Retirement Plans

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [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, 2021, payments to retirees or their beneficiaries totaled approximately $0.4 million. We presently anticipate benefit payments in 2021 to total approximately $1.2 million. The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2021 and 2020.

	Three Months Ended
	March 31, 2021		March 31, 2020
(Dollars in thousands)
Interest cost	$	206	$	251
Net amortization		97		72
Net periodic pension cost	$	303	$	323