Note 12 - Defined Benefit Plan

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

( 12 ) Defined Benefit Plan

Bancorp sponsors an unfunded, non-qualified, defined benefit retirement plan for

three

key officers (

two

current and

one

retired), and has

no

plans to increase the number of or benefits to participants. Benefits vest based on

25

years of service and all participants are fully vested. Actuarially determined pension costs are expensed and accrued over the service period, and benefits are paid from Bancorp’s assets. Information about the components of the net periodic benefit cost of the defined benefit plan, recorded in compensation expense, is as follows:

	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
(In thousands)
Components of net periodic benefit cost
Interest cost (1)	$	19	$	18	$	59	$	54
Service cost		-		-		-		-
Expected return on plan assets		-		-		-		-
Amortization of prior service cost		-		-		-		-
Amortization of net losses (1)		18		16		54		49
Net periodic benefit cost	$	37	$	34	$	113	$	103

(

1

) Bancorp elected as a practical expedient to use amounts disclosed in the

2017

consolidated financial statements as a basis for estimating quarterly application of components of defined benefit cost.