Components of Net Periodic Pension Cost

9 Months Ended

Sep. 30, 2017

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

Note 10. Components of Net Periodic Pension Cost

The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until March 31, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
	(dollars in thousands)
Interest cost	$	119		$	129		$	358		$	386
Expected return on plan assets		(160	)		(166	)		(480	)		(457	)
Net amortization		103			101			309			305
Recognized settlement loss		-			-			2			-
Net periodic pension cost	$	62		$	64		$	189		$	234
Amortization of actuarial loss	$	(103	)	$	(204	)	$	(309	)	$	(306	)
Total recognized in other comprehensive income	$	(103	)	$	(204	)	$	(309	)	$	(306	)
Total recognized in net expense and OCI (before tax)	$	(41	)	$	(140	)	$	(120	)	$	(72	)

Contributions

The Company did not make any contributions during the nine months ended September 30, 2017. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2017. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust.