Pension and Retirement Plans

6 Months Ended

Jun. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Pension and Retirement Plans

11. Pension and Retirement Plans

The components of net periodic benefit cost (credit) were as follows:

	Three Months Ended June 30,
	Pension Plan						Supplemental Retirement Plan				Retirement Healthcare Plan
	2019			2018			2019		2018		2019			2018
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	—		$	—		$	75	$	88	$	5		$	5
Interest cost		414			392			85		77		6			6
Expected return on assets		(651	)		(722	)		—		—		—			—
Amortization of prior service cost (credit)		(1	)		(1	)		—		—		—			—
Amortization of net actuarial loss		77			37			—		1		(1	)		(5	)
Net periodic benefit cost (credit)	$	(161	)	$	(294	)	$	160	$	166	$	10		$	6

	Six Months Ended June 30,
	Pension Plan						Supplemental Retirement Plan				Retirement Healthcare Plan
	2019			2018			2019		2018		2019			2018
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	—		$	—			143	$	177		10		$	11
Interest cost		840			778			175		154		12			11
Expected return on assets		(1,360	)		(1,445	)		—		—		—			—
Amortization of prior service (credit)		(2	)		(2	)		—		—		—			—
Amortization of net actuarial loss		77			53			—		2		(2	)		—
Net periodic benefit cost (credit)	$	(445	)	$	(616	)	$	318	$	333	$	20		$	22

The Company made no contributions to the qualified defined benefit pension plan during the three and six months ended June 30, 2019. We do not expect to make any contributions to the qualified defined benefit plan during the remainder of 2019.

Employee Profit Sharing and 401(k) Plan

The Company maintains a Profit Sharing Plan (“PSP”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of federal law. Beginning in 2018, the Company matched employee contributions up to 100% of the first 4% of each participant’s salary, eligible bonus, and eligible incentive, up from 3% in 2017. Employees are eligible to participate in the PSP on the first day of their initial date of service. Each year, the Company may also make a discretionary contribution to the PSP. In 2018, employees were eligible to participate in the discretionary contribution portion of the PSP after completing 12 months of employment and 1,000 hours of service. The employee must be employed on the last day of the calendar year or retire at the normal retirement age of 65 during the calendar year to receive the discretionary contribution. Effective in 2019, employees are eligible to participate in the discretionary contribution portion of the PSP on the first day of their initial date of service.

Employee Stock Ownership Plan

The Company has an Employee Stock Ownership Plan (“ESOP”) for its eligible employees. Employees are eligible to participate in the ESOP on January 1 or July 1 following the completion of 12 months of service consisting of at least 1,000 hours and upon the attainment of age 21. Purchases of the Company’s stock by the ESOP will be funded by employer contributions or reinvestment of cash dividends.  

Total expenses related to the PSP and ESOP for the three months ended June 30, 2019 and June 30, 2018 amounted to approximately $552,000 and $584,000, respectively. Total expenses related to the PSP and ESOP for the six months ended June 30, 2019 and June 30, 2018amounted to approximately $1.1 million and $1.4 million, respectively.

Defined Contribution SERP Plan

For executives participating in the Defined Contribution SERP Plan (“DC SERP”), the Company made a discretionary contribution of 10% of each executive’s base salary and bonus to his or her account. Total expenses related to the DC SERP for the three months ended June 30, 2019 and June 30, 2018 amounted to approximately $43,000  and $75,000, respectively. Total expenses related to the DC SERP for the six months ended June 30, 2019 and June 30, 2018 amounted to approximately $86,000 and $126,000, respectively.