Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Components of Net Pension Expense

The components of net pension expense for the plans for the periods indicated are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Components of net periodic benefit cost:
Service cost (1)	$	6,339	$	8,094	$	19,016	$	24,278
Interest cost	4,297		2,429		12,893		7,289
Expected return on plan assets	(7,532)		(9,280)		(22,596)		(27,842)
Prior service credit	(2,970)		(2,971)		(8,910)		(8,911)
Recognized net actuarial loss	2,468		2,799		7,404		8,395
Net periodic benefit cost	$	2,602	$	1,071	$	7,807	$	3,209

(1)Includes service costs related to employees of our insurance agency business. Such service costs were included in net (loss) income from discontinued operations as such costs will not continue to be incurred by the Company following the sale of the insurance agency business. All other costs included in the determination of the benefit obligation for the Defined Benefit Plan and the BEP were included in net income (loss) from continuing operations as the Bank will assume the related liability upon dissolution of Eastern Insurance Group following the sale of the insurance agency business. Service costs included in net (loss) income from discontinued operations and included in the above table were $1.5 million and $4.5 million for the three and nine months ended September 30, 2023, respectively, and were $1.9 million and $5.8 million for the three and nine months ended September 30, 2022, respectively.

Schedule of Assets Held in Rabbi Trust

The following table presents the book value, mark-to-market, and fair value of assets held in rabbi trust accounts by asset type:


	As of September 30, 2023						As of December 31, 2022
	Book Value		Mark-to-Market		Fair Value		Book Value		Mark-to-Market		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	11,420	$	—	$	11,420	$	5,575	$	—	$	5,575
Equities (1)	55,838		6,822		62,660		60,056		3,626		63,682
Fixed income	6,863		(705)		6,158		7,799		(770)		7,029
Total assets	$	74,121	$	6,117	$	80,238	$	73,430	$	2,856	$	76,286

(1)Equities include mutual funds and other exchange-traded funds.