Components of Net Periodic Pension Cost

3 Months Ended

Mar. 31, 2020

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 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						Affected Line Item in the Consolidated
	March 31,						Statements of Income
	2020			2019
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		91			113		Other components of net periodic pension expense
Expected return on plan assets		(196	)		(174	)	Other components of net periodic pension expense
Net amortization		75			89		Other components of net periodic pension expense
Total periodic pension (income) cost	$	(30)		$	28

Contributions

The Company did not make a contribution to the Pension Trust during the three months ended March 31, 2020. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2020. 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.