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Components of Net Periodic Pension Cost
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Components of Net Periodic Pension Cost

Note 9. 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

June 30,

Affected Line Item in the Consolidated

Statements of Income

 

 

2021

 

2020

 

 

(dollars in thousands)

Service cost

 

$

-

 

 

$

-

 

Interest cost

 

 

71

 

 

 

91

 

Other components of net periodic pension expense

 

Expected return on plan assets

 

 

(213

)

 

 

(196

)

Other components of net periodic pension expense

Net amortization

 

 

75

 

 

 

76

 

Other components of net periodic pension expense

 

 

 

 

 

 

 

 

 

Total periodic pension income

 

$

(67)

 

 

$

(29)

 

Six Months Ended

June 30,

Affected Line Item in the Consolidated

Statements of Income

 

 

2021

 

2020

 

 

(dollars in thousands)

Service cost

 

$

-

 

 

$

-

 

Interest cost

 

 

142

 

 

 

182

 

Other components of net periodic pension expense

 

Expected return on plan assets

 

 

(426

)

 

 

(392

)

Other components of net periodic pension expense

Net amortization

 

 

150

 

 

 

151

 

Other components of net periodic pension expense

 

 

 

 

 

 

 

 

 

Total periodic pension income

 

$

(134)

 

 

$

(59

)

Contributions

The Company did not contribute to the Pension Trust during the six months ended June 30, 2021. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2021. 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.