Benefit Plans

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
	(Dollars in thousands)
Components of net periodic benefit cost:
Service cost	$	120	$	123	$	360	$	369
Interest cost		190		234		570		701
Amortization of prior service cost		—		199		100		199
Amortization of net actuarial loss		136		101		408		291
Net periodic benefit cost	$	446	$	657	$	1,438	$	1,560

The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Consolidated Statements of Income.

Split-Dollar Life Insurance Benefit Plan

The Company maintains life insurance policies for some current and 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,
	2021		2020
	(Dollars in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	9,689	$	8,198
Interest cost		164		246
Actuarial loss		—		1,245
Projected benefit obligation at end of period	$	9,853	$	9,689

	September 30,		December 31,
	2021		2020
	(Dollars in thousands)
Net actuarial loss	$	5,241	$	5,170
Prior transition obligation		902		970
Accumulated other comprehensive loss	$	6,143	$	6,140

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(Dollars in thousands)
Amortization of prior transition obligation and actuarial losses	$	(1)	$	(15)	$	(3)	$	(45)
Interest cost		54		62		164		185
Net periodic benefit cost	$	53	$	47	$	161	$	140