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Components of Net Periodic Pension Cost
 3 Months Ended
Mar. 31, 2022
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   Affected Line Item in the Consolidated
   March 31,   Statements of Income
   2022   2021    
   (dollars in thousands)    
Service cost  $
-
   $
-
    
Interest cost   78    71   Other components of net periodic pension expense
Expected return on plan assets   (237)   (213)  Other components of net periodic pension expense
Net amortization   16    75   Other components of net periodic pension expense
   Total periodic pension income  $(143)  $(67)   

 

Contributions

 

The Company did not contribute to the Pension Trust during the three months ended March 31, 2022. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2022. 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.