
Interest cost	$	194	$	203
Expected return on plan assets		(284)		(277)
Net employee pension benefit (1)	$	(90)	$	(74)
Outside Director Pension Plan:
Service cost	$	2	$	2
Interest cost		11		15
Amortization of unrecognized gain		(38)		(40)
Net outside director pension (benefit) expense (2)	$	(25)	$	(23)
Other Postretirement Benefit Plans:
Service cost	$	42	$	40
Interest cost		96		95
Amortization of unrecognized gain		(54)		(60)
Net other postretirement expense (1)	$	84	$	75

(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, 2023 that it expects to contribute $0.1 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, 2024. The Company does not expect to contribute to the employee pension plan during the year ending December 31, 2024. As of March 31, 2024, the Company had contributed $12,000 to the Outside Director Pension Plan and $39,000 to the Other Postretirement Benefit Plans. As of March 31, 2024, the Company has not revised its expected contributions for the year ending December 31, 2024.