| Components of the Net Periodic Pension Plan Cost |
The following tables present the components of the net periodic pension plan cost for First United Corporation’s Defined Benefit Pension Plan (the “Pension Plan”) and the Bank’s Supplemental Executive Retirement Plan (“SERP”) for the periods indicated:
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Pension
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For the Nine months ended
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For the Three months ended
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September 30,
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September 30,
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(in thousands)
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2017
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2016
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2017
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2016
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Service cost
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$
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210
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$
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228
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$
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70
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$
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76
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Interest cost
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1,237
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1,305
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412
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435
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Expected return on assets
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(2,253)
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(2,089)
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(751)
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(708)
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Amortization of transition asset
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0
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0
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0
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0
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Amortization of net actuarial loss
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792
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636
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264
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212
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Amortization of prior service cost
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9
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9
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3
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3
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Net pension (credit)/expense included in employee benefits
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$
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(5)
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$
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89
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$
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(2)
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$
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18
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SERP
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For the Nine months ended
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For the Three months ended
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September 30,
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September 30,
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(in thousands)
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2017
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2016
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2017
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2016
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Service cost
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$
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78
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$
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73
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$
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26
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$
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24
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Interest cost
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216
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187
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72
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62
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Amortization of recognized loss
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110
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59
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37
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20
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Amortization of prior service cost
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(2)
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15
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(1)
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5
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Net SERP expense included in employee benefits
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$
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402
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$
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334
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$
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134
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$
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111
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