Components of Net Periodic Pension Cost

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

Note 11. Components of Net Periodic Pension Cost

The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 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 September 30, 2019			Three Months Ended September 30, 2018
		(dollars in thousands)
Service cost	$	-		$	-
Interest cost		113			106
Expected return on plan assets		(174	)		(190	)
Net amortization		90			91
Total periodic pension cost	$	29		$	7

	Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
		(dollars in thousands)
Service cost	$	-		$	-
Interest cost		339			320
Expected return on plan assets		(522	)		(573	)
Net amortization		269			274
Total periodic pension cost	$	86		$	21

Contributions

The Company did not make a contribution to the Pension Trust during the nine months ended September 30, 2019. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2019. 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.