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Pension
 9 Months Ended
Sep. 30, 2016
Pension [Abstract]  
Pension

Note 8. Pension

The components of pension expense for the periods presented are as follows:





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 



Three Months Ended September 30

 

Nine Months Ended September 30

(Dollars in thousands)

2016

 

2015

 

2016

 

2015

Components of net periodic cost:

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

 83 

 

$

 92 

 

$

 247 

 

$

 284 

Interest cost

 

 180 

 

 

 172 

 

 

 540 

 

 

 522 

Expected return on plan assets

 

 (290)

 

 

 (296)

 

 

 (873)

 

 

 (888)

Settlement expense

 

 225 

 

 

 -

 

 

 225 

 

 

 -

Recognized net actuarial loss

 

 120 

 

 

 123 

 

 

 351 

 

 

 377 

Net period cost

$

 318 

 

$

 91 

 

$

 490 

 

$

 295 



The Bank expects its pension expense to increase to approximately $922 thousand in 2016 compared to $387 thousand in 2015. This increase is due to a pension settlement expense of approximately $564 thousand that will be recorded during the second half of 2016, as a result of lump sum distributions.  No pension contributions were made or are expected to be made in 2016.