Components of Net Periodic Pension Cost

6 Months Ended

Jun. 30, 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			Three Months
	Ended			Ended
	June 30, 2020			June 30, 2019
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		91			113
Expected return on plan assets		(196	)		(174	)
Net amortization		76			90
Total periodic pension (income) cost	$	(29)		$	29

	Six Months			Six Months
	Ended			Ended
	June 30, 2020			June 30, 2019
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		182			226
Expected return on plan assets		(392	)		(348	)
Net amortization		151			179
Total periodic pension (income) cost	$	(59)		$	57

Contributions

The Company did not contribute to the Pension Trust during the six months ended June 30, 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.