Employee Benefit Plan

9 Months Ended

Sep. 30, 2020

Employee Benefit Plan

Note 5. Employee Benefit Plan

Note 5. Employee Benefit Plan

The Bank has a qualified noncontributory defined benefit pension plan which covers substantially all of its full-time employees hired before April 1, 2012.The benefits are primarily based on years of service and earnings. The Company uses December 31^st as the measurement date for the defined benefit pension plan. The Bank does not expect to contribute to the pension plan in 2020.

 The following is a summary of net periodic pension costs for the three and nine month periods ended September 30, 2020 and 2019:

	Nine Months Ended						Three Months Ended
	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Service cost	$	606		$	553		$	202		$	184
Interest cost		314			411			105			137
Expected return on plan assets		(55	)		(604	)		(18	)		(201	)
Amortization of prior service cost		(9	)		(12	)		(3	)		(4	)
Amortization of net loss		166			212			55			71
Net periodic pension cost	$	1,022		$	560		$	341		$	187