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EMPLOYEE BENEFITS | 6 Months Ended
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Jun. 30, 2015
EMPLOYEE BENEFITS |
EMPLOYEE BENEFITS | 8. EMPLOYEE BENEFITS The Bank maintains a noncontributory pension plan covering all eligible employees. The Bank uses a December 31st measurement date for this plan in accordance with FASB ASC 715-30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension.” During 2012, the Company amended the pension plan revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered employees. Additionally, new employees hired on or after October 1, 2012 are not eligible for the pension plan. During 2001, the Bank adopted the Bridgehampton National Bank Supplemental Executive Retirement Plan (“SERP”). The SERP provides benefits to certain employees, as recommended by the Compensation Committee of the Board of Directors and approved by the full Board of Directors, whose benefits under the pension plan are limited by the applicable provisions of the Internal Revenue Code. The benefit under the SERP is equal to the additional amount the employee would be entitled to under the Pension Plan and the 401(k) Plan in the absence of such Internal Revenue Code limitations. The assets of the SERP are held in a rabbi trust to maintain the tax-deferred status of the plan and are subject to the general, unsecured creditors of the Company. As a result, the assets of the trust are reflected on the Consolidated Balance Sheets of the Company. There were $1.0 million of contributions made to the pension plan during the six months ended June 30, 2015. There were no contributions to the SERP during the six months ended June 30, 2015. In accordance with the SERP, a retired executive received a distribution from the Plan totaling $56,000 during the six months ended June 30, 2015. The Company’s funding policy with respect to its benefit plans is to contribute at least the minimum amounts required by applicable laws and regulations. The following table sets forth the components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | Pension Benefits |  |  | SERP Benefits |  |  | Pension Benefits |  |  | SERP Benefits |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 283 |  |  | $ | 227 |  |  | $ | 42 |  |  | $ | 33 |  |  | $ | 562 |  |  | $ | 451 |  |  | $ | 83 |  |  | $ | 66 |
Interest cost |  |  | 176 |  |  |  | 160 |  |  |  | 23 |  |  |  | 22 |  |  |  | 351 |  |  |  | 318 |  |  |  | 45 |  |  |  | 44 |
Expected return on plan assets |  |  | (458 | ) |  |  | (406 | ) |  |  | - |  |  |  | - |  |  |  | (912 | ) |  |  | (808 | ) |  |  | - |  |  |  | - |
Amortization of net loss |  |  | 94 |  |  |  | 7 |  |  |  | 8 |  |  |  | - |  |  |  | 187 |  |  |  | 14 |  |  |  | 16 |  |  |  | - |
Amortization of unrecognized prior service cost |  |  | (19 | ) |  |  | (19 | ) |  |  | - |  |  |  | - |  |  |  | (38 | ) |  |  | (39 | ) |  |  | - |  |  |  | - |
Amortization of unrecognized transition obligation |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | 14 |
Net periodic benefit cost (credit) |  | $ | 76 |  |  | $ | (31 | ) |  | $ | 80 |  |  | $ | 62 |  |  | $ | 150 |  |  | $ | (64 | ) |  | $ | 158 |  |  | $ | 124 |

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