Retirement Plans

6 Months Ended

Jun. 30, 2022

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

NOTE 14 – 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 six months ended June 30, 2022, payments to retirees or their beneficiaries totaled approximately $0.7 million. We presently anticipate benefit payments in 2022 to total $1.4 million. The following table summarizes the components of net periodic pension cost for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
(Dollars in thousands)
Interest cost	$	218	$	206	$	436	$	412
Net amortization		83		97		166		194
Net periodic pension cost	$	301	$	303	$	602	$	606