Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Employee Benefit Plans

Employee Benefit Plans

7.Employee Benefit Plans

The Company provides pension benefits for eligible employees through two defined benefit pension plans (the “Plans”). The following tables set forth the changes in the Plans’ benefit obligations, fair value of plan assets, and the plans’ funded status:

Generations Bank Plan:	Three Months Ended March 31,
(In thousands)	2022		2021
Net periodic expenses recognized in income:
Service cost	$	108	$	115
Interest cost		102		105
Expected return on plan assets		(384)		(370)
Amortization of net losses		—		28
Net periodic pension benefit	$	(174)	$	(122)

Medina Savings and Loan Plan:	Three Months Ended March 31,
(In thousands)	2022		2021
Net periodic expenses recognized in income:
Service cost	$	8	$	8
Interest cost		28		32
Expected return on plan assets		(115)		(116)
Net periodic pension benefit	$	(79)	$	(76)