XML 30 R19.htm IDEA: XBRL DOCUMENT

Pension Plans

3 Months Ended

Mar. 31, 2018

Note 11 – 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 periodic pension cost (income) totaling $365,000 and ($162,000) for the three months ended March 31, 2018 and 2017, respectively. In 2017, the pension income was primarily from the investment income on the Pension Plan’s assets. The following table contains the components of the pension cost (income).

	For the Three Months Ended March 31,
	2018			2017			2018			2017			2018 Total			2017 Total
($ in thousands)	Pension Plan			Pension Plan			SERP			SERP			Both Plans			Both Plans
Service cost	$	—			—			29			27			29			27
Interest cost		330			375			57			60			387			435
Expected return on plan assets		(103	)		(675	)		—			—			(103	)		(675	)
Amortization of net (gain)/loss		60			60			(8	)		(9	)		52			51
Net periodic pension cost (income)	$	287			(240	)		78			78			365			(162	)

The service cost component of net periodic pension cost (income) is included in salaries and benefits expense and all other components of net periodic pension cost (income) are included in other noninterest expense.

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 Company did not contribute to the Pension Plan in the first quarter 2018.

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