v3.25.1
Benefit Plans
 3 Months Ended
Mar. 31, 2025
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 months ended March 31, 2025 and 2024 for its pension and other post-retirement benefit plans:

 
Three months ended March 31,
  
 
Pension Benefits
    
Other Postretirement Benefits
  
(dollars in thousands)
  
2025
    
2024
    
2025
    
2024
  

                       
Service cost
  
$
-
    
$
-
    
$
5
    
$
5
  
Interest cost
    
289
      
289
      
86
      
72
  
Expected return on plan assets
    
(763
)
    
(762
)
    
(381
)
    
(331
)
Amortization of net actuarial gain
    
(21
)
    
(19
)
    
(276
)
    
(184
)
Amortization of prior service cost
    
-
      
-
      
3
      
3
  
Net periodic benefit
  
$
(495
)
  
$
(492
)
  
$
(563
)
  
$
(435
)

The Company does not expect to contribute to its pension and postretirement benefit plans in 2025. As of March 31, 2025, 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.