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Benefit Plans
 9 Months Ended
Sep. 30, 2024
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, 2024 and 2023 for its pension and other postretirement benefit plans:

 
Three months ended September 30,
  
 
Pension Benefits
    
Other Postretirement Benefits
  
(dollars in thousands)
  
2024
    
2023
    
2024
    
2023
  

                       
Service cost
  
$
-
    
$
-
    
$
5
    
$
2
  
Interest cost
    
289
      
304
      
72
      
65
  
Expected return on plan assets
    
(762
)
    
(672
)
    
(332
)
    
(288
)
Amortization of net actuarial gain
    
(19
)
    
-
      
(184
)
    
(115
)
Amortization of prior service cost
    
-
      
-
      
4
      
4
  
Net periodic benefit
  
$
(492
)
  
$
(368
)
  
$
(435
)
  
$
(332
)


 
Nine months ended September 30,
  

 
Pension Benefits
    
Other Postretirement Benefits
  
(dollars in thousands)
  
2024
    
2023
    
2024
    
2023
  

                       
Service cost
  
$
-
    
$
-
    
$
14
    
$
7
  
Interest cost
    
867
      
910
      
216
      
197
  
Expected return on plan assets
    
(2,286
)
    
(2,013
)
    
(995
)
    
(867
)
Amortization of net actuarial gain
    
(57
)
    
-
      
(551
)
    
(343
)
Amortization of prior service cost
    
-
      
-
      
10
      
10
  
Net periodic benefit
  
$
(1,476
)
  
$
(1,103
)
  
$
(1,306
)
  
$
(996
)

The Company does not expect to contribute to its pension and postretirement benefit plans in 2024. As of September 30, 2024, 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.