Employee Benefit Plan

9 Months Ended

Sep. 30, 2021

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 2021.

The following is a summary of net periodic pension costs for the three and nine month periods ended September 30, 2021 and 2020 (dollars in thousands):

	Nine Months Ended						Three Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Service cost	$	648		$	606		$	216		$	202
Interest cost		285			314			95			105
Expected return on plan assets		(594	)		(55	)		(198	)		(18	)
Amortization of prior service cost		-			(9	)		-			(3	)
Amortization of net loss		216			166			72			55
Net periodic pension cost	$	555		$	1,022		$	185		$	341