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Benefit Plans
 6 Months Ended
Jun. 30, 2023
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, 2023 and 2022 for its pension and other postretirement benefit plans:

Three months ended June 30,
  
Pension Benefits
  
Other Postretirement Benefits
  
(dollars in thousands)
2023
  
2022
  
2023
  
2022
  

               
Service cost
  
$
-
    
$
-
    
$
3
    
$
(9
)
Interest cost
    
304
      
221
      
66
      
51
  
Expected return on plan assets
    
(661
)
    
(796
)
    
(290
)
    
(333
)
Amortization of net gain
    
-
      
-
      
(114
)
    
(426
)
Amortization of prior service cost
    
-
      
-
      
3
      
123
  
Net periodic benefit
  
$
(357
)
  
$
(575
)
  
$
(332
)
  
$
(594
)


Six months ended June 30,
  

Pension Benefits
  
Other Postretirement Benefits
  
(dollars in thousands)
2023
  
2022
  
2023
  
2022
  

               
Service cost
  
$
-
    
$
-
    
$
5
    
$
9
  
Interest cost
    
606
      
444
      
132
      
103
  
Expected return on plan assets
    
(1,341
)
    
(1,613
)
    
(579
)
    
(666
)
Amortization of net gain
    
-
      
-
      
(228
)
    
(504
)
Amortization of prior service cost (credit)
    
-
      
-
      
6
      
(157
)
Net periodic benefit
  
$
(735
)
  
$
(1,169
)
  
$
(664
)
  
$
(1,215
)

The Company does not expect to contribute to its pension and postretirement benefit plans in 2023. As of June 30, 2023, 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 medical benefits and postretirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts.