v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions are 100% vested. Expense related to the 401(k) Retirement Plan for the three and six months ended June 30, 2026 was $3.8 million and $7.6 million, respectively, compared to $3.6 million and $7.1 million for the same periods in 2025.

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

Three months ended June 30, Six months ended June 30,
2026202520262025
(dollars in thousands)
Interest cost$728 $767 $1,457 $1,535 
Expected return on plan assets(1,041)(978)(2,083)(1,956)
Net periodic pension cost$(313)$(211)$(626)$(421)

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

Three months ended June 30, Six months ended June 30,
2026202520262025
(dollars in thousands)
Interest cost$7 $8 $14 $17 
Net accretion and deferral(85)(135)(222)(271)
Net periodic postretirement benefit$(78)$(127)$(208)$(254)

In connection with the Prudential Bancorp Merger, the Corporation assumed the obligations of a multiemployer defined benefit pension plan that had previously been closed to new participants. In the second quarter of 2026, the Corporation resolved to merge the multiemployer defined benefit plan with and into the Pension Plan, which resulted in the recognition of a $2.1 million liability, reflected in other expense, in the Consolidated Statements of Income.
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 OCI.