Benefit Plans

6 Months Ended

Jun. 30, 2020

Benefit Plans [Abstract]

Benefit Plans

(3) Benefit Plans

The table below outlines the components of the Company's net periodic benefit recognized during the three and six months ended June 30, 2020 and 2019 for its pension and other postretirement benefit plans:

	Three months ended June 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2020			2019			2020			2019
Service cost	$	7			13			21			14
Interest cost		272			307			58			60
Expected return on plan assets		(691	)		(654	)		(296	)		(247	)
Amortization of net loss (gain)		5			30			(148	)		(50	)
Amortization of prior service cost		-			-			(49	)		(82	)
Net periodic benefit	$	(407	)		(304	)		(414	)		(305	)

	Six months ended June 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2020			2019			2020			2019
Service cost	$	19			21			40			32
Interest cost		538			622			112			120
Expected return on plan assets		(1,510	)		(1,406	)		(592	)		(495	)
Amortization of net loss (gain)		5			30			(314	)		(98	)
Amortization of prior service cost		-			-			(98	)		(167	)
Net periodic benefit	$	(948	)		(733	)		(852	)		(608	)

The Company does not expect to make contributions to its pension and postretirement benefit plans in 2020.  As of June 30, 2020, no contributions have been made, however, this decision is reviewed each quarter and is subject to change based upon market conditions.

Since 2003, the Company has not subsidized retiree medical insurance premiums.  However, it continues to provide postretirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts.