Retirement Plans

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

NOTE 14 – 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, 2022, payments to retirees or their beneficiaries totaled $0.3 million. We presently anticipate benefit payments in 2022 to total $1.4 million. The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2022 and 2021.

	Three Months Ended
	March 31, 2022		March 31, 2021
(Dollars in thousands)
Interest cost	$	218	$	206
Net amortization		83		97
Net periodic pension cost	$	301	$	303