Retirement Plans

9 Months Ended

Sep. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

NOTE 15 – RETIREMENT PLANS

We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011.

For the nine months ended September 30, 2021, payments to retirees or their beneficiaries totaled $1.1 million. We presently anticipate benefit payments in 2021 to total $1.4 million. The following table summarizes the components of net periodic pension cost for the three and nine months ended September 30, 2021 and 2020.

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
(Dollars in thousands)
Interest cost	$	206	$	251	$	618	$	753
Net amortization		96		72		290		216
Net periodic pension cost	$	302	$	323	$	908	$	969