Employee Benefit Plans

6 Months Ended

Jun. 30, 2014

(9.) EMPLOYEE BENEFIT PLANS

The components of the Company's net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands):


	Three months ended						Six months ended
	June 30,						June 30,
		2014			2013			2014			2013
Service cost	$	480		$	516		$	959		$	1,032
Interest cost on projected benefit obligation		573			505			1,147			1,010
Expected return on plan assets		(1,030	)		(921	)		(2,059	)		(1,842	)
Amortization of prior service credit		(12	)		(12	)		(24	)		(24	)
Amortization of net actuarial losses		44			341			88			682
Net periodic pension expense	$	55		$	429		$	111		$	858

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company's funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2014 fiscal year.