Benefit Plans

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 for its pension and other postretirement benefit plans:

	Three months ended June 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2022			2021			2022			2021
Service cost	$	-			(11	)		(9	)		26
Interest cost		221			212			51			39
Expected return on plan assets		(796	)		(662	)		(333	)		(290	)
Amortization of net gain		-			-			(426	)		(169	)
Amortization of prior service cost		-			-			123			102
Net periodic benefit	$	(575	)		(461	)		(594	)		(292	)

	Six months ended June 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2022			2021			2022			2021
Service cost	$	-			-			9			48
Interest cost		444			428			103			83
Expected return on plan assets		(1,613	)		(1,423	)		(666	)		(617	)
Amortization of net gain		-			-			(504	)		(397	)
Amortization of prior service cost (credit)		-			-			(157	)		50
Net periodic benefit	$	(1,169	)		(995	)		(1,215	)		(833	)

The Company does not expect to make contributions to its pension and postretirement benefit plans in 2022. As of June 30, 2022, 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.