Retirement Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows: 

	Three Months Ended June 30,
	2023		2022		2023		2022
(Dollars in thousands)	Retirement Plans				Other Post Retirement Benefits
Service cost	$	136	$	142	$	19	$	32
Interest cost	587		397		32		24
Expected loss on plan assets	(761)		(945)		—		—
Amortization of net actuarial loss (gain)	250		205		(4)		13
Net periodic benefit cost (income)	$	212	$	(201)	$	47	$	69

	Six Months Ended June 30,
	2023		2022		2023		2022
(Dollars in thousands)	Retirement Plans				Other Post Retirement Benefits
Service cost	$	266	$	279	$	38	$	62
Interest cost	1,184		787		64		48
Expected loss on plan assets	(1,531)		(1,878)		—		—
Amortization of net actuarial loss (gain)	500		409		(8)		27
Net periodic benefit cost (income)	$	419	$	(403)	$	94	$	137

The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the condensed consolidated statements of income.

The Corporation expects to make contributions of $156 thousand to the Retirement Plans and $130 thousand to Other Postretirement Benefit Plans in 2023. During the six months ended June 30, 2023, the Corporation contributed $78 thousand to its Non-Qualified Retirement Benefit Plans and $46 thousand to its Other Postretirement Benefit Plans. During the six months ended June 30, 2023, $1.4 million was paid to participants from the Retirement Plans and $46 thousand was paid to participants from the Other Postretirement Benefit Plans.