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Note 10 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

Note 10. Employee Benefit Plans

The Company maintains two nonqualified domestic, noncontributory defined benefit plans (the “Benefit Plans”) for key members of senior management and non-management directors. The Company’s unfunded Benefit Plans include the Supplemental Executive Retention Plan ("SERP") and the Directors’ Supplemental Retirement Plan ("Director Plan"). The SERP was frozen near the end of 2021; the Director Plan was fundamentally frozen at that time as well. The following table presents the components of net periodic pension cost and the effect on the consolidated statements of income for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022			Income Statement Location
(Amounts in thousands)
Service cost		$	-			$	-			$	-			$	-		Salaries and employee benefits
Interest cost			90				83				267				249		Other expense
Amortization of prior service cost			-				-				-				-		Other expense
Amortization of losses			32				34				95				101		Other expense
Net periodic cost		$	122			$	117			$	362			$	350

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

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-Topic 718
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