Pension Plans

3 Months Ended

Mar. 31, 2021

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 $191,000 and $216,000 for the three months ended March 31, 2021 and 2020, respectively. The following table contains the components of the pension cost.

	For the Three Months Ended March 31,
($ in thousands)	2021 Pension Plan		2020 Pension Plan	2021 SERP	2020 SERP	2021 Total Both Plans	2020 Total Both Plans
Service cost	$	—	—	—	—	—	—
Interest cost	306		308	39	55	345	363
Expected return on plan assets	(325)		(325)	—	—	(325)	(325)
Amortization of net (gain)/loss	210		219	(39)	(41)	171	178
Net periodic pension cost	$	191	202	—	14	191	216

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 three months of 2021 and does not expect to contribute to the Pension Plan in the remainder of 2021.

The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.