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Pension Plans
 9 Months Ended
Sep. 30, 2019
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 $244,000 and $136,000 for the three months ended September 30, 2019 and 2018, respectively, and $732,000 and $408,000 for the nine months ended September 30, 2019 and 2018, respectively. The following table contains the components of the pension cost.
 
For the Three Months Ended September 30,
($ in thousands)
2019
Pension Plan

2018
Pension Plan

2019
SERP

2018
SERP

2019 Total
Both Plans
 
2018 Total
Both Plans
Service cost
$
—


—


—


32


—


32

Interest cost
367


328


82


40


449


368

Expected return on plan assets
(360
)

(177
)

—


—


(360
)

(177
)
Amortization of net (gain)/loss
282


(93
)

(127
)

6


155


(87
)
Net periodic pension cost
$
289


58


(45
)

78


244


136


 
For the Nine Months Ended September 30,
($ in thousands)
2019
Pension Plan
 
2018
Pension Plan
 
2019
SERP
 
2018
SERP
 
2019 Total
Both Plans
 
2018 Total
Both Plans
Service cost
$
—

 
—

 
—

 
94

 
—

 
94

Interest cost
1,111

 
984

 
164

 
150

 
1,275

 
1,134

Expected return on plan assets
(1,154
)
 
(836
)
 
—

 
—

 
(1,154
)
 
(836
)
Amortization of net (gain)/loss
733

 
26

 
(122
)
 
(10
)
 
611

 
16

Net periodic pension cost
$
690

 
174

 
42

 
234

 
732

 
408


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 nine months of 2019 and does not expect to contribute to the Pension Plan in the remainder of 2019.
The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.