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Pension Plans
 3 Months Ended
Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]  
Pension Plans

Note 12 – Pension Plans

 

The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012.

 

The Company recorded pension income totaling $162,000 for each of the three months ended March 31, 2017 and 2016, which primarily related to investment income from the Pension Plan’s assets. The following table contains the components of the pension income.

 

   For the Three Months Ended March 31, 
   2017   2016   2017   2016   2017 Total   2016 Total 
($ in thousands)  Pension Plan   Pension Plan   SERP   SERP   Both Plans   Both Plans 
Service cost  $—    —    27    27    27    27 
Interest cost   375    376    60    59    435    435 
Expected return on plan assets   (675)   (675)   —    —    (675)   (675)
Amortization of transition obligation   —    —    —    —    —    — 
Amortization of net (gain)/loss   60    60    (9)   (9)   51    51 
Amortization of prior service cost   —    —    —    —    —    — 
   Net periodic pension (income)/cost  $(240)   (239)   78    77    (162)   (162)

 

The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company does not expect to contribute to the Pension Plan in 2017.

 

The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.