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Pension Plans
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Pension Plans Pension Plans
The Company sponsors a Supplemental Executive Retirement Plan (the “SERP”) which was historically for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze the SERP for all participants. Although no previously accrued benefits were lost, no additional accruals of benefits under this plan for service subsequent to 2012 have been made.
During 2023, the Company terminated its qualified retirement plan (the "Pension Plan") which had previously been available to all employees, although the Pension Plan had been frozen with accrual of benefits discontinued in 2012. In the fourth quarter of 2023, the Pension Plan settled benefits through lump-sum payments of approximately $9.2 million to eligible participants electing that option and purchased annuity contracts from One America (the "Insurer") which irrevocably transferred to the Insurer approximately $19.5 million of the Pension Plan's obligations and related assets, thereby reducing the Pension Plan's obligations at December 31, 2023 to zero. The Insurer will administer all future payments to remaining participants of the Pension Plan.
The Company recorded periodic pension cost totaling $63,000 and $51,000 for the three months ended March 31, 2024 and 2023, respectively. The following table contains the components of the pension cost:
Three Months Ended March 31, 2024
($ in thousands)SERP
Service cost$— 
Interest cost38 
Expected return on plan assets— 
Amortization of net loss25 
Net periodic pension cost$63 
 Three Months Ended March 31, 2023
($ in thousands)Pension PlanSERPTotal Both Plans
Service cost$— — — 
Interest cost267 28 295 
Expected return on plan assets(288)— (288)
Amortization of net loss (gain)180 (136)44 
Net periodic pension cost$159 (108)51 

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.