Benefit Plans

9 Months Ended

Sep. 30, 2017

Benefit Plans

Benefit Plans

8) Benefit Plans

Supplemental Retirement Plan

The Company has a supplemental retirement plan (the “Plan”) covering some current and some former key employees and directors. The Plan is a nonqualified defined benefit plan. Benefits are unsecured as there are no Plan assets. The following table presents the amount of periodic cost recognized for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	81	$	134	$	243	$	400
Interest cost		259		259		777		777
Amortization of net actuarial loss		69		60		207		180
Net periodic benefit cost	$	409	$	453	$	1,227	$	1,357

Split‑Dollar Life Insurance Benefit Plan

The Company maintains life insurance policies for some current and some former directors and officers that are subject to split‑dollar life insurance agreements. The following table sets forth the funded status of the split‑dollar life insurance benefits for the periods indicated:

	September 30,		December 31,
	2017		2016
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	6,301	$	6,215
Interest cost		182		248
Actuarial gain		—		(162)
Projected benefit obligation at end of period	$	6,483	$	6,301

	September 30,		December 31,
	2017		2016
	(Dollars in thousands)
Net actuarial loss	$	2,246	$	2,126
Prior transition obligation		1,261		1,328
Accumulated other comprehensive loss	$	3,507	$	3,454

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
	(Dollars in thousands)
Amortization of prior transition obligation	$	(18)	$	(13)	$	(53)	$	(39)
Interest cost		61		62		182		186
Net periodic benefit cost	$	43	$	49	$	129	$	147