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Pension Plans | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Pension Plans | Pension Plans The Company 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, no additional accruals of benefits under these plans for service subsequent to 2012 have been made. The Company recorded periodic pension cost totaling $51,000 for the three months ended September 30, 2023 and 2022, and $152,000 and $153,000 for the nine months ended September 30, 2023 and 2022, respectively. The following table contains the components of the pension cost:
| For the Three Months Ended September 30,
| 2023 |  | 2022
($ in thousands) | Pension Plan |  | SERP |  | Total Both Plans |  | Pension Plan |  | SERP |  | Total Both Plans
Service cost | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 267 |  |  | 28 |  |  | 295 |  |  | 267 |  |  | 28 |  |  | 295 |
Expected return on plan assets | (288) |  |  | — |  |  | (288) |  |  | (288) |  |  | — |  |  | (288) |
Amortization of net loss (gain) | 180 |  |  | (136) |  |  | 44 |  |  | 180 |  |  | (136) |  |  | 44 |
Net periodic pension cost | $ | 159 |  |  | (108) |  |  | 51 |  |  | 159 |  |  | (108) |  |  | 51 |
| For the Nine Months Ended September 30,
| 2023 |  | 2022
($ in thousands) | Pension Plan |  | SERP |  | Total Both Plans |  | Pension Plan |  | SERP |  | Total Both Plans
Service cost | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 800 |  |  | 84 |  |  | 884 |  |  | 801 |  |  | 84 |  |  | 885 |
Expected return on plan assets | (864) |  |  | — |  |  | (864) |  |  | (864) |  |  | — |  |  | (864) |
Amortization of net (gain)/loss | 540 |  |  | (408) |  |  | 132 |  |  | 540 |  |  | (408) |  |  | 132 |
Net periodic pension cost | $ | 476 |  |  | (324) |  |  | 152 |  |  | 477 |  |  | (324) |  |  | 153 |
The service cost component of net periodic pension cost is included in salaries and benefits expense and all other components of net periodic pension cost are included in other noninterest expense. The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company. 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 nine months of 2023 and does not expect to contribute to the Pension Plan in the remainder of 2023. On March 27, 2023, the Company’s Board of Directors approved termination of the Pension Plan to be effective during the calendar year 2023 and a termination cost estimate of $2.4 million was recorded in the first quarter of 2023 in the accompanying Consolidated Statements of Income. On July 31, 2023, the Pension Plan was amended to terminate the Plan as of that date. The Company is in the process of taking appropriate actions necessary to liquidate the Pension Plan which is anticipated to be completed during the fourth quarter of 2023.

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