Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

The following tables set forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans (“SERP”) including the following components: service cost, interest cost, expected return on plan assets for the period, amortization of the unrecognized transitional obligation or transition asset, and the amounts of recognized gains and losses, prior service cost recognized, and gain or loss recognized due to settlement or curtailment.

Components of Net Periodic Benefit Cost


	Pension Benefits Three Months Ended				Life and Health Three Months Ended				SERP Benefits Three Months Ended
(In thousands)	9/30/2021		9/30/2020		9/30/2021		9/30/2020		9/30/2021		9/30/2020
Service cost	$	0	$	0	$	47	$	43	$	58	$	54
Interest cost	407		593		45		61		173		228
Expected return on plan assets	(1,413)		(1,354)		0		0		0		0
Amortization of net retirement plan actuarial loss	390		353		78		39		270		200
Amortization of net retirement plan prior service (credit) cost	0		(2)		(15)		(15)		71		71
Net periodic benefit (income) cost	$	(616)	$	(410)	$	155	$	128	$	572	$	553


	Pension Benefits Nine Months Ended				Life and Health Nine Months Ended				SERP Benefits Nine Months Ended
(In thousands)	9/30/2021		9/30/2020		9/30/2021		9/30/2020		9/30/2021		9/30/2020
Service cost	$	0	$	0	$	140	$	129	$	173	$	161
Interest cost	1,221		1,778		135		183		519		685
Expected return on plan assets	(4,239)		(4,062)		0		0		0		0
Amortization of net retirement plan actuarial loss	1,170		1,058		234		116		810		600
Amortization of net retirement plan prior service cost (credit)	0		(7)		(45)		(45)		212		214

Net periodic benefit (income) cost	$	(1,848)	$	(1,233)	$	464	$	383	$	1,714	$	1,660

The service component of net periodic benefit cost for the Company's benefit plans is recorded as a part of salaries and wages in the consolidated statements of income. All other components are recorded as part of other operating expenses in the consolidated statements of income.

The Company realized approximately $1.8 million and $1.5 million, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the nine months ended September 30, 2021 and 2020, respectively.

The Company is not required to contribute to the pension plan, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first nine months of 2021 and 2020.