Note 5 - Employee Benefit Plan

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 5. Employee Benefit Plan

The Bank has a qualified noncontributory defined benefit pension plan that covers substantially all of its employees. Effective December 31, 2012, the pension plan was amended to freeze benefit accruals for all eligible employees. The following is a summary of net periodic pension costs for the nine-month and three-month periods ended September 30, 2021 and 2020.

	Nine Months Ended September 30,						Three Months Ended September 30,
(dollars in thousands)	2021			2020			2021			2020
Interest cost	$	108		$	123		$	36		$	41
Expected return on plan assets		(522	)		(471	)		(174	)		(157	)
Recognized net actuarial (gain)/loss		27			21			9			7
Net periodic benefit cost	$	(387	)	$	(327	)	$	(129	)	$	(109	)

It has been Company practice to contribute the maximum tax-deductible amount each year as determined by the plan administrator. As a result of prior year contributions exceeding the minimum requirements, a Prefunding Balance existed as of December 31, 2020 and there is no required contribution for 2021. Based on this we do not anticipate making a contribution to the plan in 2021.