Employee Benefit Plan

3 Months Ended

Mar. 31, 2022

Employee Benefit Plan

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 2022.

The following is a summary of net periodic pension costs for the three month periods ended March 31, 2022 and 2021 (dollars in thousands):

	Three Months Ended
	March 31, 2022			March 31, 2021
Service cost	$	190		$	216
Interest cost		104			95
Expected return on plan assets		(195	)		(198	)
Amortization of net loss		58			72
Net periodic pension cost	$	157		$	185