Employee Benefit Plans

9 Months Ended

Sep. 30, 2014

(10.) EMPLOYEE BENEFIT PLANS

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


		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
Service cost	$	479		$	516		$	1,438		$	1,548
Interest cost on projected benefit obligation		573			505			1,720			1,515
Expected return on plan assets		(1,029	)		(921	)		(3,088	)		(2,763	)
Amortization of prior service credit		(12	)		(12	)		(36	)		(36	)
Amortization of net actuarial losses		44			341			132			1,023
Net periodic pension expense	$	55		$	429		$	166		$	1,287

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.