Retirement Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

NOTE 15 – RETIREMENT PLANS

We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011.

For the three months ended March 31, 2024 payments to retirees or their beneficiaries totaled approximately $0.4 million. We presently anticipate benefit payments in 2024 to total $1.5 million. The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2024 and March 31, 2023.

	Three Months Ended
	March 31, 2024		March 31, 2023
(Dollars in thousands)
Interest cost	$	290	$	304
Net amortization		1		—
Net periodic pension cost	$	291	$	304