Components of Net Periodic Pension Cost

9 Months Ended

Sep. 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
	September 30, 2020			September 30, 2019
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		91			113
Expected return on plan assets		(196	)		(174	)
Net amortization		75			90
Total periodic pension (income) cost	$	(30	)	$	29

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2020			September 30, 2019
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		273			339
Expected return on plan assets		(588	)		(522	)
Net amortization		226			269
Total periodic pension (income) cost	$	(89)		$	86

Contributions

The Company did not contribute to the Pension Trust during the nine months ended September 30, 2020, and does not plan on contributing any amounts 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.