Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The net periodic pension cost for the Pension Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
	(dollars in thousands)
Interest cost	$	855	$	598	$	1,711	$	1,196
Expected return on plan assets	(877)		(1,099)		(1,754)		(2,197)
Net amortization and deferral	80		164		161		327
Net periodic pension cost	$	58	$	(337)	$	118	$	(674)

The components of the net benefit for the Postretirement Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
	(dollars in thousands)
Interest cost	$	13	$	9	$	26	$	17
Net accretion and deferral	(136)		(131)		(272)		(262)
Net periodic benefit	$	(123)	$	(122)	$	(246)	$	(245)

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income.