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Pension Plans
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Pension Plans Pension Plans
The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012.
The Company recorded periodic pension cost totaling $215,000 and $244,000 for the three months ended June 30, 2020 and 2019, respectively, and $431,000 and $488,000 for the six months ended June 30, 2020 and 2019, respectively. The following table contains the components of the pension cost.
 
For the Three Months Ended June 30,
($ in thousands)
2020
Pension Plan

2019
Pension Plan

2020
SERP

2019
SERP

2020 Total
Both Plans
 
2019 Total
Both Plans
Service cost
$
—


—


—


—


—


—

Interest cost
305


372


55


41


360


413

Expected return on plan assets
(325
)

(397
)

—


—


(325
)

(397
)
Amortization of net (gain)/loss
221


223


(41
)

5


180


228

Net periodic pension cost
$
201


198


14


46


215


244

 
Six Months Ended June 30, 2020
($ in thousands)
2020 Pension Plan
 
2019 Pension Plan
 
2020 SERP
 
2019 SERP
 
2020 Total Both Plans
 
2019 Total Both Plans
Service cost
$
—

 
—

 
—

 
—

 
—

 
—

Interest cost
613

 
744

 
110

 
82

 
723

 
826

Expected return on plan assets
(650
)
 
(794
)
 
—

 
—

 
(650
)
 
(794
)
Amortization of net (gain)/loss
440

 
446

 
(82
)
 
10

 
358

 
456

Net periodic pension cost
$
403

 
396

 
28

 
92

 
431

 
488


The service cost component of net periodic pension cost is included in salaries and benefits expense and all other components of net periodic pension cost are included in other noninterest expense.
The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The Company did not contribute to the Pension Plan in the first six months of 2020 and does not expect to contribute to the Pension Plan in the remainder of 2020.
The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.