Defined Pension Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Defined Pension Plans

Defined Pension Plans

The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021.

On July 16, 2024, the Company approved an Amendment providing for the termination of the Plan. The Company expects to record one-time termination expenses of approximately $5.0 million through operating expense related to the termination of the Plan. The expense related to the termination is expected to be incurred during the fourth quarter of 2024 and first

quarter of 2025 as the Plan's liabilities are settled via lump sum payments or annuity purchases. The following table represents the components of net periodic pension cost:

(In thousands)	Estimated 2024		Actual 2023
Interest cost on projected benefit obligations	$	4,291	$	4,314
Expected return on plan assets	(3,512)		(3,735)
Net amortization	—		154
Net periodic pension cost	$	779	$	733

The Company recorded net periodic pension cost of $194,000 and $389,000 for the three and six-month periods ended June 30, 2024, and $99,000 and $199,000 for the three and six-month periods June 30, 2023. The Company made no contributions to the Plan during the six-month period ended June 30, 2024 and does not expect to make any contributions for the remainder of 2024.

In addition to the above Plan, the Company has an unfunded supplemental executive retirement plan (the "SERP"). There are no current employees earning benefits and therefore, there is no service cost associated with the SERP. The following table represents the components of the net periodic cost for the SERP:

(In thousands)	Estimated 2024		Actual 2023
Interest cost on projected benefit obligation	$	451	$	472
Net periodic pension cost	$	451	$	472

SERP cost recorded to expense was $112,000 and $225,000 for the three and six-month periods ended June 30, 2024, and was $118,000 and $236,000 for the three and six-month periods ended June 30, 2023