v3.26.1
Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

Note 5: Pension and Postretirement Benefits

 

The Company has a noncontributory defined benefit pension plan covering most employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there are no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995 are not eligible for the health and life insurance retirement benefits.

 

The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows:

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Pension Benefits

 

 

Postretirement Benefits

 

(In thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Interest cost

 

 

141

 

 

 

144

 

 

 

2

 

 

 

2

 

 

 

282

 

 

 

288

 

 

 

4

 

 

 

4

 

Expected return on plan assets

 

 

(274

)

 

 

(256

)

 

 

-

 

 

 

-

 

 

 

(548

)

 

 

(512

)

 

 

-

 

 

 

-

 

Amortization of prior service credits

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

(3

)

Amortization of net losses (gains)

 

 

-

 

 

 

36

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

71

 

 

 

-

 

 

 

(1

)

Net periodic benefit plan (benefit) cost

 

$

(133

)

 

$

(76

)

 

$

1

 

 

$

-

 

 

$

(266

)

 

$

(153

)

 

$

2

 

 

$

-

 

 

The Company will evaluate the need for further contributions to the defined benefit pension plan during 2026. The prepaid pension asset of $9.5 million and $9.2 million as of June 30, 2026 and December 31, 2025 respectively, is recorded in other assets on the consolidated statements of condition.