Employee Benefit Plans

3 Months Ended

Mar. 31, 2015

(10.) 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
	March 31,
	2015			2014
Service cost	$	581		$	479
Interest cost on projected benefit obligation		583			574
Expected return on plan assets	(1,205		)		(1,029	)
Amortization of prior service credit		(12	)		(12	)
Amortization of net actuarial losses		236			44
Net periodic pension expense	$	183		$	56

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 2015 fiscal year.