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Benefit Plans
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022 for its pension and other postretirement benefit plans:

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

                       
Service cost
  
$
-
    
$
-
    
$
2
    
$
4
  
Interest cost
    
304
      
222
      
65
      
52
  
Expected return on plan assets
    
(672
)
    
(807
)
    
(288
)
    
(333
)
Amortization of net gain
    
-
      
-
      
(115
)
    
(280
)
Amortization of prior service cost (credit)
   
-
      
-
      
4
      
(78
)
Net periodic benefit
  
$
(368
)
  
$
(585
)
  
$
(332
)
  
$
(635
)


Nine months ended September 30,
  

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

               
Service cost
  
$
-
    
$
-
    
$
7
    
$
13
  
Interest cost
    
910
      
666
      
197
      
155
  
Expected return on plan assets
    
(2,013
)
    
(2,420
)
    
(867
)
    
(999
)
Amortization of net gain
    
-
      
-
      
(343
)
    
(784
)
Amortization of prior service cost (credit)
    
-
      
-
      
10
      
(235
)
Net periodic benefit
  
$
(1,103
)
  
$
(1,754
)
  
$
(996
)
  
$
(1,850
)

The Company does not expect to contribute to its pension and postretirement benefit plans in 2023. As of  September 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.