Pension Information

6 Months Ended

Jun. 30, 2020

Pension Information

Pension Information

(12) Pension Information

The Company sponsors a pension plan which is a noncontributory defined benefit retirement plan. Effective August 1, 2005, the annual benefit provided to employees under this defined benefit pension plan was frozen by the Bank. Freezing the plan eliminated all future benefit accruals; however, the accrued benefit as of August 1, 2005 remained.

The net periodic pension (benefit) cost for the three and six months ended June 30, 2020 and June 30, 2019 was as follows (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest Cost	$	25	$	31	$	50	$	62
Expected return on plan assets		(32)		(32)		(64)		(64)
Amortization of net loss		2		2		5		4
Net periodic pension (benefit) cost	$	(5)	$	1	$	(9)	$	2