Benefit Plans

6 Months Ended

Jun. 30, 2020

Benefit Plans

Benefit Plans

9) Benefit Plans

Supplemental Retirement Plan

The Company has a supplemental retirement plan (the “Plan”) covering some current and some former key employees and directors. The Plan is a nonqualified defined benefit plan. Benefits are unsecured as there are no Plan assets. The following table presents the amount of periodic cost recognized for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	123	$	55	$	246	$	110
Interest cost		236		264		467		528
Amortization of net actuarial loss		105		46		190		92
Net periodic benefit cost	$	464	$	365	$	903	$	730

The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income.

Split-Dollar Life Insurance Benefit Plan

The Company maintains life insurance policies for some current and former directors and officers that are subject to split-dollar life insurance agreements. The following table sets forth the funded status of the split-dollar life insurance benefits for the periods indicated:

	June 30,		December 31,
	2020		2019
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	8,198	$	6,903
Interest cost		124		278
Actuarial loss (gain)		—		1,017
Projected benefit obligation at end of period	$	8,322	$	8,198

	June 30,		December 31,
	2020		2019
	(Dollars in thousands)
Net actuarial loss	$	3,851	$	3,776
Prior transition obligation		1,014		1,059
Accumulated other comprehensive loss	$	4,865	$	4,835

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Amortization of prior transition obligation	$	(15)	$	(24)	$	(30)	$	(49)
Interest cost		62		70		124		140
Net periodic benefit cost	$	47	$	46	$	94	$	91