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Employee Benefits | 6 Months Ended
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Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract] |
Employee Benefits | Effective March 31, 2016, the qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan. We recorded a curtailment gain in the first quarter of 2016 resulting from the amendment. The curtailment gain totaled $1.0 million and represented the unrecognized benefits associated with prior plan amendments that would have been amortized into income over the next seven years. The qualified plan was previously closed to new participants effective December 31, 2007. We will continue recording pension expense related to this plan, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plan, as well as income from expected investment returns on pension assets. Prior to March 31, 2016, the accrued benefits were based on years of service and the employee’s compensation for the highest five consecutive years in the last ten years. Contributions were intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. The expected long-term rate of return on plan assets is 7.50 percent. Effective January 1, 2015, the plan was amended to provide unmarried participants with the ability to name a beneficiary to receive a lump sum death benefit equal to 80 percent of the participant’s accrued benefit payable at normal retirement age, in the event the participant dies while employed by S&T. The following table summarizes the components of net periodic pension cost for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Components of Net Periodic Pension Cost |  |  |  |  |  |  |
Service cost—benefits earned during the period | $ | — |  |  | $ | 672 |  |  | $ | 474 |  |  | $ | 1,344 |
Interest cost on projected benefit obligation | 1,036 |  |  | 1,100 |  |  | 2,101 |  |  | 2,200 |
Expected return on plan assets | (1,434 | ) |  | (1,807 | ) |  | (2,893 | ) |  | (3,614 | )
Amortization of prior service credit | (35 | ) |  | (35 | ) |  | (70 | ) |  | (70 | )
Recognized net actuarial loss | 526 |  |  | 468 |  |  | 1,070 |  |  | 936 |
Net Periodic Pension Expense | $ | 93 |  |  | $ | 398 |  |  | $ | 682 |  |  | $ | 796 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66047640&loc=d3e39622-114963 + Details
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