Note 9 - Components of Net Periodic Pension Cost

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 9.  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
	September 30,						Statements of Income
	2023			2022
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		110			78		Other components of net periodic pension expense
Expected return on plan assets		(209	)		(237	)	Other components of net periodic pension expense
Net amortization		74			17		Other components of net periodic pension expense
Total periodic pension income	$	(25	)	$	(142	)

	Nine Months Ended						Affected Line Item in the Consolidated
	September 30,						Statements of Income
	2023			2022
	(dollars in thousands)
Service cost	$	-		$	-
Interest cost		330			233		Other components of net periodic pension expense
Expected return on plan assets		(628	)		(711	)	Other components of net periodic pension expense
Net amortization		222			49		Other components of net periodic pension expense
Total periodic pension income	$	(76	)	$	(429	)

Contributions

The Company did not contribute to the Pension Trust during the nine months ended September 30, 2023. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2023. 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.