Components of Net Periodic Pension Cost

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

Note 9. Components of Net Periodic Pension Cost

The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated.

	Three Months Ended						Affected Line Item in the Consolidated
	March 31,						Statements of Income
	2021			2020
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		71			91		Other components of net periodic pension expense
Expected return on plan assets		(213	)		(196	)	Other components of net periodic pension expense
Net amortization		75			75		Other components of net periodic pension expense
Total periodic pension income	$	(67	)	$	(30	)

Contributions

The Company did not make a contribution to the Pension Trust during the three months ended March 31, 2021. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2021. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust.