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Components of Net Periodic Pension Cost | 9 Months Ended
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Sep. 30, 2018
Retirement Benefits [Abstract] |
Components of Net Periodic Pension Cost | 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 June 30, 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 |  | Affected Line Item in the Consolidated
|  | September 30, |  | Statements of Income
|  | 2018 |  | 2017 |  |
|  | (dollars in thousands) |  |
Service cost |  | $ | - |  |  | $ | - |  |  |
Interest cost |  |  | 106 |  |  |  | 119 |  |  | Other components of net periodic pension expense
Expected return on plan assets |  |  | (190 | ) |  |  | (160 | ) |  | Other components of net periodic pension expense
Net amortization |  |  | 91 |  |  |  | 103 |  |  | Other components of net periodic pension expense
Total periodic pension cost |  | $ | 7 |  |  | $ | 62 |  |  |
|  | Nine Months Ended |  | Affected Line Item in the Consolidated
|  | September 30, |  | Statements of Income
|  | 2018 |  | 2017 |  |
|  | (dollars in thousands) |  |
Service cost |  | $ | - |  |  | $ | - |  |  |
Interest cost |  |  | 320 |  |  |  | 358 |  |  | Other components of net periodic pension expense
Expected return on plan assets |  |  | (573 | ) |  |  | (480 | ) |  | Other components of net periodic pension expense
Net amortization |  |  | 274 |  |  |  | 309 |  |  | Other components of net periodic pension expense
Recognized settlement loss |  |  | - |  |  |  | 2 |  |  | Other components of net periodic pension expense
Total periodic pension cost |  | $ | 21 |  |  | $ | 189 |  |  |
Effective January 1, 2018, the Company implemented ASU 2017-07, “Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” Under ASU 2017-07, the FASB requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The table above details the affected line items within the Consolidated Statements of Income related to the net periodic pension costs for the following periods. This ASU is also required to be applied retrospectively to all periods presented. The following table summarizes the impact of retrospective application to the consolidated statement of condition for the three and nine months ended September 30, 2017:
|  | Three Months |  | Nine Months
|  | Ended |  | Ended
|  | September 30, |  | September 30,
|  | 2017 |  | 2017
|  | (dollars in thousands)
Other components of net periodic pension expense |  |  |  |  |  |
As previously reported |  | $ | - |  | $ | -
As reported under the new guidance |  |  | 62 |  |  | 189
Salaries and employee benefits |  |  |  |  |  |
As previously reported |  | $ | 8,872 |  | $ | 25,710
As reported under the new guidance |  |  | 8,810 |  |  | 25,521
Contributions The Company made a $2.0 million contribution to the Pension Trust during the three months ended March 31, 2018. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2018. 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.

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- References No definition available. + Details
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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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