Employee Benefit Plans

9 Months Ended

Sep. 30, 2016

Employee Benefit Plans

Note 9: Employee Benefit Plans

The Company has a non-contributory, defined benefit pension plan for full-time employees who were over 21 years of age and vested in the plan as of December 31, 2012, when the plan was frozen. Each participant’s account balance grows based on monthly interest credits. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act.

The Company sponsors a post-retirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree’s eligible medical and life insurance benefits expenses. The plan is unfunded and funded as benefits are due.

Components of Net Periodic (Benefit) Cost

(Dollars in thousands)	Pension Benefits						Post-Retirement Benefits
Nine months ended September 30,	2016			2015			2016		2015
Service cost	$	—		$	—		$	17	$	17
Interest cost		101			99			21		23
Expected return on plan assets		(142	)		(148	)		—		—
Settlement loss		21			—			—		—
Recognized net actuarial loss		58			57			—		—
Net periodic cost	$	38		$	8		$	38	$	40

The Company expects to make no contribution to its pension plan and $2 thousand to its post-retirement benefit plan during the remainder of 2016. The Company has contributed $5 thousand towards the post-retirement plan during the first nine months of 2016.