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Components of Net Periodic Pension Cost

6 Months Ended

Jun. 30, 2017

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						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
	(dollars in thousands)
Interest cost	$	120		$	129		$	239		$	257
Expected return on plan assets		(160	)		(155	)		(320	)		(291	)
Net amortization		103			102			206			204
Recognized settlement loss		-			-			-			-
Net periodic pension cost	$	63		$	76		$	125		$	170

Amortization of actuarial loss	$	(103	)	$	-		$	(204	)	$	(101	)

Total recognized in other comprehensive income	$	(103	)	$	-		$	(204	)	$	(101	)

Total recognized in net expense and OCI (before tax)	$	(40	)	$	76		$	(79	)	$	69

Contributions

The Company did not make any contributions during the six months ended June 30, 2017. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2017. 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.