Employee Benefit Plan

9 Months Ended

Sep. 30, 2020

Employee Benefit Plan [Abstract]

Employee Benefit Plan

Note 10. Employee Benefit Plan

The Company adopted the Bank of Essex noncontributory, defined benefit pension plan for all full-time pre-merger Bank of Essex employees over 21 years of age. Benefits are generally based upon years of service and the employees’ compensation. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act.

The Company froze the plan benefits for all the defined benefit plan participants effective December 31, 2010.

The following table provides the components of net periodic benefit cost for the plan included in salaries and employee benefits in the consolidated statement of income for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

	Three months ended				Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Interest cost	$	33	$	41	$	99	$	122
Expected return on plan assets		(54)		(53)		(161)		(159)
Amortization of prior service cost		1		1		3		3
Recognized net loss due to settlement		—		40		—		93
Recognized net actuarial  loss		12		12		36		36
Net periodic (income) expense	$	(8)	$	41	$	(23)	$	95