Pension Plans and Postretirement Benefit Plan

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Pension Plans and Postretirement Benefit Plan

Pension Plans and Postretirement Benefit Plan

Components of net periodic benefit cost for the Company’s pension plans and the postretirement benefit plan are presented in the following table for the three and six months ended June 30, 2020, and June 30, 2019.

	Pension Benefits						Postretirement Benefits
(dollars in thousands)	2020			2019			2020			2019
Three Months Ended June 30,
Service Cost	$	—		$	—		$	152		$	117
Interest Cost	900			1,093			231			257
Expected Return on Plan Assets	(1,258		)	(1,249		)	—			—
Amortization of:
Prior Service Credit	—			—			(62		)	(72		)
Net Actuarial Losses (Gains)	571			484			—			(78		)
Net Periodic Benefit Cost	$	213		$	328		$	321		$	224
Six Months Ended June 30,
Service Cost	$	—		$	—		$	303		$	235
Interest Cost	1,800			2,187			462			515
Expected Return on Plan Assets	(2,516		)	(2,498		)	—			—
Amortization of:
Prior Service Credit	—			—			(123		)	(144		)
Net Actuarial Losses (Gains)	1,141			968			—			(156		)
Net Periodic Benefit Cost	$	425		$	657		$	642		$	450

The service cost component of net periodic benefit cost is included in salaries and benefits and all other components of net periodic benefit cost are included in other noninterest expense in the consolidated statements of income for the Company’s pension plans and postretirement benefit plan. For the three and six months ended June 30, 2020, the Company contributed $0.1 million and $0.2 million, respectively, to the pension plans and $0.2 million and $0.5 million, respectively, to the postretirement benefit plan.  The Company expects to contribute a total of $0.4 million to the pension plans and $1.0 million to the postretirement benefit plan for the year ending December 31, 2020.