EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2019

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

NOTE 7. EMPLOYEE BENEFIT PLANS

Components of net periodic benefit cost:

	Three Months Ended September 30,								Nine Months Ended September 30,
	Pension Benefits				SERP Benefits				Pension Benefits				SERP Benefits
(dollars in thousands)	2019		2018		2019		2018		2019		2018		2019		2018
Service cost	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Interest cost		22		23		8		9		66		70		27		26
Expected return on plan assets		(34)		(35)		(13)		(15)		(103)		(104)		(41)		(46)
Recognized net actuarial (gain) loss		33		49		18		18		99		145		55		55
Net pension expense (benefit)	$	21	$	37	$	13	$	12	$	62	$	111	$	41	$	35

The Company previously disclosed in its financial statements for the year ended December 31, 2018 that it expected to contribute $0 to its pension plan and $0 to its Supplemental Executive Retirement Plan ("SERP") in 2019. The Company has contributed $27,000 to its pension plan and $0 to its SERP as of September 30, 2019. The contribution to the pension plan was made in order to keep the plan fully funded, based upon the final actuarial calculation. The Company does not expect to make any additional contributions to its pension plan or SERP during the remainder of 2019. As a result of freezing the plan effective April 1, 2000, there is no service cost to record on the pension plan or the SERP for the nine-month periods ending September 30, 2019 and 2018. All other components of cost noted in the table above were recorded in other expense under noninterest expenses on the Consolidated Statements of Income for all periods presented.