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Note 9 - Components of Net Periodic Pension Cost | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Retirement Benefits [Text Block] | 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
|  | September 30, |  | 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 |  |  | 17 |  |  |  | 75 |  | Other components of net periodic pension expense
Total periodic pension income |  | $ | (142 | ) |  | $ | (67 | ) |
|  | Nine Months Ended |  | Affected Line Item in the Consolidated
|  | September 30, |  | Statements of Income
|  | 2022 |  |  | 2021 |  |
|  | (dollars in thousands) |  |
Service cost |  | $ | - |  |  | $ | - |  |
Interest cost |  |  | 233 |  |  |  | 213 |  | Other components of net periodic pension expense
Expected return on plan assets |  |  | (711 | ) |  |  | (639 | ) | Other components of net periodic pension expense
Net amortization |  |  | 49 |  |  |  | 225 |  | Other components of net periodic pension expense
Total periodic pension income |  | $ | (429 | ) |  | $ | (201 | ) |
Contributions The Company did not contribute to the Pension Trust during the nine months ended September 30, 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.

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