Components of Net Periodic Pension Cost

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Note 10. Components of Net Periodic Pension Cost

The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until March 31, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
	(in thousands)
Interest cost	$	129		$	127		$	386		$	394
Expected return on plan assets		(166	)		(123	)		(457	)		(387	)
Net amortization		101			108			305			324
Recognized settlement loss		-			64			-			629
Net periodic pension cost	$	64		$	176		$	234		$	960

Amortization of actuarial loss	$	(204	)	$	(183	)	$	(305	)	$	(1,186	)

Total recognized in other comprehensive income	$	(204	)	$	(183	)	$	(305	)	$	(1,186	)

Total recognized in net expense and OCI (before tax)	$	(140	)	$	(7	)	$	(71	)	$	(226	)

Contributions

The Company contributed $2.0 million to its Pension Trust during the second quarter of 2016. The Company does not plan on contributing additional amounts to the Pension Trust for the remainder of 2016. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust.