Defined Benefit Pension Plan

9 Months Ended

Sep. 30, 2019

Defined Benefit Pension Plan [Abstract]

Defined Benefit Pension Plan

7 - DEFINED BENEFIT PENSION PLAN

The following table sets forth the components of net periodic pension cost (credit).

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Service cost	$	951	$	1,027	$	317	$	342
Interest cost		1,339		1,190		446		396
Expected return on plan assets		(2,251)		(2,456)		(750)		(818)
Amortization of net actuarial loss		264		—		88		—
Net pension cost (credit)	$	303	$	(239)	$	101	$	(80)

Components of net pension cost (credit) other than the service cost component are included in the line item “Other noninterest income” in the consolidated statements of income. The service cost component is included in the line item “Salaries and employee benefits” in the consolidated statements of income.

The Bank makes cash contributions to the pension plan (“Plan”) which comply with the funding requirements of applicable federal laws and regulations. For funding purposes, the laws and regulations set forth both minimum required and maximum tax-deductible contributions. The Bank has no minimum required pension contribution for the Plan year ending September 30, 2019. Its maximum tax-deductible contribution for the tax year beginning January 1, 2019 is $7,700,000. The contribution the Bank will make in 2019, if any, has not yet been determined.